Before you read on
Log into your back office and look for a banner that says "Begin verification". If you see it, action is needed. If you do not see it, there may be nothing for you to do yet.
Note: The individual completing verification will need to be a Charity Administrator user on your account. The banner will only show if you are a Charity Administrator on your Enthuse Account
Why is this changing?
Stripe is refreshing its verification requirements for connected accounts. These checks verify who is responsible for an account and help keep account information aligned with regulatory expectations. You can find more detail on Stripe's requirements here.
What is enhanced KYC?
KYC stands for Know Your Customer. Enhanced KYC means the account representative may be asked to complete a stronger identity check than before. This is not limited to a single step, it could involve one or more of the following:
A live photo check combined with a photo ID
A national ID number, where supported
Document upload for manual review
What does this mean for charities?
Charities typically do not have ultimate beneficial owners in the same way as ordinary limited companies. The focus is therefore on the account representative and any directors or trustees linked to the charity.
Will every charity need to add another person?
Not necessarily. If the person already on the account is both the sole director or trustee and the account representative, another person may not be needed. If the charity has more than one director or trustee, those additional people will need to be reflected on the account.
Why are directors being added?
Stripe will compare the directors shown on the account against relevant charity regulator or registry information. Missing names or mismatches can cause the check to fail.
How will I know if action is needed?
Log into your back office and look for a banner that says "Begin verification". That banner is the trigger to act. If you do not see it, there may be nothing to complete yet, we expect requests to come through in the coming months.
What happens if we do not complete the request?
If a verification request is not completed by the required date,, the account may face restrictions that affect payments or payouts.
Do not delay once the banner appears
Further help
If you have questions or are unsure how to proceed, please get in touch with your Customer Success Manager or contact our support team.