If you're onboarding custom accounts in the US, Canada, India, and Singapore, the information below is relevant to you.

Background

Payments regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. Financial regulators around the world enforce Know Your Customer (KYC) requirements to ensure that identity information is collected, verified, and maintained from certain types of businesses, and for any individuals who ultimately own, control, or direct the business. These requirements are frequently updated by financial service regulators, card networks, and other financial institutions.

Roadmap

So far, the countries listed in the table below are set to update their onboarding requirements in 2023. If you have connected accounts operating in any of these countries, you may need to update your Stripe integration. See the Definitions section below for more information about the specific requirements.

The above roadmap may be subject to change due to Stripe's prioritization and/or the changing regulatory landscape. We’ll let you know if there are any changes to the countries in scope or their associated deadlines.

Definitions

Key Dates

• Updated requirements comms: We’ll send you an initial email for each country detailing the specific incremental requirements that must be collected from your users and verified to be compliant with financial service regulators, card networks, and other financial institutions.
• Future requirements backfill: In the Connect API, we’ll start to populate the `future_requirements` parameter for your connected accounts that need updated information by the dates specified above, which may trigger several webhooks to fire (account.updated, capability.updated, and/or person.updated).
• New users deadline: The date by which you’ll need to have updated your integration to meet the incremental requirements for newly onboarded users. Failure to meet these integration requirements by the set deadline will prevent new users from onboarding to your platform.
• Existing users deadline: The date by which you’ll need to have resolved all future requirements for your existing connected accounts (i.e., those created before the new users deadline, or before you’ve finished updating your integration). This date will trigger all outstanding future requirements to become current requirements. Payouts and charges will be paused for any existing connected accounts which have not been updated accordingly.

Status

• Not started: We are preparing for the upcoming onboarding changes by gathering requirements, building compliance plans, and creating documentation to assist you
• Action required: We have shipped integration guides and schedule for the backfill of future requirements
• Deadline passed: At least one of the deadlines for remediating new or existing users has passed

Learn how to keep your accounts compliant

Once we notify you about the new requirements on a particular country, you’ll be able to see an overview of the actions you’ll need to take and their associated deadlines on your Stripe Dashboard.

For platforms, managing this ongoing complexity can feel burdensome both at an operational and technical level. To help you prepare for these changing requirements, we have upgraded the Stripe API to allow you to easily see and monitor upcoming requirements before they impact your users.

Future Requirements

Future Requirements is an API feature that makes adapting to evolving compliance requirements a smoother process and maximizes the user experience for your connected accounts.

Our Future Requirements API shows previews of upcoming requirement changes for your connected accounts well before the requirement(s) goes into effect. This makes it easier to see what user onboarding changes you may need to make for new users signing up on your platform, and shows if existing users need to share any additional information.

Future Requirements introduces a new field on the account, person, and capabilities objects: future_requirements: A new API field duplicating the shape of the existing requirements hash. This field will display upcoming requirements for the connected account.

Connect Onboarding

We recommend using Connect Onboarding to collect the required information from your users. If you don’t use Connect Onboarding, you may need to update your user onboarding flows to collect additional details.