At this stage, you have successfully filled out the qualifying information for setting up your Transact Bank Account. There are a few steps remaining:

Let's walk through each one of these steps below!

Step 1. VERIFY CONTROLLER

This section will run Know Your Customer (KYC) identification checks for those members who will be sending/managing funds within this project. For best results, please read the snapshot below to prepare for this step.

Getting Started: click the "Start Verification" button

Click the "Get Started" button to initiate this process.

Which documents are required for KYC verification?

The accepted documents include a government-issued ID card, passport, residence permit, or driver’s license. Ensure that uploaded documents are not edited and do not use screenshots. Only upload photo IDs that are in color, authentic, and current photographs.

In addition, document requirements vary by country. We currently accept applications from 220+ countries and territories worldwide. To name just a few:

To view a full list of verifiable documents by country, you can click the link here: sumsub.com/supported-documents/

Selfie Verification Tips:

To reduce False Positives for KYC/AML verification:

For Documents/Photo IDs: Ensure that uploaded documents are not edited and do not use screenshots. Only upload photo IDs that are in color, authentic, and current photographs. All the documents in the applicant profile must belong to the same person. The applicant's full name, date of birth, MRZ (Machine Readable Zone), and other important information must be present and readable.

For the Workflow: Double-check that you’ve selected the correct Country of Residence and Document Type from the menu. If the document has data on the front and back sides, ensure you’ve correctly uploaded each side to its corresponding field on the screen. You can choose to continue on a mobile or desktop device during the first step of KYC/AML verification. It is typically recommended to complete KYC/AML verification on a mobile device due to the ease of use when uploading documents and performing the live selfie verification.

UPLOAD DOCUMENTS

This section will show you the status of your application. During the review process, if more documents are required, you will be able to upload them here.

The state below shows that you are currently in a "Reviewing Documents" state.

If you are required to upload supporting documents, the "Reviewing Documents" status will change to "Action Required". You can click on the "Continue" button to get started.

In the Upload Documents section, the system will prompt you for which documents will be required. Click "Submit Documents" when they have been successfully added, then your state will update to "Reviewing Documents" again.

Step 2: VERIFY BENEFICIAL OWNERS

Beneficial Owners are considered anyone that owns 25% or more of the Project or Fund. All beneficial owners will have to complete KYC just like the Controller does above. For best practices, please revert to that section above.

Getting started with the Beneficial Owners workflow, click "Get Started" to begin.

There may be some cases where you have multiple Beneficial Owners, here is where you will add them. Click the "+ Add Beneficial Owners" button to get started.

If you need to send the form to someone else on your team, you can click the appropriate option from the snapshot below.

Final Step: Once the Project has been fully approved, the "Certify Information" button will open up. Please click that button to confirm that all (or none, if there are no Beneficial Owners) information is correct.