About business representatives
A business representative is someone with financial ownership or significant control over a business entity. In order to meet federal regulations, Moov is required to collect and verify information about these individuals. We have two categories for business representatives:
If you’re providing information for a business representative, they must be either a controller or an owner (see below for more information). In some instances, the controller and owner can be the same person. If this is the case, set both
isOwnerto true. We allow a maximum of 7 business representatives for a Moov account.
In compliance with regulatory guidelines, we require you to provide information for at least one verified business representative/control officer with significant management responsibilities and the authority to make decisions within the business. You can do this by creating and verifying a representative by setting
isController to true. Some examples of business representatives include the CEO, COO, Treasurer, President, Vice President, or Managing Partner.
Additionally, we are required to verify all individuals with a ≥25% ownership stake of the company. Ownership information can be provided by creating a representative and setting
isOwner to true and providing the
ownershipPercentage. If the representative you’ve created does not own ≥25% of your company, you can indicate that by setting
isOwner to false and leaving the ownership percentage field blank.
Once all owners have been created, you’ll need to update your profile’s
business object by setting
ownersProvided to true with the accounts
PATCH endpoint. This step is required so Moov knows when an account’s profile is complete and verification can be initiated.
Below, we’ve consolidated the data requirements for owners and controllers.
|Email or phone #||yes||yes|
|Date of birth||yes||yes|
|Last 4 of SSN1||yes||yes|
|Job title||not required||yes|
|Ownership percentage||yes||not required|
In some instances, capabilities requesting the last 4 digits of an SSN may require the full SSN. ↩︎