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.

Why is this important?

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.

How do I know this is an official request and it is not putting my private information in jeopardy?

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.

I don’t feel comfortable doing this online, can I call in and talk to a person instead?

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.

If prompted to provide a selfie document, what are the steps I need to follow?

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 

What qualifies as a government-issued ID?

A Driver's License, State-issued Photo ID, US Passport, or Permanent Resident Card will work.
https://docs.vouched.id/docs/recognized-ids

What are you doing with my information?

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.