Business verification

Learn what information we require for businesses to be able to move money.

Required business information

Moov must verify business representatives before a business account can send funds or collect money from other accounts.

In order to combat financial crime and meet the customer due diligence requirements of our financial institution partners, Moov is required to collect and verify information about persons with financial ownership or significant control over the business entity. In Moov, we call these business representatives on a Moov account. We have two categories for business representatives:

  • Controllers
  • Owners

Controller

In compliance with regulatory guidelines, we require you to provide information for at least one verified business representative who exercises significant control over the company. You can do this by creating and verifying a representative with isController = true. Some examples of business representatives include the CEO, COO, Treasurer, President, Vice President, or Managing Partner.

To verify controllers, we require:

  • Legal name
  • Email or Phone #
  • Date of birth
  • Last 4 of SSN*
  • isController
  • Job title

Financial ownership

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 where isOwner = true and providing the ownershipPercentage.

To verify financial owners, we require:

  • Legal name
  • Email or Phone #
  • Date of birth
  • Last 4 of SSN*
  • isOwner
  • Ownership percentage

If the representative you’ve created does not own ≥25% of your company, you can indicate that by making sure isOwner = false and leaving the ownership percentage field blank.

tip
Owners and controlling managers can be the same person. In this case, set both isController and isOwnerto true.
*In some instances, capabilities requesting the last 4 digits of an SSN may require the full SSN.

Indicating ownership information is complete

Depending on the businessType of their Moov account, your customers need to certify that they have provided information for all persons over the ≥ 25% ownership threshold. By setting ownersProvided = true, you are indicating that all the ownership information provided is accurate and complete.

To update the ownersProvided field, use the PATCH account endpoint.

Moov account businessType ownersProvided Required
privateCorporation Yes
llc Yes
partnership Yes
soleProprietorship No
unincorporatedAssociation No
trust No
publicCorporation No
unincorporatedNonProfit No
incorporatedNonProfit No