Identity verification

Learn when we require KYC verification for Moov account holders.

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 facilitator account has been verified and you’ve collected all the required information from your users, Moov will automatically start the verification process.

When we require KYC verification

Scenario KYC? Corresponding capability
Storing money in a Moov wallet Yes Wallet
Collecting money from another account Yes Collect funds
Sending money to another account Yes Send funds
Receiving payouts No Transfers
Paying with a card or bank account* No Transfers
*When you pay with a card, you’re authorizing a debit on your account. This is different from sending funds from a bank account or wallet.

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 guide on business verification for more information.