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Verification

Moov verifies the identity of individuals and businesses before enabling payment capabilities. This page explains the verification process and data requirements.

Overview

Banking regulations require financial institutions to verify customer identities before enabling certain capabilities. This includes:

  • Know Your Customer (KYC): Verifying individual identity
  • Know Your Business (KYB): Verifying business identity and beneficial ownership

All Moov accounts are checked against OFAC and sanctions lists to ensure they are not prohibited from conducting business in the United States.

Moov simplifies this process: request capabilities for an account, collect the required data, and Moov automatically starts verification.

When verification is required

Scenario Verification required? Capability
Storing money in a Moov wallet ✓ wallet.balance
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

Beneficial ownership

For business accounts, Moov must verify both the business entity and its business representatives (control officers and beneficial owners).

US state and federally regulated financial institutions are exempt from beneficial ownership requirements.

Under FinCEN's Customer Due Diligence rule, Moov must verify all individuals who own 25% or more of the business (beneficial owners) and at least one control officer. See the business representatives guide for complete requirements.

Before verification can start:

  1. Create all required business representatives
  2. Set ownersProvided: true on the account using the PATCH endpoint

Verification timing

Verification is performed asynchronously and typically completes within a minute. However, some businesses may take multiple minutes.

Most verifications complete automatically. If Moov cannot verify information automatically, you'll receive requirements for additional documentation through the capabilities API or Dashboard.

Subscribe to capability webhooks to receive real-time updates on verification status:

Event Description
capability.requested Capability has been requested
capability.updated Capability status changed (e.g., requirements fulfilled, verification complete)

Required verification data

The tables below list all verification data fields and their API paths. Moov may request additional documents to complete verification—these will appear in the Dashboard and the capabilities API.

Business profile

Set on profile.business via the accounts API

Field API path Status Notes
Legal business name legalBusinessName Required
Doing business as doingBusinessAs Optional
Business type businessType Required
Address address Required Must be a physical location; no PO boxes or registered agents
Phone phone Required
EIN taxID.ein.number Required SSN can be used for sole proprietors
Description description Conditional Required if website not provided
Website website Conditional Required if description not provided
Industry industry Required See industries endpoint; or use industryCodes.mcc
MCC code industryCodes.mcc Conditional Required if industry not provided
Owners provided ownersProvided Conditional Required for corporations, partnerships, and LLCs
Terms of Service termsOfService Required Set on the account object
View requirement IDs for capabilities API
Field Requirement ID
Legal business namebusiness.legalname
Doing business asbusiness.dba
Business typebusiness.business-type
Addressbusiness.address
Phonebusiness.phone
EINbusiness.ein
Descriptionbusiness.description
Websitebusiness.description-or-website
Industrybusiness.industry
MCC codebusiness.industry-code-mcc
Owners providedbusiness.indicate-owners-provided
Terms of Serviceaccount.tos-acceptance

Representative(s)

Set via the representatives API

For details on control officers vs beneficial owners, see Business representatives.

Field API path Status Notes
First name name.firstName Required
Last name name.lastName Required
Email email Required
Phone phone Required
Address address Required Must be a residential address; no PO boxes or commercial addresses
Date of birth birthDate Required
Full SSN governmentID.ssn.full Required
Is controller responsibilities.isController Required At least one representative must be a controller
Job title responsibilities.jobTitle Conditional Required if isController is true
Is owner responsibilities.isOwner Conditional Required if ownership ≥25%
Ownership percentage responsibilities.ownershipPercentage Conditional Required if isOwner is true
View requirement IDs for capabilities API
Field Requirement ID
First namerepresentative.{uuid}.firstname
Last namerepresentative.{uuid}.lastname
Emailrepresentative.{uuid}.email
Phonerepresentative.{uuid}.mobile
Addressrepresentative.{uuid}.address
Date of birthrepresentative.{uuid}.birthdate
Full SSNrepresentative.{uuid}.ssn
Is controllerrepresentative.{uuid}.is-controller
Job titlerepresentative.{uuid}.job-title
Is ownerrepresentative.{uuid}.is-owner
Ownership percentagerepresentative.{uuid}.ownership

For additional requirements beyond verification, see our underwriting guide.

Troubleshoot verification

The business name could not be verified.
Double check that the provided name is the full legal business name and there are no typos. If everything is accurate, but the name cannot be verified, Moov will require one of the following: EIN letter from the IRS or Articles of Incorporation. The documents provided must list the name as entered into Moov's system.
The business address could not be verified.
Double check the address was entered correctly and that the business representative's residential address was not used as the commercial business address. Commercial addresses cannot be a PO box, commercial mailing receiving agency, or registered agent.
The business has a PO box, commercial mailing receiving agency, or registered agent listed as the commercial address.
Commercial business addresses cannot be a PO box, commercial mailing receiving agency, or registered agent. The address must be a valid, physical location where the business operates.
Moov can't verify the TIN or EIN.
Double check the EIN is correct and the legal business name exactly matches IRS records (including punctuation and abbreviations). If everything is accurate, and Moov returns a tax ID mismatch, you will need to upload one of the following documents showing the EIN and legal name: EIN confirmation letter from the IRS or a tax document (for example, a 1099).
The business does not have past processing statements.
Moov needs to understand the volume of transactions the business intends to process. You will need to provide the average number and dollar volume of transactions you will be processing monthly and the average dollar amount of individual transactions.
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 representatives?
Yes. See our business representative guide for more information.

Summary Beta