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How to set up your firm's Stripe account
Tess avatar
Written by Tess
Updated over a month ago

In order to connect your bank account through Legl, someone at your firm will need to complete some basic KYC steps for AML purposes. This information should be completed by an executive, senior manager or someone who otherwise has significant responsibility for the control and management of your business. If that’s not you, please ask the right person to fill out this form. You will need an ID document as well as proof of address to be able to complete this process. Please see our guide to completing the Stripe account set-up below.

If you are setting up multiple bank accounts for your firm, each account should have a unique email address. Any email address from your firm can be used and this address is not used for anything other than to open a new Stripe KYC form for a new bank account. Stripe doesn't allow multiple accounts with the same email address.

  1. Log in to your Legl account and go to the 'Bank accounts' page. You will find 'Bank accounts' in the Settings tab which is on the left-hand side of your browser window.

2. Whilst on the Bank accounts page, press 'Add Account', enter your email address when prompted and then press 'continue to add account'.

3. You will then be taken to the page below, where you will be invited to fill in your personal details. Once you have entered your mobile number, you will be sent a verification code by Stripe. You must enter this code before being able to fill in the Business details specific to your firm.

4. Once you have entered your business details, you will be invited to add your details as the business representative of your firm. Your account must be activated by an executive, senior manager or someone who otherwise has significant responsibility for the control and management of your business.

5. Having added your personal details, as the business representative, you will then be asked to add more individuals or 'business owners'. It’s required to add any individual who is on the governing board, owns 25% or more of the company or otherwise has significant management control of the company. You will also need to add the personal information of any directors at your firm. To complete these phases you need to only enter the name and email address of those people whose details are needed to activate your firm's account. If you are the sole decision-maker at your firm you can simply press 'Continue with no owners'.

6. You will also be asked to enter the personal details of any executives or senior managers at your firm who have significant management responsibility for your business.

7. Having entered the personal details of all the key stakeholders within your firm, you will be asked to enter the relevant bank details. These details must be for the account into which you wish to receive payments from Stripe to your bank account.

8. Having entered your firm's bank details you will be invited to review all of the details you have entered. Before being able to complete the process you will have to verify your identity. You will be asked to provide photos of both an ID document and a proof of address document.

9. Having verified your identity and once you have reviewed all of the information you have entered you can click Done and you will have completed the set-up of your firm's account. You will then be able to enter the bank account information for the account you would like Legl to transfer client payments into.

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