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
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
*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 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. 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 page. 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.
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