Why do I have to verify payees now?
I opened accounts before didn't have to verify why do I have to verify now?
The accounts we now open are Griffin Client Bank Accounts, we no longer open Modulr client accounts.
Modulr accounts are EMI (Electronic Money Institution) accounts and did not require verification. We no longer open new Modulr accounts.
Please note your existing Modulr accounts remain unaffected and work as normal.
New Verification Requirements
Griffin bank accounts require verification of at least one payee before the account can become active and receive funds. This is part of OFSI regulations that came into force on 14 May 2025.
What You Need to Do
We need one person verified per account. This can be:
- A Landlord
- A Property Owner
- An individual associated with your property/block
- A company director
- A shareholder
- A freeholder
The Process
- Add one person as a payee to the account
- They complete the Griffin verification process
- Once the payee has been approved the account becomes active
Note: If you have multiple accounts, for example you have a property block and you have one account as the main account and one account as the reserve account. We can verify one person on the first account and share that verification with your other accounts. You only need to verify once per person.
Why This Matters
When we hold funds in your account, we're holding them on behalf of someone, whether that's your company, directors, or residents.
The regulations require us to verify at least one person who we're holding funds for before we can accept payments into the account.