{"id":78478,"date":"2022-11-01T15:14:13","date_gmt":"2022-11-01T15:14:13","guid":{"rendered":"\/?p=78478"},"modified":"2023-04-13T00:09:37","modified_gmt":"2023-04-13T00:09:37","slug":"know-your-customer","status":"publish","type":"post","link":"https:\/\/www.snapraise.com\/blog\/know-your-customer\/","title":{"rendered":"Know Your Customer (KYC) Regulations"},"content":{"rendered":"

In 2020, we improved upon the process and up-leveled our KYC requirements making Snap Raise the safest and more secure fundraising option available to group activities.<\/p>\n

Our Highest Priority: Data security and information protection
\nIn 2019, we successfully launched Smart Setup. In 2020, we bolstered our KYC requirements to comply with federal guidelines and regulations to ensure that Snap Raise became the safest and most secure fundraising option available. This is why before any campaign begins, we require KYC to guarantee financial transparency and security. So what does that all mean exactly?<\/p>\n

KYC, the CDD Rule, and You<\/p>\n

\"\"<\/p>\n

Let\u2019s start with KYC or Know Your Customer. KYC is a federally mandated regulation under the Customer Due Diligence Rule (CDD) and Customer Identification Program (CIP) that requires all U.S. banks to gather information to verify that you\u2014the group leader or coach\u2014are authorized to fundraise for your affiliated organization. This identity confirmation is necessary to prevent fraudulent fundraising. By following KYC, U.S. banks can safely create a secure, temporary bank account (also known as a Merchant Account) so that you or your organization can clearly and easily track, monitor, and control your donations straight from the source.<\/p>\n

That was a lot of information. Let\u2019s break it down.<\/p>\n

Requiring KYC allows both the government and Snap Raise to guarantee financial transparency and security once we confirm that you are authorized to fundraise on behalf of your organization. This means:<\/p>\n

Want more info, but with less legalese? Read more from Wikipedia.org<\/a>.<\/p>\n

We can\u2019t wait to get you fundraising faster and more powerfully than ever.<\/p>\n

We can\u2019t wait to get you fundraising faster and more powerfully than ever. Contact us<\/a> to talk to your program\u2019s personal Snap Raise representative to get started<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"In 2019 we launched the very successful Smart Setup.","protected":false},"author":118,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false},"categories":[17],"tags":[54],"acf":[],"yoast_head":"\nKnow Your Customer (KYC) Regulations | Snap! 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