To reduce the likelihood of fraud occurring on our platform and to ensure compliance with financial regulations, a a Know-Your-Business (KYB) review is required of our customers who want to move funds with the platform.
The information you provide will verify the identity of your company and its key stakeholders. Please follow the steps below to submit the required information.
Step 1: Navigate to “Home” > “Compliance” in the Admin View.
Step 2: Add Entity Information
Enter information in this section as it appears on your tax filings.
Step 3: Add Stakeholder Information
In addition to gathering information on your business, we also need to run a quick identity check on its key stakeholders. You may need assistance from an owner in determining the ownership structure of your company. Specifically, we’ll need identifying personal information on the following individuals:
Beneficial Owners (“Owners”): All individuals who own 25% or more of the company
If there is a Beneficial Owner that also has significant management responsibilities, then select "Owner-Controller" from the dropdown menu. Having 1 or more Owner-Controllers satisfies the Controller requirement, so you don't need to add any Controllers in that case.
By definition, all companies will have between 0 and 4 Beneficial Owners. You must add all Beneficial Owners, not just one.
Ownership % for these purposes should be calculated on a fully diluted basis
Control Person (“Controller”): One individual with significant management control over the company
If your company has no Beneficial Owners or none of the Beneficial Owners have significant management responsibilities, then you'll also need to add a Control Person
All companies must add at least one Controller or Owner-Controller
Step 4: Double-Check Stakeholders.
Check that you have input information for all Owners and one Controller or Owner-Controller and correctly identified each stakeholder using the “Stakeholder type” dropdown.
If you’ve added a stakeholder and later realize that the stakeholder type is incorrect or that the stakeholder you added is neither a Beneficial Owner nor a Controller, then add all other stakeholders correctly then email support@applausehq.com to let us know which stakeholder to ignore.
You will not be able to delete or edit a stakeholder after clicking “Add stakeholder” in the pop-up view.
Step 5: Certify that the Information Provided is Correct.
Once you’re confident all information has been correctly added, click “Certify” at the bottom of the page. You will not be able to undo this action so be sure all information is correct before clicking.
Step 6: Applause Review
Applause receives your certification, and a review of the submitted information will take place. Please allow up to 48 hours for this review to occur. If any additional info is required, we may ask for some additional information.