Information for Medi-Share Applicants about "Know Your Customer" Verification
What is "Know Your Customer"?
Know your customer” or “KYC” is a due diligence process conducted to verify applicant identity and access, and to monitor risk. Essentially, KYC ensures an applicant is who they say they are.
Compliance with KYC regulations helps prevent all kinds of fraud schemes and helps financial institutions comply with Anti-Money Laundering laws by putting in checks and balances to ensure clients/customers are not engaging in criminal activities while using their services.
Although Medi-Share is a health care sharing ministry and not a financial institution, all Medi-Share members have individual sharing accounts in a financial institution. These banks require periodic audits of member records to ensure member information is complete and accurate. Your confirmation of this information is required to initiate your membership.
Your confirmation of information required to complete the KYC verification process is completed entirely within Medi-Share’s Application process. At no point during the Application process will you be asked to provide KYC information via phone, e-mail, online chat, or text messages.
A team representative can discuss any concerns you may have (800-772-5623). Medi-Share must collect this information in a manner that is compliant with our financial institutions’ regulatory requirements.
Some applicants may be asked to further verify their identity. If you are prompted, here is what you will be asked to do:
1. You will be prompted within the application to scan a QR code or go to the Vouched website to follow the instructions for the selfie.
2. Here are some helpful videos that will better explain what will be needed/expected: https://vimeo.com/vouchedid
A Driver's License, State-issued Photo ID, US Passport, or Permanent Resident Card will work.
https://docs.vouched.id/docs/recognized-ids
Once we receive the information, it is securely forwarded to the bank’s identity confirmation vendor who will ensure that your information meets the bank’s requirements.
*Healthcare Bluebook and Fair Price are trademarks of CareOperative LLC.
© 2024 Christian Care Ministry
Medi-Share is a nonprofit health care sharing ministry of Christian Care Ministry, Inc ("CCM"). Medi-Share members voluntarily share each other's medical expenses in accordance with guidelines adopted by the members and administered by CCM. Medi-Share is not insurance and is not regulated as insurance. Neither CCM nor any Medi-Share member assume any legal obligation to share in the payment of any medical expense incurred by another Medi-Share member. Medi-Share members are exempt from the individual mandate in the Patient Protection and Affordable Care Act. See 26 U.S.C §5000 A(d)(2)(B). Certain states expressly exempt from insurance regulation healthcare sharing ministries that, among other things, post a specific notice. Although Medi-Share does not rely on such express exemptions, Medi-Share has elected to publish theses notices. You can review the disclosure required for the state in which you reside: KY, MD, PA, WI - All Other States. - Click to view our privacy policy.