Solutions

About

Padlock with Know Your Customer Regulations for leaders, participants and donors

Know Your Customers (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 are able to confirm that you are authorized to fundraise on behalf of your organization. This means:

Interested in the full legal details? Read more from Harvard Law School.

Want more info, but with less legalese? Read more from Wikipedia.org.


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

Talk to your program’s personal Snap! Raise representative to get started!

Related articles

A happy fundraiser turns from her computer to give a thumbs up

Fundraising Do’s and Don’ts

VantaPartner-1

Snap! Raise and Vanta Partnership Press Release

Youth Football team

5 Fundraising Ideas for Youth Football Teams

Thank you very much note

Effective Donor Templates

Snap! Mobile 1-line colored logo
Snap! Mobile 1-line colored logo
Snap! Mobile 1-line colored logo