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Know Your Client (KYC) requirements when enrolling in One Church Giving.
Know Your Client (KYC) requirements when enrolling in One Church Giving.

Describes what Know Your Client (KYC) requirements are necessary.

Updated over a month ago

Know Your Client (KYC) is a set of guidelines that financial institutions and other regulated businesses must follow to verify the identity of customers, assess their financial profiles, and understand their potential risks. These guidelines have been established by multiple regulatory bodies, including the U.S. Department of the Treasury, the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA).

KYC guidelines are designed to prevent suspicious activities such as money laundering and financing of terrorism. By identifying these risks early, financial institutions can take steps to mitigate them. The KYC rule is also an ethical requirement for firms in the securities industry, particularly when opening and maintaining customer accounts, ensuring ongoing vigilance.

*The One Church Giving enrollment application asks for the last 4 digits of the applicant's social security number. This information is needed to satisfy the KYC requirements set forth by the SEC and FINRA.

Sources:

  1. https://www.sec.gov/rules-regulations/2003/04/customer-identification-programs-broker-dealers

  2. https://www.finra.org/rules-guidance/rulebooks/finra-rules/2090

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