Why do you require the last four digits of my SSN and birthdate?
Since we are an online platform that collects, processes, and distributes money in the form of donations from supporters to organizations, we fall under certain regulations, in particular, for US based organizations, and we are required to abide by the compliance laws that are part of Know Your Customer and the Patriot Act.
In short, we need to verify that the individual who is signing up an organization to collect donations, is who they say they are and is authorized to do so. And we need to verify that the organization is a legitimately registered corporation.
Collecting this information helps us streamline donation processing and payouts with our underlying payment processor (Stripe) and the financial institutions that they work with.
More importantly, we have a duty to our users that when they choose to support a cause with a monetary gift, that money is going where they expect it to go!
Where is this data stored after I submit it?
What do they do with this data?
Our payment processor Stripe leverages an industry standard tool to verify who you are and that you have the right to act on behalf of the organization either as an employee, board member, representative, or other verified member.
No credit checks are performed.
Where can I learn more about Know Your Customer, the Patriot Act, and the information required for compliance?
We have collected a variety of resources for you to read through to learn more about Know Your Customer, the Patriot Act, and complying with these regulations.
Every nonprofit on GiveGab that collects donations opens an account with Stripe through the GiveGab interface. Stripe calls these accounts Managed Accounts as GiveGab manages these accounts on the nonprofit’s behalf. This simply means GiveGab will handle all issues or questions the nonprofit might have regarding their Stripe account and we will work with Stripe directly to resolve any questions that comes up. The resource below explains the process in which Stripe verifies Managed Accounts, and why we collect the information we collect:
The next two documents are from two agencies of the US Government that outlines the rules and regulations behind Know Your Customer (KYC) and a Customer Identification Program (CIP).
From the Federal Financial Institutions Examination Council (FFIEC):
Please see Header ‘Customer Information Required’, then hover over Footnote 48.
From the Department of the Treasury:
The second paragraph on page 14 outlines what a bank must obtain to open a new account