Why do you need my personal information on the application?

As a financial institution, we are required to comply with the various laws and regulations set by the federal government. One of these mandates is to verify the identity of the person(s) looking to open a merchant account. This verification includes the collection of a social security number, date of birth, and home address of any person that owns 25% or more of a company and is used to protect all parties against illicit activities. For further information, please refer to the U.S Patriot Act of 2001.