Verifying people with significant control for Monzo Business
Read on to find out what a person with significant control is and how we verify them đ
A person with significant control (PSC) is someone who owns or controls your company
Sometimes, theyâre also called âbeneficial ownersâ. Generally, itâs 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.
We look at 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.
You might get a request to submit ID documents on their behalf through the app.
Please donât ignore this request â we need this information for regulatory reasons, and to continue offering you great service.
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 donât need to do anything! We can use the ID checks they did then to verify them.
If they donât, you can submit their details by replying to the request we send you
Hereâs a list of details youâll need from them:
A photo of valid ID, like a passport, full or provisional driving licence, national ID card or biometric residency permit
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
Weâll also ask if you have their consent to share those things with us â all youâll need to do is tap and agree.
Once your account is open, any people with significant control who need to access your business account will need a personal account.
Note: Sometimes the PSC information 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 For example, a spelling mistake in a name or, if the PSC has recently left the company, our information might be outdated.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 youâve got questions, reach out to us through in-app chat.
