As part of our commitment to customer safety and to ensure that Settle complies with government regulations, we’re required to collect information about a business’s owners and leaders (officially called “beneficial owners”) before allowing any transactions on our platform.

There are two categories of beneficial owners:

1. Those who own at least 25% of the business (this may be an individual or another business)

2. Those with significant responsibility to control, manage, or direct a business. Some examples of this type of role include, but are not limited to:

  • Chief Financial Officer

  • Chief Operating Officer

  • President

  • Vice President

  • General Partner

  • Treasurer

In order to use Settle, your business will need to provide details for all owners with at least 25% of the business (category 1 above) PLUS at least one individual with significant managerial control (category 2 above).

If an individual is both an owner and holds a controlling position, they may satisfy both requirements.

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