1. What is the Funds Transfer Rule?
It is a United States Department of the Treasury (FinCEN) regulation that requires financial institutions to collect and retain certain data on users who send or receive transfers of $3,000 USD or more. Its objective is to prevent financial crimes such as money laundering or the financing of terrorism.
You can learn more about it here: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1010/subpart-D/section-1010.410
2. Why are you asking for my Tax ID number?
Because, according to the regulation, we must have a valid tax identifier for all users who have sent or received amounts equal to or greater than $3,000 USD in the last year. This allows us to comply with our regulatory obligations and report transactions correctly and securely.
3. What will you do with my information?
Your information will be used solely for regulatory and compliance purposes, and is kept protected under strict privacy and security standards. It is not shared with third parties outside of the corresponding legal framework. You can learn more about our Privacy Policy here
4. Should my Tax ID be from the US or the country where I live?
As a first option, it must be your TIN (Taxpayer Identification Number) issued by the US Internal Revenue Service (IRS). If you do not have a US TIN, you must provide the tax identification number of the country where you habitually pay taxes (for example: CUIT in Argentina, RUT in Chile, RFC in Mexico, NIT in Colombia, etc.). If you have several, you can inform us and we will help you determine which one to apply.
5. What happens if I pay taxes in more than one country?
In that case, please inform us of both tax numbers. Our compliance team will evaluate which one should be registered based on the origin and destination of your transactions.
6. What happens if I don't have a tax identification number?
Don't worry, if you do not have a Tax ID, we make available this sworn statement that you can fill out and return signed indicating this situation. This will allow us to document compliance with the rule and keep your account active.
7. How long do I have to send my information?
The general deadline is 10 business days from the receipt of the email. If we do not receive a response within that time, we may apply temporary limitations until verification is completed.
8. What happens if I don't provide the information?
In accordance with the regulation, we are obliged to suspend certain operations until the required information is provided or justified by means of a sworn statement.
9. Where can I send my number or document?
You can reply directly to the email you received, attaching a photo of the document or writing the number.