As part of our commitment to customer safety and to ensure that Settle complies with government regulations, we’re required to collect information about a business’s owners and leaders (officially called “beneficial owners”) before allowing any transactions on our platform.
There are two categories of beneficial owners:
1. Those who own at least 25% of the business (this may be an individual or another business)
2. Those with significant responsibility to control, manage, or direct a business. Some examples of this type of role include, but are not limited to:
Chief Financial Officer
Chief Operating Officer
President
Vice President
General Partner
Treasurer
In order to use Settle, your business will need to provide details for all owners with at least 25% of the business (category 1 above) PLUS at least one individual with significant managerial control (category 2 above).
If an individual is both an owner and holds a controlling position, they may satisfy both requirements.