Monzo Business: Verifying beneficial owners
A beneficial owner is someone who normally owns more than 25% of the shares or voting rights in your business. Sometimes they’re also called major shareholders or people with significant control. We might need to check their identities to complete your account opening.
If we ask for a beneficial owner’s ID, it’s very important to send it to us. If we don’t receive it, we may have to close your account.
What we'll need for verification:
A valid ID (e.g., a passport, driving license, or a national ID card).
Their date of birth.
Their country of residence.
Their personal address.
An email address.
A phone number.
You'll also need to confirm that they have agreed to share this information. If a beneficial owner is already a Monzo customer, that's good news! We can verify them ourselves, and you won’t need to do a thing. If you have any questions, you can reach out to us through in-app chat.
To speed up your application, we partner with a third party to pre-fill beneficial owner information. If we display an owner who is no longer with the company, please opt them out using the in-app option. If an owner is missing, it’s important to let us know. We verify beneficial owners against the Registry of Beneficial Ownership and must submit a discrepancy report if the data isn't aligned.
