It doesn't verify, but it lifts the limits so you can receive/spend money.
I used to do this with PP.
Just know that if you enter fake info, you can get chargedback - if you sell to someone and they chargeback you - and PP will limit your account and request basically all your info. If you put in fake info, you'll have to forget the account and any money on it.
If you use your real info, and get chargedback, you'll probably get limited until you submit additional info and then they may restrict your usage and such.