Why does my account need a verified landlord/individual before it can receive funds?
New client accounts are now opened as Griffin Client Bank Accounts, and Griffin requires at least one verified payee before an account can go live and start receiving funds. This is a regulatory requirement under OFSI rules that came into effect on 14 May 2025, and it applies to all newly opened accounts.
If you have existing Modulr accounts, these are unaffected and will continue to work exactly as they do now - we simply no longer open new Modulr accounts, as these EMI (Electronic Money Institution) accounts didn't carry this verification requirement.
Who can be verified
We only need one person verified per account. This can be any of the following:
- A landlord
- A property owner
- An individual associated with your property or block
- A company director
- A shareholder
- A freeholder
How it works
- Add one person as a landlord payee to the account (they can be any of the roles listed above).
- They complete a short verification process with Griffin.
- Once approved, your account becomes active and ready to receive funds.
Managing multiple accounts
If you manage several accounts for the same property or block - for example, a main account and a reserve account - you don't need to repeat this for each one. Once a person is verified on one account, we can apply that same verification across your other accounts, so each person only ever needs to verify once - just email support@calmony.co and we'll get this sorted for you.
Why we ask for this
Whenever we hold funds on your behalf, we're holding them for someone - whether that's your company, its directors, or the residents you manage. Regulations require us to verify at least one of these individuals before we're able to accept payments into the account, helping keep client money properly safeguarded.
If you have any questions about this process, or need help getting a payee verified, please contact support@calmony.co.