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Verification

Information about the verification process and requirements for Moov accounts.

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 action
Storing money in a Moov wallet ✓ wallet usage
Collecting money from another account ✓ collect funds
Sending money to another account ✓ send funds
Receiving payouts transfer money
Paying with a card or bank account transfer money
*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.

Business representative verification

Business representatives must be verified before a business account can use a wallet or transact with Moov.

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 control officers and owners with significant control over the business entity.

Financial ownership

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

Moov is required to certify all beneficial owners before an account can be verified. You have multiple options to onboard accounts. We suggest using our hosted onboarding process to create accounts when available.

If you're adding owners through the representatives POST endpoint, for each owner, set isOwner to true, and provide the ownershipPercentage. Once all owners have been created, set ownersProvided to true using the accounts PATCH endpoint.

To view the full instructions and requirements, see the create accounts guide. The update accounts page has example requests for ownersProvided.

Troubleshoot verification & FAQs

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.

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