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Squarespace Payments users are required to provide sensitive financial and identity information including bank account details, social security numbers, passport numbers, driver's license numbers, tax identifiers, and nationality as a condition of accessing Payments Services. This information is used for KYC and AML compliance purposes under multiple EU and Irish legal frameworks referenced in the policy.
This analysis describes what Squarespace's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that Payments Services access requires disclosure of highly sensitive financial and government identity data, which the policy states is collected under legal obligation and used for identity verification, AML compliance, fraud monitoring, and eligibility determination for financial products.
Under this clause, Customers who wish to use Squarespace Payments must provide bank account details, government identity numbers, and tax identifiers, and this information is shared with vendors including Stripe, Sift, and Plaid for payment processing, identity verification, and fraud monitoring purposes. The agreement states that failure to provide this information will prevent access to Payments Services.
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"Payments Services Account Information : If you use the Payments Services (as defined in the Squarespace Payments Terms) , additional information you provide to set up and manage Payments Services and integrate them with the Processing Services (as defined in the Squarespace Payments Terms ), including information about you and your business, such as bank account details, name, address, phone number, date of birth, government number (such as a social security number, passport number or driver's license number), tax identifier (EIN) and nationality. ... To comply with know your customer and anti-money laundering laws. We are required to obtain certain information about Customers who use the Payments Services to verify their identities and take preventative measures as a result of know your customer, money laundering and/or terrorist financing laws.Excerpt from Squarespace's Privacy Policy
1. REGULATORY LANDSCAPE: This provision engages EU Directive 2015/849 (AMLD IV), EU Directive 2018/843 (AMLD V), the Irish Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, and related KYC and AML frameworks. In the US, relevant frameworks include the Bank Secrecy Act and FinCEN regulations. The collection of social security numbers and tax identifiers also engages IRS reporting requirements. The FTC has authority over financial privacy practices under the Gramm-Leach-Bliley Act where applicable. 2. GOVERNANCE EXPOSURE: High. The collection and processing of government identity numbers, bank account details, and biometric verification data in connection with Payments Services creates significant regulatory exposure under financial services privacy frameworks, KYC regulations, and state-level financial data protection requirements. Vendors named in this provision (Stripe, Sift, Plaid) each process sensitive financial data under their own privacy policies. 3. JURISDICTION FLAGS: US Customers providing social security numbers are subject to IRS information reporting obligations. EU and UK Customers are subject to GDPR protections for financial data. The policy references multiple EU member state implementing legislation for AML directives, indicating that compliance obligations vary by Customer location. 4. CONTRACT AND VENDOR IMPLICATIONS: Legal teams should review vendor agreements with Stripe, Sift, and Plaid to confirm that data handling for Payments Services Account Information meets applicable financial privacy and KYC requirements. The policy directs users to each vendor's separate privacy policy for information about how payment data is processed, meaning Squarespace's contractual obligations to users regarding this data are limited by vendor practices. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should maintain up-to-date records retention schedules for KYC documentation consistent with applicable AML regulations. The intersection of KYC data retention obligations and GDPR data minimization and storage limitation principles requires documented reconciliation in retention policies. Customers operating in multiple jurisdictions may face varying KYC documentation requirements.
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This provision establishes that Payments Services access requires disclosure of highly sensitive financial and government identity data, which the policy states is collected under legal obligation and used for identity verification, AML compliance, fraud monitoring, and eligibility determination for financial products.
Under this clause, Customers who wish to use Squarespace Payments must provide bank account details, government identity numbers, and tax identifiers, and this information is shared with vendors including Stripe, Sift, and Plaid for payment processing, identity verification, and fraud monitoring purposes. The agreement states that failure to provide this information will prevent access to Payments Services.
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