1. Guides
2. Moov accounts
3. Account requirements

In order to meet federal regulations, Moov is required to collect and verify information about these individuals. We have two categories for business representatives:

• Control officers
• Owners

If you’re providing information for a business representative, they must be either a control officer or an owner. In some instances, the control officer and owner can be the same person. If this is the case, set both isController and isOwnerto true. We allow a maximum of 7 business representatives for a Moov account.

Before account verification is initiated, one control officer and all owners with ≥25% ownership need to be created. Using the API, this is a two-step process that requires creating representatives, followed by updating ownersProvided to true using the accounts PATCH endpoint. Updating ownersProvided is required even if no one owns ≥25% of the business. The Moov Dashboard will automatically bring you through this flow.

Control officer

In compliance with regulatory guidelines, we require you to provide information for at least one business representative with significant management responsibilities and the authority to make decisions within the business. You can do this by creating a representative and setting isController to true. Some examples of business representatives include the CEO, COO, Treasurer, President, Vice President, or Managing Partner.

Owner

A beneficial owner is an individual who owns more than ≥25% of the business. All beneficial owners need to be certified by Moov. You can do this by creating a representative and setting isOwner to true, and providing the ownershipPercentage.

To view the full instructions and requirements for owners, see our guide on creating accounts.

Requirements

Below, we’ve consolidated the data requirements for owners and control officers (financial institutions are exempt from beneficial ownership requirements).