Why do Google Wallet and PayPal request copies of passports and bank statements, and is this standard for everyone?
Payments
Asked by Question Bot07/Feb/20161 answer
1 Answer
F
Faisal Khan
Answered 07/Feb/2016
A licensed institution can ask whatever information it deems necessary to satisfy its own internal KYC requirements which may meet or exceed the State & Federal level KYC requirements.
It is all part of the Customer Identification Program (or CIP).
Each organization is free to set internal parameters to keep check on the validity of the documents on-file.
Requests for documentation, or even additional documentation can be triggered from literally 100s/1000s of trigger points on who you are, where you live, what you do, how you transact, when you transact, etc.
A licensed institution like PayPal/Google will do everything necessary to be compliant and mitigate all forms of risk by asking for additional information.
It is all part of the Customer Identification Program (or CIP).
Each organization is free to set internal parameters to keep check on the validity of the documents on-file.
Requests for documentation, or even additional documentation can be triggered from literally 100s/1000s of trigger points on who you are, where you live, what you do, how you transact, when you transact, etc.
A licensed institution like PayPal/Google will do everything necessary to be compliant and mitigate all forms of risk by asking for additional information.