Every country has its own set of rules related to verifying legal identity and paying out funds to individuals and businesses. These are usually known as “Know Your Customer” (KYC) regulations. The objective of KYC guidelines is to prevent banks and other financial institutions from being used for money laundering activities. Read full definition.
These regulations require two things:
- Collecting information needed to properly identify new customers
- Verifying the information provided is accurate
Tithe.ly is able to perform KYC verification of your account by collecting information such as the organization's full legal name (as seen on legal documents), EIN/Tax ID, legal representative SNN, color copy of legal representative drivers license, etc. This information is used to verify that both you and the organization you are signing up are legitimate.
This process (KYC) of identifying and verifying our clients is extremely important as we deal with financial institutions and other peoples' money! We do our best to make signing up and doing business with Tithe.ly as simple as possible, but at times we have to gather additional information in order to properly verify your account.
Your information is protected and not utilized for any other purpose, except for verification practices, in order to comply with KYC standards.
Collecting this information is always for your benefit. It ensures that your account will be fully verified and protected from illegitimate businesses!
If you have any further questions about this please reach out to firstname.lastname@example.org.