The Owner/Officer section is always required and is used to collect information on all beneficial owners of the business/merchant being boarded.
- There can be a maximum of 4 beneficial owners and 1 individual with control over every application. (maximum of 5 total)
- The combined ownership percentage between beneficial owners cannot exceed 100%. (but the sum doesn't have to equal 100% - the sum must be </=100%)
- An SSN or passport number, and DOB, are required for every beneficial owner/IWC unless the business is one of the following entity types: Government (GV), Financial Institution (FI), or Corporation - Publicly Traded (CPUB).
- For US citizens - SSN and DOB are required (except for the above-mentioned exceptions)
- For Non-US citizens - Passport number, country of issuance, and DOB are required. (except for the above-mentioned exceptions)
- At least one beneficial owner or IWC must have the SignatureInd set to Y on every application. (SignatureInd indicates that the owner will be signing the application on one of the two "Principal" lines.)
- A maximum of 2 beneficial owners can have the signing_app set to true on a given application.
- A maximum of 2 beneficial owners can have the guarantor set to true on a given application.