Organization Verification Checklist

An organization is further classified into one the following types:

Private company: the organization is in the private sector and is owned and run by directors.

Listed public company: the organization is listed publicly and run by directors.

Nonprofit or charitable organization: the organization has an official status as not-for-profit or tax-exempt, sometimes called a non-governmental organization (NGO).

Incorporated association: the organization is a registered entity without profit that is organized around a purpose such as recreation, culture, or charity.

Incorporated partnership: the organization is formed through an agreement between two or more members.

Governmental organization: the organization is owned by the government or state.

Items that will be collected:

•The legal name of your organization

•The registration number

•The registered address and the principal place of business, if different from your registered address

•The ultimate beneficial owners, controllers, and signatories

•The bank account for payouts

TIPS:

• We suggest that you do not bypass any of the steps as this will result in needing to add additional information.  (ie.  Social security will require the full number instead of the last 4 numbers and/or you may have to provide additional proof of identify.)

• Work closely with your office manager or accountant to make sure that you have all the necessary information needed to prevent delays in processing and/or having to add additional information.

• Be sure to have these items in addition to what is listed....

  • Business Tax ID number (this is the one from the state) XX-XXXXXXX

  • Owners last 4 of the SSN and home address.

  • Anyone with signatory or decision-making capability will also need the last 4 of the SSN and their home address

  • If you have online banking, you'll need to be able to sign in or have a recent bank statement in PDF format that can be uploaded.

Ultimate Beneficial owners, controlling persons, and signatories.

•As part of the checks for an organization, verification of the identity of all individuals that are associated with the organization. We refer to these individuals as ultimate beneficial owners (UBOs) through ownership or control, directors, and signatories.

•The table below describes the criteria for identifying UBO’s, and the minimum required number of individuals for each.