Stripe operates in compliance with the KYC (Know Your Client) procedure (https://stripe.com/docs/connect/identity-verification). This is a part of banking regulations that must be followed by every financial institution and other businesses that need customer data to conduct their operations. KYC involves collecting information to verify identity and assessing the credibility of an individual. To this end, Stripe has introduced the Identity system, which helps confirm the identity of global users to prevent fraud, streamline operations in case of fraud, and increase trust and security.
Stripe asks each user for a scan of their ID to verify personal information or a document verifying their residential address. Without this, Stripe may not activate your account. Verification is done during the Stripe account activation process.
The identity verification process steps in Stripe are shown below.
Stripe also asks for your consent before collecting and using your identity documents. Stripe uses your verification data only in accordance with its Privacy Policy.
You can read more about the verification process here:
Stripe's requirements for ID verification (Documents for Identity and Home Address Verification):
- Documents must be in full colour (no black-and-white scans)
- Documents must be clear and large enough to read
- Photocopies of identity documents are not accepted
- Documents must be valid and not expired
- Complete documents must be submitted: both front and back of a driver's license or ID card, the entire page with personal data from a passport
- Documents can be uploaded in .png or .jpg format (acceptable photos and colour scans)