Any registered charity on the JGive platform has the capability to withdraw donations up to a limit of 50,000 NIS without any additional action required. However, in accordance with the regulations set by the Bank of Israel and the control division of the Ministry of Finance, if a withdrawal surpasses this specified amount, the client must undergo a process known as 'know your customer' with the credit company.
The purpose of the process is to prevent money laundering/terrorist financing, and to identify customers. Consequently, the credit company is obligated to familiarize itself with its customers, including understanding their background and anticipated activity within the account. The 'know your customer' process involves the identification of the customer, verification of identification documents, and identification of the beneficiaries and controlling owners of the account.
If you haven't received an email regarding this matter, please contact the clearing company PayMe at kyc@payme.io to obtain a provider number and detailed instructions for the procedure.
To assist you in preparing in advance, provided below are the required forms (instructions will also be provided by PayMe):
- Charity registration certificate (can be issued on the Guidestar website)
- Confirmation of account management or canceled check
- Current proper management certificate for the current year or a certificate signed by a CPA regarding the charity supervision and oversight
- Signing authorization protocol meeting specific conditions:
1. Applicable to any individual without limitations
2. Includes details of authorized persons - first name, last name, and id number
3. Lists signature composition and binds the charity in all respects
4. Signed by an attorney with a stamp and license
If the signing authorization protocol you uploaded during your JGive registration meets all the conditions and is signed by an attorney, it can be added. Otherwise, you can either request a sample protocol from support@jgive.com via email, or you may also request it directly from the clearing company
- Photocopy of the identity card of all authorized signatories (mandatory to attach the back if it is a biometric identity card).
- Complete and correct the 'Declaration of Beneficiary and Controlling Owner/Corporation' form found here.
- An example of properly filling out the form can be found here.
Additional Important Highlights:
- In every place where it says 'signature,' an association stamp is required as well.
- Ensure that the photocopy of the ID card for authorized signatories is clear, legible, and contains all necessary details.
- Legally, every charity must have a minimum of two authorized signatories to assume liability for all matters. Forms signed by a single authorized person cannot be certified, even with supporting protocols. Ensure that at least two authorized persons sign all forms in accordance with the protocol, and attach a stamp next to each signature.
- Important! In the table of controlling owners, include individuals such as the association's chairman, CEO, CPA, or those directing its course. While this is a bureaucratic requirement, it must be filled in, and an attorney's certificate stating the absence of controlling owners should not be attached. A clarification of the term "controlling" can be found here.
- The credit company imposes a one-time setup fee of 250 NIS + VAT for conducting the process.
- Forms are valid for 60 days, so it's essential to sign and submit the completed forms promptly.