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Verifying persons of significant control at sign up

Read on to find out what a person with significant control is and how we verify them when you sign-up 🙌

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.

You can check who the PSCs in your business are at Companies House. You can also read more about what makes someone a person with significant control here. Note. We look at both the PSC register and submitted confirmation statements to identify PSCs

We may also need to verify any PSCs appointed after you have opened an account with us. As such, you may receive a request to submit ID documents on their behalf. Please don’t ignore this request, we need this information to continue offering you great service.

Note: Sometimes the PSC information in our request may be wrong. For example, a spelling mistake in a name or, if the PSC has recently left the company, our information might be outdated. You can tell us this by selecting the person in question first and then tapping the button 'Other options' when prompted.

If they have a Monzo 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.

If they don’t, you can submit their details by replying to the request we send you

Here’s a list of details you’ll need from them:

  • 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.

If you’ve got questions, reach out to us through in-app chat.

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