The following article applies to US based customers on whose Wodify Payments account was created after May 11, 2018. For instructions on how to update your account to comply with these regulations, head here.
What is FinCEN? The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
How does FinCEN affect my Wodify Payments account? To comply with the new CDD Rule and other KYC requirements enforced by FinCEN, Stripe made several updates to their product. Many of these requirements relate to gathering information needed to verify companies and individuals. Since Wodify Payments is powered by Stripe, you will now be required enter additional information on your Wodify Payments account.
What additional information is required? The information that needs to be collected from your accounts depends on whether you are in business as an individual or a company.
- Individual Accounts:
- Full Social security number and email address
- Company Accounts:
- Personal Info for ALL owners
- If you own at least 25% of the business, you must fill out your personal details.
- Full social security number and email address
- Defined business role (director, executive) etc.,
Do I have a Company or Individual account? If you have formed a business entity with the government (LLC, LLP, Corporation etc.,) then your account type should be 'Company.' If you are not operating as a business entity with the government, your account type should 'Individual.'
You can head here for the full article on additional information that's required.
What is an MCC? Every business that processes card payments is categorized using Merchant Category Codes. Some businesses may not fit into a specific category, in which case they are categorized as Miscellaneous. For most gyms that use Wodify, the MCC is 7997 - Membership Clubs Sports.
How can I make sure my account is compliant? Our team will help to make sure you are CDD complaint by the deadline of September 30, 2019.
- You can update your account on your own at any time by heading to Financial > Settings > Wodify Payments Configuration. Click into your configuration and make an edit to asked to re-enter the new required fields.
What will happen if I don't meet the requirements by September 30, 2019? Failure to update your Wodify Payments account with the required information may cause disruption to your payouts and your account.
What's can I expect from Wodify? We have a dedicated team to keep you informed and updated about the requirements. If you have any questions, please reach out to our team email@example.com