Stripe is required by its regulators to collect certain information from account holders in order to prevent abuse of the financial system, and this requirement varies from country to country. When an account is created, the system will prompt the user to provide the required details for that country. You must keep the details in your Stripe Account current by promptly updating your information with any changes.
“Know Your Customer” (KYC) obligations for payments require Stripe to collect and maintain information on all Stripe account holders. These requirements come from our regulators and are intended to prevent abuse of the financial system.
The information Stripe is required to collect differs from country to country, and typically includes (but is not limited to):
- The individual creating the Stripe account
- The business associated with the Stripe account
Further reading
PayPal have a similar policy: https://publicpolicy.paypal-corp.com/issues/anti-money-laundering-know-your-customer
https://support.stripe.com/questions/know-your-customer-obligations