Verifying people with significant control for Monzo Business
A person with significant control (PSC) is someone who owns or controls your company and sometimes, they’re called ‘beneficial owners’
It’s usually someone who owns or controls 25% or more of shares or voting rights in your company. Or someone who can appoint or remove a majority of directors.
You can find out who your business’ PSCs are at Companies House.
We might have to collect and verify IDs for any PSCs in your business. There are two ways we can do this:
If they’ve got a personal account, we can verify them directly
You don’t need to do anything because we can use the ID checks they did when opening their personal account to verify them.
If they don’t have a personal account, you can send us their details by replying to our message in the app
You’ll just need these details from them:
photo of a valid ID
date of birth
country of residence
email (so we can let them know we’ve submitted their details)
We’ll also ask if you’ve got their consent to share those things with us. You just need to tap and agree.
If the PSC info we’ve got is wrong or outdated, you can tell us in the app.
