diff --git a/src/pczt.rs b/src/pczt.rs
index 7e079d5b4..ccdde32fb 100644
--- a/src/pczt.rs
+++ b/src/pczt.rs
@@ -21,6 +21,9 @@ use crate::{
 mod parse;
 pub use parse::ParseError;
 
+mod verify;
+pub use verify::VerifyError;
+
 mod io_finalizer;
 pub use io_finalizer::IoFinalizerError;
 
diff --git a/src/pczt/verify.rs b/src/pczt/verify.rs
new file mode 100644
index 000000000..5ab0b1801
--- /dev/null
+++ b/src/pczt/verify.rs
@@ -0,0 +1,176 @@
+use crate::{
+    keys::{FullViewingKey, SpendValidatingKey},
+    note::{ExtractedNoteCommitment, Rho},
+    value::ValueCommitment,
+    Note,
+};
+
+impl super::Action {
+    /// Verifies that the `cv_net` field is consistent with the note fields.
+    ///
+    /// Requires that the following optional fields are set:
+    /// - `spend.value`
+    /// - `output.value`
+    /// - `rcv`
+    pub fn verify_cv_net(&self) -> Result<(), VerifyError> {
+        let spend_value = self.spend().value.ok_or(VerifyError::MissingValue)?;
+        let output_value = self.output().value.ok_or(VerifyError::MissingValue)?;
+        let rcv = self
+            .rcv
+            .clone()
+            .ok_or(VerifyError::MissingValueCommitTrapdoor)?;
+
+        let cv_net = ValueCommitment::derive(spend_value - output_value, rcv);
+        if cv_net.to_bytes() == self.cv_net.to_bytes() {
+            Ok(())
+        } else {
+            Err(VerifyError::InvalidValueCommitment)
+        }
+    }
+}
+
+impl super::Spend {
+    /// Returns the [`FullViewingKey`] to use when validating this note.
+    ///
+    /// Handles dummy notes when the `value` field is set.
+    fn fvk_for_validation<'a>(
+        &'a self,
+        expected_fvk: Option<&'a FullViewingKey>,
+    ) -> Result<&'a FullViewingKey, VerifyError> {
+        match (expected_fvk, self.fvk.as_ref(), self.value.as_ref()) {
+            // Dummy notes use random FVKs, which must be provided.
+            (_, Some(fvk), Some(value)) if value.inner() == 0 => Ok(fvk),
+            (_, None, Some(value)) if value.inner() == 0 => Err(VerifyError::MissingFullViewingKey),
+            // If the FVK field has been pruned, assume the caller provided the correct FVK.
+            (Some(expected_fvk), None, _) => Ok(expected_fvk),
+            // This is not a dummy note; if the FVK field is present, it must match.
+            (Some(expected_fvk), Some(fvk), _) if fvk == expected_fvk => Ok(fvk),
+            (Some(_), Some(_), _) => Err(VerifyError::MismatchedFullViewingKey),
+            (None, Some(fvk), _) => Ok(fvk),
+            (None, None, _) => Err(VerifyError::MissingFullViewingKey),
+        }
+    }
+
+    /// Verifies that the `nullifier` field is consistent with the note fields.
+    ///
+    /// Requires that the following optional fields are set:
+    /// - `recipient`
+    /// - `value`
+    /// - `rho`
+    /// - `rseed`
+    ///
+    /// The provided [`FullViewingKey`] is ignored if the spent note is a dummy note.
+    /// Otherwise, it will be checked against the `fvk` field (if set).
+    pub fn verify_nullifier(
+        &self,
+        expected_fvk: Option<&FullViewingKey>,
+    ) -> Result<(), VerifyError> {
+        let fvk = self.fvk_for_validation(expected_fvk)?;
+
+        let note = Note::from_parts(
+            self.recipient.ok_or(VerifyError::MissingRecipient)?,
+            self.value.ok_or(VerifyError::MissingValue)?,
+            self.rho.ok_or(VerifyError::MissingRho)?,
+            self.rseed.ok_or(VerifyError::MissingRandomSeed)?,
+        )
+        .into_option()
+        .ok_or(VerifyError::InvalidSpendNote)?;
+
+        // We need both the note and the FVK to verify the nullifier; we have everything
+        // needed to also verify that the correct FVK was provided (the nullifier check
+        // itself only constrains `nk` within the FVK).
+        fvk.scope_for_address(&note.recipient())
+            .ok_or(VerifyError::WrongFvkForNote)?;
+
+        if note.nullifier(fvk) == self.nullifier {
+            Ok(())
+        } else {
+            Err(VerifyError::InvalidNullifier)
+        }
+    }
+
+    /// Verifies that the `rk` field is consistent with the given FVK.
+    ///
+    /// Requires that the following optional fields are set:
+    /// - `alpha`
+    ///
+    /// The provided [`FullViewingKey`] is ignored if the spent note is a dummy note
+    /// (which can only be determined if the `value` field is set). Otherwise, it will be
+    /// checked against the `fvk` field (if set).
+    pub fn verify_rk(&self, expected_fvk: Option<&FullViewingKey>) -> Result<(), VerifyError> {
+        let fvk = self.fvk_for_validation(expected_fvk)?;
+
+        let ak = SpendValidatingKey::from(fvk.clone());
+
+        let alpha = self
+            .alpha
+            .as_ref()
+            .ok_or(VerifyError::MissingSpendAuthRandomizer)?;
+
+        if ak.randomize(alpha) == self.rk {
+            Ok(())
+        } else {
+            Err(VerifyError::InvalidRandomizedVerificationKey)
+        }
+    }
+}
+
+impl super::Output {
+    /// Verifies that the `cmx` field is consistent with the note fields.
+    ///
+    /// Requires that the following optional fields are set:
+    /// - `recipient`
+    /// - `value`
+    /// - `rseed`
+    pub fn verify_note_commitment(&self, spend: &super::Spend) -> Result<(), VerifyError> {
+        let note = Note::from_parts(
+            self.recipient.ok_or(VerifyError::MissingRecipient)?,
+            self.value.ok_or(VerifyError::MissingValue)?,
+            Rho::from_nf_old(spend.nullifier),
+            self.rseed.ok_or(VerifyError::MissingRandomSeed)?,
+        )
+        .into_option()
+        .ok_or(VerifyError::InvalidOutputNote)?;
+
+        if ExtractedNoteCommitment::from(note.commitment()) == self.cmx {
+            Ok(())
+        } else {
+            Err(VerifyError::InvalidExtractedNoteCommitment)
+        }
+    }
+}
+
+/// Errors that can occur while verifying a PCZT bundle.
+#[derive(Debug)]
+pub enum VerifyError {
+    /// The output note's components do not produce the expected `cmx`.
+    InvalidExtractedNoteCommitment,
+    /// The spent note's components do not produce the expected `nullifier`.
+    InvalidNullifier,
+    /// The output note's components do not produce a valid note commitment.
+    InvalidOutputNote,
+    /// The Spend's FVK and `alpha` do not produce the expected `rk`.
+    InvalidRandomizedVerificationKey,
+    /// The spent note's components do not produce a valid note commitment.
+    InvalidSpendNote,
+    /// The action's `cv_net` does not match the provided note values and `rcv`.
+    InvalidValueCommitment,
+    /// The spend or output's `fvk` field does not match the provided FVK.
+    MismatchedFullViewingKey,
+    /// Dummy notes must have their `fvk` field set in order to be verified.
+    MissingFullViewingKey,
+    /// `nullifier` verification requires `rseed` to be set.
+    MissingRandomSeed,
+    /// `nullifier` verification requires `recipient` to be set.
+    MissingRecipient,
+    /// `nullifier` verification requires `rho` to be set.
+    MissingRho,
+    /// `rk` verification requires `alpha` to be set.
+    MissingSpendAuthRandomizer,
+    /// Verification requires all `value` fields to be set.
+    MissingValue,
+    /// `cv_net` verification requires `rcv` to be set.
+    MissingValueCommitTrapdoor,
+    /// The provided `fvk` does not own the spent note.
+    WrongFvkForNote,
+}