Faith Direct KYC Policy FAQs
Q: What is the deadline for providing this information?
A: All customer profiles need to be updated by March 18th, 2022
Q: Can we opt out of providing this information?
A: We realize that providing this information may be a cumbersome task, however we require this information be provided to remain compliant with federal regulations and continue processing donations on behalf of our clients.
Q: If we have previously supplied this information to Faith Direct, do we have to supply it again?
A: For security reasons, once we board a customer we do not retain secure personal information for future reference. As required by our merchant processing partners, we must validate KYC information periodically across our entire portfolio. Unfortunately, this requires that we ask customers for validation, even if it had been provided relatively recently. This is especially important for the "Signer's Information" as parishes often experience changes in pastors or key staff.
Q: Why do you require the Social Security Number (SSN) of a financial control person?
A: To combat any form of illicit financial activity, we must comply with FinCEN’s Customer Due Diligence (CDD) regulatory requirement to collect personal data on a single individual with significant financial responsibility to control, manage, or direct your legal entity (tax-exempt/non-profit). This includes an executive officer or senior manager or any other individual who regularly performs similar functions.
As part of the CDD requirement, each online giving product must have an effective internal Anti-Money Laundering (AML) policy (or "Know Your Customer" or "KYC" policy). This important policy requires us to obtain four data points from the financial control individual: 1) full name; 2) full social security number (SSN); 3) date of birth; and 4) contact information: physical address, phone number and email address.
Q: Is it safe to enter sensitive information into this web form?
A: Faith Direct is committed to keeping our customers' information safe and secure. The information you enter into the web form is encrypted upon submission and when extracted for use by Faith Direct staff. If you have further questions about data security, you can always contact your Success Manager for more information.