Beneficial Owner Information

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 there isn’t an additional owner having 25% or more ownership, you can indicate that when prompted.

Information Needed for Beneficial Owners

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 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.

How to View or Update Beneficial Owner Information

💡Only admin users can access this information.

1. Go to Settings > Company Settings
   (Social Security and license numbers will be masked for security.)
2. If something was entered incorrectly, delete the entry and reenter the correct information.

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