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 control officers 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. 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.
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.