In compliance with local and international regulations, it is necessary to provide details about yourself and your business. This information is gathered to identify merchants using Lightspeed Payments, including the beneficial owners of a specific corporate entity. The collection of this information aims to meet regulatory requirements intended to combat money laundering, terrorist financing, and other financial crimes.

As local regulations change, Lightspeed and its partners may reach out to request further information about you and your business. These routine reviews can take place at any time during the life of your Lightspeed Payments account.

We will request:

• Document signer’s personal information: This will include their home address and date of birth. Lightspeed reserves the right to run a credit check if necessary. An identity document (such as a passport or driver’s license) may be required. 
• Beneficial Owners: We are required to capture the personal information of any individual that qualifies as a beneficial owner. Beneficial owners can include one or both of the following types of individuals. The exact rules vary by country, but beneficial owners can include one or both of the following types of individuals:
  • Individuals who own 25% or more of your company
  • Individuals who exercise significant control over your company
    • Individuals considered to “exercise significant control” over your company are those responsible for managing and directing the business and may include executive officers or senior managers, such as CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer.
• Legal Business Name: This is the name of the entity that you registered with the appropriate authorities (e.g. ASIC or ABRS)
  • If the entity is a Trust, we will also need to collect your trust document(s)
• Tax ID and/or Registration number: Depending on your legal entity type, you may need to register for an ABN (Australian Business Number), an ACN (Australian Company Number), or a TFN (Tax File Number). 
• Business address: We need to verify your business operating location.
• Bank Account: A bank account associated with the legal entity name provided in the application is required. This is the account where your processed funds will be deposited. 
  • You will be required to upload an image (voided cheque, bank letter, bank statement or online banking environment) of your banking information. This image must have the following information visible:
    • Bank name & logo
    • BSB and Account Numbers
    • Business legal entity name

New businesses may need to provide additional documents:

• Proof of occupancy: For example, a lease agreement that proves you are opening at a specific address.
  Proof of legitimacy: Something to show what type of business you are running. This could be a liquor license, food and beverage license, building permit, banking documents, or another legal document.