PSG - Setup: Why is our organization required to give a valid Social Security Number?

Why is our organization required to give a valid Social Security Number?

As of May 1, 2018, there is a Government mandate for Online Giving Admins to supply their Social Security Number (SSN) to verify their identity. The government requires this to verify that the Principle-Agent is a real person at a real organization. This has been implemented to reduce the number of fraudulent accounts being made in financial sites.

We have implemented this to comply with the highest security standards and FinCEN rules for Customer Due Diligence (CDD); we’re now required to ask for a SSN and Date of Birth when an administrator opens a new account or transfers an account from one processor to another.

Applying the new CDD regulations protects all parties against the illegal use of financial activity.

More information can be found at the U.S. Government's website

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