Compliance and Fraud Prevention
As a fintech company partnering with a nationally chartered, federally regulated bank, Chariot adheres to stringent banking compliance standards, including the Bank Secrecy Act (BSA), U.S. Department of the Treasury’s Anti-Money Laundering (AML) protocols, and a Customer Identification Program (CIP). Our Compliance Program aligns with industry best practices to mitigate risk and fraud. This ensures nonprofit eligibility and payment destinations are thoroughly evaluated and continuously monitored.
Compliance
Chariot stays up to date with the latest IRS guidelines to determine which organizations are eligible to receive donations.
Chariot simplifies eligibility into a simple boolean field organization.compliance.daf_eligible on the Organization object.
For details on how this boolean is calculated, please click here to learn more.. If you’d like to determine organization eligibility independently,
you can use the additional fields in the organization.compliance section.
Fraud Prevention
Chariot has rigorous verification procedures designed to help reduce fraud for both electronic and check payments.
Electronic Payments
Chariot’s Electronic Payment Verification process represents an advancement over current industry practices. Instead of simply validating payment pointers (account/routing numbers) using bank statements, Chariot focuses on validating officer identities through IRS master files and top-tier identity verification providers.
Check Payments
Chariot’s Check Payment Verification process tailors validation methods based on donation amount, prior payment history, and address verification through sources like the IRS Business Master File and the nonprofit’s website. The system incorporates automated outreach, direct contact for larger payments, an adaptable risk engine to help reduce fraud, and important controls like Positive Pay protections and delivery tracking to ensure payment reaches the intended nonprofit.
Learn More
To learn more about Chariot’s compliance and fraud prevention practices, please contact us at compliance@givechariot.com.