Verification
Before the verification process can begin, all requirements must be satisfied, which includes updating ownership after representatives have been created. This process is described below.
Know Your Customer
Banking regulations require that financial institutions perform a “Know Your Customer” (KYC) process to verify an individual or business identity before enabling certain capabilities. All Moov accounts are also checked against OFAC and sanctions lists to ensure they are not forbidden from conducting business in the United States.
Moov simplifies this process by allowing you to opt users in to different capabilities and providing the data requirements for each capability as it’s requested. Once your account has been verified, and you’ve collected all the required information from your users, Moov will automatically start the verification process for user accounts.
When Moov requires KYC verification
| Scenario | KYC? | Corresponding capability |
|---|---|---|
| Storing money in a Moov wallet | ✓ | wallet |
| Collecting money from another account | ✓ | collect funds |
| Sending money to another account | ✓ | send funds |
| Receiving payouts | transfers | |
| Paying with a card or bank account* | transfers |
Business representative verification
Business representatives must also be verified before a business account can send funds, collect money from other accounts, or store funds in a wallet.
In order to combat financial crime and meet the customer due diligence requirements of our financial institution partners, Moov is required to verify information about controllers and owners with significant control over the business entity.
Financial ownership
Moov is required to certify all beneficial owners before an account can be verified. To create owners, use the Dashboard, or use the representatives POST endpoint.
If you create owners through the API, for each owner, set isOwner to true, and provide the ownershipPercentage.
If the businessType is set to privateCorporation, llc, or partnership, you’ll also need to set ownersProvided to true using the accounts PATCH endpoint once all owners have been created.
To view the full instructions and requirements, see the create accounts page. The update accounts page has example requests for ownersProvided.
Verification statuses
Below, we summarize the possible verification statuses for a Moov account and the implications of each status. If you’re experiencing issues with your account related to its verification status, contact support and select submit a support ticket for technical issues. You see the verification status in the Accounts section of the Dashboard, or you can use the list accounts GET endpoint.
| Status | Description |
|---|---|
unverified |
The account has not yet started the verification process |
pending |
The account is awaiting verification results or action from Moov |
resubmit |
The verification requirements weren’t met because of errors, but you can still resubmit to resolve the errors |
review |
The verification requirements weren’t met and requires Moov to review. No retry is available for accounts with this status |
verified |
The account was successfully verified |
failed |
The account was not successfully verified. No retry is available for accounts with this status. Please contact support |
FAQ
- Do I need to run my users through KYC again if I am switching to Moov?
- Yes. KYC requirements pertain to each relationship an account holder has with the sponsor bank, so we are required to perform these checks again.
- How long does verification take?
- It depends. Automatic verification can take less than a second but if there is an error or the data requires manual review, the process may involve additional information or documentation and take up to several days.
- Are there special requirements for business verification?
- Yes. See our business verification guide for more information.