Know Your Customer (KYC) Regulations

Know Your Customer (KYC) Regulations

In 2019 we launched the very successful Smart Setup.

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.

Our Highest Priority: Data security and information protection
In 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?

KYC, the CDD Rule, and You

Let’s 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—the group leader or coach—are 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.

That was a lot of information. Let’s break it down.

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:

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We can’t wait to get you fundraising faster and more powerfully than ever.

We can’t wait to get you fundraising faster and more powerfully than ever. Contact us to talk to your program’s personal Snap Raise representative to get started!

There is no shortage of online fundraisers geared toward seemingly every fundraising need. But there’s only one digital fundraising platform that is built specifically for groups and teams. Snap! Raise has already helped over 40,000 youth sports teams and educational programs achieve their fundraising goals, and that number is growing every day.
Contact us to learn more!