Verification
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 |
Business representative verification
Separate from KYC, Moov account holders must verify business representatives 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 collect and verify information about persons with financial ownership or significant control over the business entity. In Moov, we call these business representatives on a Moov account.
Verification statuses
Below, we summarize the possible verification statuses for a Moov account and the implications of each status. If you’re experiencing issues with your account possibly related to its account verification status, contact Moov support.
| Status | Description |
|---|---|
unverified |
The account has not yet started the verification process. |
pending |
The account is awaiting verification results or action from Moov. |
resubmit |
The verification requirements weren’t met because of errors, but you can still resubmit to resolve the errors. |
review |
The verification requirements weren’t met and requires Moov to review. No retry is available for accounts with this status. |
verified |
The account was successfully verified. |
failed |
The account was not successfully verified. No retry is available for accounts with this status. Please contact support. |
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.