What is a Taxpayer Identification Number (TIN)?
A TIN is a unique identifier for filing taxes. Common examples for individuals in the US include a Social Security Number (SSN), or an Individual Taxpayer Identification Number (ITIN). A common example for individuals in Canada include the Social Insurance Number (SIN).
Why does DealMaker collect TINs?
Since this is a financial transaction we are required by regulators like the SEC & US Department of Treasury to perform AML (Anti Money Laundering) & KYC (Know Your Customer) verification to avoid money laundering, fraud, and identity theft.
The Taxpayer Identification Number (TIN), for example Social Security Number (SSN), Employment Identification Number (EIN), Individual Tax Identification Number (ITIN), Social Insurance Number (SIN), National Identification number (National ID) is used by the broker to fulfill its responsibilities with its Anti-Money Laundering (AML) Program as required by the Bank Secrecy Act (BSA) and its implementing regulations and FINRA Rule 3310 (AML Compliance Program) by requesting, reviewing, and verifying data and documentation provided during securities transactions, before acceptance.
Here’s why they are required for startup investments:
- Preventing Illegal Activities: Money laundering involves the concealment or disguise of money derived from criminal origins by processing it through a single or series of transactions to make it appear as if it comes from a legal, legitimate source or constitute legitimate assets. Having a verification process, whereby investors are reviewed, checked against governmental databases, and all investment funds are evaluated, startups can feel confident they are protecting themselves from civil and criminal penalties and preventing terrorist financing, drug trafficking, tax evasion, corruption, fraud, and other financial crimes.
- Identity Verification/Data: KYC processes help collect essential pieces of data and verify the identity and authority of the investors, ensuring that they are indeed who they claim to be and are authorized to process the transaction they seek to make. This protects against identity theft and fraud.
- Regulatory Compliance: Compliance with AML and KYC requirements is mandatory in many jurisdictions. Failure to comply can lead to severe civil penalties, including heavy fines, and even criminal penalties.
TINs are required to generate your agreement documents, which you will sign and submit to companies you want to invest in.
Please read our privacy policy and our security policy.
Can I delete my SSN, SIN, or personal TIN from your database?
Any information entered into DealMaker is stored securely, and complies with our privacy policy and security standards. Please contact info@dealmaker.tech if you would like to remove your information from our platform.
Can DealMaker accept international TINs?
TINs from countries other than the US and Canada can be entered in the same text box. Companies you’re investing in may need to confirm this information, so please keep your ID on hand in case they request a photo ID.
What if my international TIN does not fit in the text box?
If your international TIN does not fit in the allocated space, there is no need to complete the question.