Update compliance.mdx

Hyperlink to latest compliance program

fern/versions/v2024-10-30/pages/payments/compliance.mdx

@@ -6,72 +6,4 @@ createdAt: "Sun May 21 2023 20:36:07 GMT+0000 (Coordinated Universal Time)"
 updatedAt: "Wed May 01 2024 21:30:05 GMT+0000 (Coordinated Universal Time)"
 ---
 
-Chariot maintains a thorough compliance program that surpasses both industry standards and Chariot’s partner banks.
-
-## BSA/AML Compliance
-
-Chariot is building a robust BSA/AML compliance program to detect and prevent any nonprofits involved in money laundering and terrorist financing.
-
-This includes:
-
-1. Dedicated Chief Compliance Officer and BSA/AML Officer responsible for implementing, managing, and overseeing the program, supported by FS Vector Advisory services.
-2. Customer Identification Program (CIP) to verify the identity of all nonprofit clients and their beneficial owners.
-3. Risk-based customer due diligence (CDD) and enhanced due diligence (EDD), as needed, based on nonprofit type, geographic location, transaction activity, and other risk factors.
-4. Ongoing transaction monitoring to identify suspicious activity.
-5. Screening of nonprofits and associated individuals against OFAC and other government sanctions lists.
-6. Policies, procedures and controls to ensure compliance with the Patriot Act, Bank Secrecy Act, and other applicable AML laws and regulations.
-
-## Nonprofit Compliance
-
-Chariot conducts comprehensive due diligence on the nonprofit, including:
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-1. Verifying the nonprofit's good standing with the IRS and state authorities.
-2. Reviewing the nonprofit's IRS Form 990 (if applicable) and IRS Publication 78 status.
-3. Screening the nonprofit and its principals against OFAC sanctions lists.
-4. Assessing the nonprofit's reputation and evaluating its charitable programs and governance.
-5. Confirming the intended use of funds aligns with legitimate nonprofit purposes.
-
-These additional controls provide further assurance that funds will be used appropriately by the recipient nonprofits.
-
-## Fraud Prevention
-
-To mitigate fraud risk, Chariot will implement:
-
-1. Fraud detection tools to prevent unauthorized transactions.
-2. Dual control and secondary approval for high-risk transactions.
-3. Employee training on identifying potential nonprofit fraud red flags.
-4. Policies requiring nonprofits to provide detailed support for large or unusual transactions.
-
-## Account Use Restrictions
-
-Chariot will ensure that nonprofits attest to the use of funds being used for charitable purposes as required by the IRS.
-
-Prohibited transactions and activities include:
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-1. Processing payments for goods or services unrelated to legitimate nonprofit purposes.
-2. Allowing the account to be used by an entity other than the approved nonprofit.
-
-<Warning>
-Caution: Grantmakers must ensure that donors confirm the grant provides no private benefit, does not satisfy any existing obligations, and complies with all applicable IRS guidelines
-</Warning>
-
-## Information Security
-
-To safeguard sensitive nonprofit and donor PII and financial data, Chariot adheres to stringent information security standards, including:
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-1. Encryption of data in transit and at rest.
-2. Secure storage of data in SOC 2 Type 2-certified cloud environments.
-3. Role-based access controls and audit logging.
-4. Annual penetration testing and vulnerability assessments.
-5. Employee security awareness training.
-6. Incident response plan to promptly investigate and remediate any suspected breaches.
-
-## Vendor Management
-
-Chariot maintains a third-party risk management program to assess and monitor vendors, which includes:
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-1. Thorough due diligence before engaging new vendors.
-2. Risk assessments and ongoing monitoring of vendor security and performance.
-3. Contracts with vendors incorporating security requirements and audit rights.
-4. Annual vendor risk assessments and reviews.
-5. Vendor employee training and background checks as applicable.
+Chariot - as a fintech company sending payments nonprofits and partnering with an OCC-regulated bank - adheres to stringent nonprofit eligibility and banking compliance standards. An overview of this program [can be viewed here](https://docs.google.com/document/d/1nQngEIDJKhHyKig-SO5PObvlAvDahHX0lv95ESIMn-Q/edit?usp=sharing)