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FAQ: Why do I need to provide personal documentation when setting up/updating my bank account?

Katie Oswalt
Katie Oswalt Expensify Success Coach - Admin Posts: 164 Expensify Team
edited May 2020 in Day to Day

In some cases, when your account is in Verifying status or when your bank account needs to be updated for any reason, you may receive an email from our risk team asking for identification for your personal address or identification (rather than your company's).

Why we insist on this step:

Reimbursement through Expensify comes at no extra cost and we are committed to keeping it that way. In order to do this we have to be very sharp when it comes to protecting ourselves against fraud. In today’s environment of bank account takeovers and kiting related fraud, that’s easier said than done. Short of charging for each transaction thereby creating a reserve for ourselves for potential losses, this step is necessary.

Unfortunately, there's always someone ruining it for everyone else.

Criminals have long used electronic money transmission channels to conceal the source of fraudulently-obtained or stolen funds in order to fund illegal activities. As a result of this, the OCC and Federal Government requires all entities facilitating the movement of money (that'd be us) to comply with Bank Secrecy Act / Anti-Money Laundering (BSA / AML) laws.

These laws require us to know the identity of the person that is initiating the movement of money (that'd be you), irrespective of whether that money is coming from a company or personal account.

Thank you for helping us keep your account safe!