Background
Patriot is required to collect beneficial owner information for companies using Direct Deposit or Full Service Payroll to comply with anti-money laundering (AML) and financial transaction funding regulations with our banks.
What’s a beneficial owner?
A beneficial owner is any individual or business that owns 25% or more of your company. If you are the only owner you enter your information and put 100% as the percentage of ownership. If there any one owner with at least 25% or more ownership, you can indicate that.
Information Needed for Beneficial Owners
How is this information used?
We use this information in a secure verification process to confirm ownership and meet banking regulations. If something doesn’t pass verification, our team will review and contact you for more details if needed.
Provide details for each beneficial owner:
Individuals
Name
Address
Date of birth
Social Security number
(Optional) Driver’s license information
Ownership percentage
Businesses
Legal name
DBA (if applicable)
Address
EIN
Ownership percentage
How to Indicate Beneficial Owner Information
💡Only admin users can access this information.
Go to Settings > Company Settings > Beneficial Ownership
If no one person has at least 25% of the company check the box at the bottom of the page that reads: There are no beneficial owners
Click the Add Beneficial Owner button
Click the Owner Type: Business or Individual
Add information including the percent of ownership. If it is just you who owns the company, enter 100%
Click the Add Beneficial Owner button to save, otherwise click Cancel
Repeat as necessary for additional beneficial owners.
How to Edit or Remove a Beneficial Owner
💡Only admin users can access this information.
If something was entered incorrectly, delete the entry and reenter the correct information by adding a new Beneficial Owner.
Go to Settings > Company Settings > Beneficial Ownership
Click the trashcan icon at the end of the beneficial owner you want to remove