Verification requirements are changing for Custom connected accounts with the card_payments capability enabled in the US. These requirements must be met so they can continue to accept card payments and receive payouts.
The changes impact:
See a more detailed explanation of the various changes.
The steps you need to take depend on how you currently onboard accounts:
Stripe-hosted onboarding or embedded components
Collect updated information from accounts by September 30, 2024, so that these accounts can continue to receive payouts and to accept payments.
Your Dashboard and the Accounts API both show which of your accounts need to provide updated information.
Send users to your Stripe-hosted onboarding flow or the embedded onboarding component to collect the necessary information. Both update automatically with changing requirements.
API-based onboarding
Modify your onboarding flow so that new Custom connected accounts meet the updated requirements. And ensure that you’ve collected information from accounts by September 30, 2024, so that these accounts can continue to receive payouts and to accept payments.
Modify your onboarding flow: There are a few ways to modify your onboarding flow to satisfy the updated requirements:
Collect updated information: Your Dashboard and the Accounts API both show which of your accounts need to provide updated information. You can use our new embedded components or Stripe-hosted onboarding flows to collect updated information from these accounts, or submit it via the API.
New Custom connected accounts: Must meet the updated requirements during onboarding. Otherwise, they won’t be able to accept payments.
Existing Custom connected accounts created on or before March 1, 2024: future_requirements will become current requirements at the earliest on September 30, 2024. The exact due date for each requirement will be available in the Dashboard. If your connected accounts have not provided the required information by the due date, they will not be able to receive payouts beginning 14 days following the due date (as soon as October 14, 2024) and will not be able to accept payments beginning 28 days following the due date (as soon as October 28, 2024).
See Deadlines FAQ for more details.
These updated requirements apply to all accounts with the card_payments capability enabled in the US.
See the status of affected connected accounts in the Dashboard's Accounts to review page. To filter by country click, More filters > Verification requirement and then check the box(es) for the countries you want to see.
There are several features available in your Stripe Dashboard and in the Accounts API that will help you meet the updated requirements.
Stripe Dashboard
Accounts API
The Accounts API now includes future_requirements, indicating requirements that will come into effect at a future date. New verification errors are accessible via requirements.errors and future_requirements.errors.
Additionally, verification responses specify which information is needed for each account. These will be available via the API automatically for all platforms starting on October 29, 2024. Review the guide to these API changes and opt in early.
future_requirements is an API field on the account, person, and capabilities objects to ease the process of adapting to evolving compliance requirements. It provides a preview of upcoming requirement changes for your connected accounts well before the requirement(s) goes into effect, making it easier to see what user onboarding changes to make for new users signing up on your platform, and any additional information existing users need to provide.
The individual previously provided the last 4 of their SSN or ITIN.
A full 9-digit SSN or ITIN is required for verification at the $500K threshold. For users below this threshold, their account will show as eventually_due .
There's no action for you to take for your other types of connected accounts. Your Stripe onboarding flow has automatically updated to handle changing requirements. We'll reach out to any connected accounts that need to provide updated business information.
If an account doesn't provide the required information by the listed due date, their ability to accept payments and receive payouts will be paused. Typically, the timeframe to provide updated information is within 14 days of the due date to continue receiving payouts, and within 28 days to continue accepting payments. However, that timeframe might vary for certain types of issues.
Stripe Issuing and Treasury don’t require an active card_payments capability. That means if one of your connected accounts with card_payments enabled fails to meet the new verification requirements, the Issuing and Treasury capabilities will remain active, and the account can continue to use Issuing and Treasury as normal.
If your 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 won’t apply to your connected accounts, and you won’t need to adjust your integration or collect updated information from them.
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.
We have extended the deadlines for new onboarding requirements in Canada and Singapore.
Yes. As regulatory requirements evolve globally, we expect our onboarding requirements to continue changing as well. If you use embedded onboarding components or Stripe-hosted onboarding, then Stripe automatically updates your onboarding flow to handle the latest verification requirements. If you use API-based onboarding, you’ll need to manually modify your onboarding flow whenever requirements change.