Verifying people with significant control when you’re applying for Monzo Business
Read on to find out what a person with significant control is and how we verify them when you’re applying for a Monzo Business account 🙌
A person with significant control (PSC) is someone who owns or controls your company
Sometimes, they’re also called ‘beneficial owners’. Generally, it’s someone who owns or controls 25% or more of shares in your company, or 25% or more of the voting rights in your company, or someone who has the right to appoint or remove a majority of directors.
As part of your application for a business account, we’ll need to verify their identity
We’re obliged to verify any people with significant control in your business as part of the application process, and there’s two different ways we can do it:
1. If they have a personal account, we can verify them directly
If the PSCs in your business already have a personal account with us, you don’t need to do anything! We can use the ID checks they did then to verify them.
2. If they don’t, you can submit their details as part of your business application
If they don’t have a personal account and don’t want to apply for one, we won’t take it personally! You can submit a photo or copy of their ID as part of your application. Here’s a list of details you’ll need from them to finish applying:
- A photo of valid ID, like a passport, full or provisional driving licence, national ID card or biometric residency permit
- Their date of birth
- Their country of residence
- An email we can use to let them know their details have been submitted
We’ll also ask if you have their consent to share those things with us – all you’ll need to do is tap and agree.
Heads up – if you’ve got PSCs, it may take us a little longer to process your application
Because of the extra identity checks, your application might take a few days for us to process. The delay isn’t anything to do with whether your application will be successful or not – it just means we need to check a few more people’s details.
Once your account is open, any people with significant control who need to access your business account will need a personal account.
If you’ve got questions, reach out to us through in-app chat
Our customer service team is always happy to help and answer any questions you have about your application, so get in touch if you need anything.
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