Know Your Customer laws were introduced in 2001 as part of the Patriot Act to verify customer identity and prevent financial system abuse.
“Know Your Customer” (KYC) requires greekbill to collect and maintain all greekbill primary administrators. These obligations come from our government regulators and are intended to prevent abuse of the financial system, which includes money laundering and terrorist financing. More importantly, KYC is a fundamental practice to protect your organization from fraud and losses resulting from illegal funds and transactions.
The information greekbill is required to collect follows US government regulations and typically includes (but is not limited to):
- The member creating the greekbill account and their personal information to verify their identity
- The chapter information associated with the greekbill account
- Any individuals who ultimately own or control the chapter (includes local and national level accounts)
Additional Information
- If your chapter signs up for a greekbill account directly and you are the primary administrator, we will prompt you to provide the required details.
- We will also reach out periodically to confirm that information on your account is still accurate.
- Once your role transitions, we must collect KYC information with the new administrator.