Compliance Review Process: Required Documents and Key Information
To ensure compliance with regulatory requirements, businesses are required to submit specific documentation. This guide provides an overview of the documents you need for compliance reviews, how to submit them, and what to expect during and after the review process.
Recommended Business Documents for Compliance Reviews
When preparing for a compliance review, we recommend submitting as many relevant documents as possible to support your business activity. The following documents are typically required:
Business Registration Certificate
Certificate of Incorporation
Tax Identification Certificate (TIN)
Business License
Recent Utility Bill or Lease Agreement (to verify your business address)
Business Bank Statements
Invoices or Contracts showing your business operations
Company Profile or Website Information
Providing multiple documents, rather than a single document, is highly recommended as it expedites the review process and helps establish the connection between you and your business. For businesses with high transaction volumes, operating under a business account is generally advisable.
What Happens After Submitting Your Documents?
Review Phase: Once submitted, the compliance team carefully evaluates the provided documents. They may contact you if additional information or clarification is required.
Helpful Additions: Including details like a company website or 2–3 months of bank statements can further support your review.
This process ensures your account remains secure and adheres to compliance regulations to avoid potential disruptions during transactions.
How Long Will the Compliance Review Take?
The duration of the compliance review may vary depending on the complexity of your case and the completeness of the submitted documentation. The team will notify you of updates or request further requirements if necessary.
Why Submit Multiple Documents?
While you might be tempted to provide only one document from the recommended list, submitting multiple documents improves the speed and efficiency of the review process. This demonstrates a solid link between you and your business, which is crucial for regulatory compliance. Documents like a business registration certificate, an invoice under your business name, or a business bank statement are especially helpful.