Why was I asked to submit additional documentation?
We work with a third party escrow service. When investing, the funds are held in escrow for approximately 5–8 business days to ensure Know-Your-Customer (KYC) and Anti Money Laundering (AML) compliance on all transactions. We do this to remain compliant with the Patriot Act as well.
Federal law requires financial institutions to obtain and verify the information that identifies anyone who executes a securities transaction through it. In most cases, the documentation request is because there were inconsistencies between the data provided by the investor and the identity verification checks our escrow agent performs.
Our escrow agent may request any of the following
- Proof of address
- Driver’s license, passport, or other government-issued ID
- Proof of social security number or taxpayer identification number
Entity and trust investors may be asked to provide additional documentation.
This is a one-time process and can happen with your first investment.