In October 2023, we communicated upcoming changes to verification requirements for US Standard and Express connected accounts. No action is required from you, but we recommend familiarizing yourself with the changes. Review this link to see more details on the changes or share that link with your connected accounts to help them understand what's changing.
We'll reach out to any of your connected accounts that need to provide updated business information. You can monitor the status of your accounts using the Dashboard or API.
Starting October 24, 2023, your Stripe onboarding flow will automatically update to collect the required information from new Standard connected accounts. Your onboarding flow for new Express connected accounts will automatically update in January.
Starting January 3, 2024, we'll reach out via email and the Dashboard to your connected accounts that need to provide updated information by a certain date. If an account doesn't provide the required information by that deadline, their payments and payouts will be paused.
You’ll be able to see the status of affected connected accounts in the new Accounts to Review list in the Dashboard. We also recommend reviewing the new verification errors your users may encounter. You can listen for account updates via the Accounts API.
What are the specific changes that Stripe is making to its requirements?
Here’s what’s changing about how Stripe verifies business information for US connected accounts accepting card payments:
These changes will affect all users with the card_payments capability enabled in the US. Read more details about the changes.
Which types of connected accounts are affected by these updated requirements?
These changes will affect all users with the card_payments capability enabled in the US.
What happens if my connected accounts don’t provide the required information?
We’ll contact affected US connected accounts via email and the Dashboard with details about the business information they need to provide and the deadline for them to respond. If an account doesn't provide the required information by that deadline, their payments and payouts will be paused. Typically, the timeframe to provide updated information is within 14 days to continue receiving payouts, and within 28 days to continue accepting payments. But that timeframe might vary for certain types of issues, so each account should reference the dates specified in our outreach.
Are there any exceptions to the requirements or deadlines?
No, there are no exceptions to the requirements or deadlines.
How many of my connected accounts are affected by this change? Which specific connected accounts are affected?
You’ll be able to see the status of affected connected accounts in the new Accounts to review list in the Dashboard.
Earlier in the year, I heard requirements were changing in Canada, India, Brazil and Singapore—what is happening with these countries?
To help you prioritize updated requirements for US accounts, we’ve extended the deadlines for revised onboarding requirements in Canada, Singapore, India, and Brazil. See our roadmap for the latest in changing global requirements.
Why is this happening?
Payments regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. Stripe has certain Know Your Customer (KYC) obligations that require us to collect, verify, and maintain identity information about our users, and for any individuals who ultimately own, control, or direct them. These requirements are frequently updated by Stripe, financial service regulators, card networks, and other financial institutions.
Will requirements continue to change?
Yes, as global requirements change, we expect onboarding requirements to continue changing as well. Stripe automatically updates your onboarding flow to handle the latest verification requirements.
My connected accounts don’t need to accept card payments. Do these requirements still apply to me?
If your Express US connected accounts don't need to accept card payments, you can unrequest the card_payments capability for them. If you unrequest card_payments in the US, the updated requirements wouldn't apply to your connected accounts, and you wouldn't need to adjust your integration or collect updated information from them.