This article relates to the Verification of identity requirement (for Sellers) to initiate Transfers from your Balance to your bank account when you receive an order via the 'Buy' button.
This is a requirement by Stripe, our trusted payment partner, to collect, verify, and maintain identity information on the individuals associated with a Stripe account.
These requirements come from regulators and financial partners, and are intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes. In particular, these requirements include those contained under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Terrorism (Suppression of Financing) Act, and sanction regulations.
To share more, Stripe retains personal data in compliance with applicable data protection laws, and additional sector-specific rules, as they may apply to Stripe.
Stripe has anti-money laundering and financial regulatory obligations to retain records for certain specified periods. Stripe generally cannot delete transactional records prior to the expiration of those retention periods as they have statutory record-keeping obligations.