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  3. Account requirements

Business representatives

A business representative is someone with financial ownership or significant control over a business entity. This page describes types of business representatives, and what Moov requires to be submitted for each type.

In order to meet federal regulations, Moov is required to collect and verify information about these individuals. We have two categories for business representatives:

  • Control officers
  • Owners

If you're providing information for a business representative, they must be either a control officer or an owner. In some instances, the control officer and owner can be the same person. If this is the case, set both isController and isOwnerto true. We allow a maximum of 7 business representatives for a Moov account.

Before account verification is initiated, one control officer and all owners with ≥25% ownership need to be created. Using the API, this is a two-step process that requires creating representatives, followed by updating ownersProvided to true using the accounts PATCH endpoint. Updating ownersProvided is required even if no one owns ≥25% of the business. The Moov Dashboard will automatically bring you through this flow.

An address is required for business accounts requesting wallet, send funds, collect funds, or card issuing capabilities. The following address types cannot be the main address provided for a business representative:

  • ❌ PO Box
  • ❌ Commercial mailing receiving agency
  • ❌ Registered agent

Control officer

In compliance with regulatory guidelines, we require you to provide information for at least one business representative with significant management responsibilities and the authority to make decisions within the business. You can do this by creating a representative and setting isController to true. Some examples of business representatives include the CEO, COO, Treasurer, President, Vice President, or Managing Partner.

Regardless of how many control officers the business has, you are only required to create one. By submitting only one control officer, you reduce verification costs and speed up the verification process.

Owner

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

A beneficial owner is an individual who owns more than ≥25% of the business. All beneficial owners need to be certified by Moov. You can do this by creating a representative and setting isOwner to true, and providing the ownershipPercentage.

To view the full instructions and requirements for owners, see our guide on creating accounts.

Requirements

Below, we've consolidated the data requirements for owners and control officers (financial institutions are exempt from beneficial ownership requirements).

Required information Control officer Owner
Legal name ✓ ✓
Personal address ✓ ✓
Email or phone # ✓ ✓
Date of birth ✓ ✓
Full SSN ✓ ✓
isController ✓
Job title ✓
isOwner ✓
Ownership percentage ✓

Troubleshoot verification

The individual or business representative’s name could not be verified.
Moov requires an unexpired government issued ID that shows the full name. Acceptable documents include an unexpired drivers license or ID card. In certain situations where an ID is not available, a residential lease or mortgage document may suffice. The address provided cannot be a commercial address.
The individual or business representative’s residential address could not be verified.
Moov requires an unexpired government issued ID that shows the residential address. Acceptable documents include an unexpired drivers license or ID card. In certain situations where an ID is not available, a residential lease or mortgage document may suffice. The address provided cannot be a commercial address.
The individual or business representative's date of birth could not be verified.
Moov requires an unexpired government issued ID that shows the date of birth. Acceptable documents include a drivers license, passport, or ID card.
The individual or business representative’s SSN could not be verified.
Moov requires a government issued document that shows the individual’s SSN. Acceptable documents include a SSN or ITIN card, a tax return statement, or a W2.
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