{"id":9629,"date":"2018-04-19T15:35:16","date_gmt":"2018-04-19T19:35:16","guid":{"rendered":"https:\/\/www.qgiv.com\/blog\/?p=9629"},"modified":"2023-11-03T15:18:58","modified_gmt":"2023-11-03T19:18:58","slug":"work-nonprofit-need-know-new-law","status":"publish","type":"post","link":"https:\/\/www.qgiv.com\/blog\/work-nonprofit-need-know-new-law\/","title":{"rendered":"Understanding Customer Due Diligence Requirements and What They Mean for Your Nonprofit"},"content":{"rendered":"<p><span class=\"TextRun SCXW20789235 BCX2\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW20789235 BCX2\">The <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">US Department of Treasury has rules in place that <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">affect the work you do as a fundraise<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">r. <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">Specifically, the Customer Due Diligence Requirements for Financial Institutions<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">, also known as the CDD Rule, directly <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">impacts<\/span> <span class=\"NormalTextRun SCXW20789235 BCX2\">your <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">ability to process payments<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> with merchant processors<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> like <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">Stripe, World<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">p<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">ay, and others<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">.<\/span> <span class=\"NormalTextRun SCXW20789235 BCX2\">W<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">e understand how difficult it can be to wade through the legale<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">se, <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">s<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">o <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">this <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">a<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">rticle <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">will<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> walk you through the important stuff<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> you need to know<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> to <\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">help prevent<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\"> fraud and other illegal activities<\/span><span class=\"NormalTextRun SCXW20789235 BCX2\">. <\/span><\/span><\/p>\n<h4 aria-level=\"4\">What Is the CDD Rule and how does it affect nonprofits?<\/h4>\n<p><span data-contrast=\"auto\">The Customer Due Diligence Requirements for Financial Institutions rule, as it pertains to nonprofit organizations, has two parts: <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">All financial institutions, including merchant processors, are <\/span><b><span data-contrast=\"auto\">required to identify a \u201cresponsible individual\u201d for any account<\/span><\/b><span data-contrast=\"auto\"> they open.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The responsible individual\u2019s identity <\/span><b><span data-contrast=\"auto\">must be verified with their birth date and a government-issued form of ID. <\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">So, in the simplest language possible, merchant processors, including the ones we use at Qgiv, are required to list a name and birth date for the person responsible for the account. <\/span><span data-contrast=\"none\">While the regulation requires organizations to collect information from government-issued IDs, our preferred merchant processor Worldpay requires us to collect Social Security numbers. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4>What does it mean for me?<\/h4>\n<p><span data-contrast=\"auto\">If your nonprofit signs up with Qgiv, an independent merchant processor, or any other online fundraising platform, you\u2019ll have to:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Establish someone as the signer or \u201cowner\u201d of the account.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Provide a birth date and Social Security number for that person during the setup process.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\"><a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/2018-04\/FinCEN_Guidance_CDD_FAQ_FINAL_508_2.pdf\" target=\"_blank\" rel=\"noopener\">According to the Financial Crimes Enforcement Network (FinCEN)<\/a>, a branch of the Department of Treasury<\/span><span data-contrast=\"auto\">, the person who provides this information must be <\/span><b><span data-contrast=\"auto\">\u201can individual with significant responsibility to control, manage, or direct the organization.\u201d<\/span><\/b><span data-contrast=\"auto\"> Practically, that means the signer must be a <\/span><b><span data-contrast=\"auto\">director-level staff member, executive team member, or board member<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You don\u2019t have to provide that information for everyone who uses the account. All FinCEN requires is that the person responsible for the account has verified their identity. FinCEN stated that, even though nonprofits don\u2019t legally have \u201cownership,\u201d they <\/span><i><span data-contrast=\"auto\">do<\/span><\/i><span data-contrast=\"auto\"> have individuals who \u201ccontrol responsibility\u201d for the organization. That means <\/span><b><span data-contrast=\"auto\">nonprofits are required to follow this rule, too<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"4\">Why Is FinCEN requiring this information?<\/h4>\n<p><span data-contrast=\"auto\">This rule establishes a safeguard that can help prevent enabling fraudulent nonprofits, nonprofits that fund terrorist organizations, or nonprofits that launder money. Establishing an individual as a signer on a merchant account is a preventative measure passed by a body of people who want to prevent crimes.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s important to note that providing this information is not a personal guarantee or a statement of financial liability. FinCEN collects this information so financial institutions can validate that the person or entity is not sanctioned by the federal government due to involvement in money laundering, terrorist activities, trafficking, or other crimes.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4>What does this look like in action?<\/h4>\n<p><span data-contrast=\"auto\">When you raise money online (or even on-site, if you\u2019re using digital payment methods), you use a merchant processor to handle the transaction. FinCEN requires the merchant processor to collect a birth date and other identifying information for every organization it serves. When you sign up with Qgiv, we\u2019ll ask you for a birth date and Social Security number during the sign-up process. That information fulfills FinCEN\u2019s requirements.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We collect this information for identification purposes only. <\/span><b><span data-contrast=\"auto\">We won\u2019t use that information anywhere else<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s also important to remember that this information needs to be updated and confirmed annually.<\/span><\/p>\n<h4>Where can I find more information?<\/h4>\n<p><span data-contrast=\"auto\">More information on the regulation can be found <\/span><span data-contrast=\"auto\">in <a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/2018-04\/FinCEN_Guidance_CDD_FAQ_FINAL_508_2.pdf\" target=\"_blank\" rel=\"noopener\">this document<\/a><\/span><span data-contrast=\"auto\">. \u00a0Nonprofit organizations are specifically addressed in Question 23, and the full regulations are linked at the beginning of the document.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4>Final thoughts<\/h4>\n<p><span data-contrast=\"auto\">Federal regulations are never fun to wade through, but FinCEN\u2019s CDD Rule is an essential one. It\u2019s extremely important that you ensure your organization is in compliance with this rule. We strongly encourage you to proactively review and confirm this information annually. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Department of Treasury has rules in place that affect the work you do as a fundraiser. Specifically, the Customer Due Diligence Requirements for Financial Institutions, also known as the CDD Rule, directly impacts your ability to process payments with merchant processors like Stripe, Worldpay, and others. We understand how difficult it can be [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":9633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[264,261],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Customer Due Diligence Requirements and What They Mean for Your Nonprofit - Fundraising Blog for Nonprofit, Educational, and Faith-Based Organizations<\/title>\n<meta name=\"description\" content=\"A rule from the Depart. of the Treasury affects any nonprofit who takes digital donations. 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