KYC requirements

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KYC requirements

Andrew Turvey-2
>>  Do you have a feel for which of these banks will expect, and to what
degree? As someone that lives in two places (parent's home and rented  
accommodation) and has bills at the latter, and is a postgraduate  
student (i.e. on the fuzzy line between student and employee), but  
meets the other two points, I'm wondering if I fall between too many  
lines to be useful on the initial board.

Mike Peel

===

I've just opened a business bank account with HSBC and this is what they asked for:

One document from List A (Confirmation of Name):

- HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC notice, Children's Tax Credit notice (not P45/P60)
- Bank or Building Society statement for your personal account dated within the last 6 months and showing receipt of salary and payment of utility bills - online statements are not acceptable
- Construction Industry photot registration card

Alternatively bring your Valid UK Passport, Full UK Photo Driving License or Nationali ID card to a branch.

plus:

One Document from List B (Confirmation of Address)

- HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC notice, Children's Tax Credit notice (not P45/P60)
- Utility/Council Tax bill dated within the last 6 months
- Credit card statement within last 6 months (not online)
- Mortgage statement within 12 months (not online)
- Motor insurance certificate (unexpired not cover note)
- Rent Card or Rent Book (council / RHA not private landlord)

This gives you an idea. Each bank's list seems to be slightly different but they all ask for one thing proving name (normally includes passport / driving license)  and one thing proving address (normally includes utility bill)

Note that banks will not necessarily need this info for all five trustees - sometimes just the main officers will do.  

Regards,

Andrew Turvey
Director
Andrew Turvey Solutions Limited
Registered Office: 23 Cartwright Way, Beeston, Nottingham NG9 1RL
Registered in England, Registration Number 5596974

Information contained in this email may be confidential. If you are not the intended recipient please notify the sender immediately and delete this email from your system. Unauthorised copying, forwarding or other use of any confidential information in this email may result in legal action.



     

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Re: KYC requirements

Michael Peel

>>>  Do you have a feel for which of these banks will expect, and to  
>>> what
> degree? As someone that lives in two places (parent's home and rented
> accommodation) and has bills at the latter, and is a postgraduate
> student (i.e. on the fuzzy line between student and employee), but
> meets the other two points, I'm wondering if I fall between too many
> lines to be useful on the initial board.
>
> Mike Peel
>
> ===
>
> I've just opened a business bank account with HSBC and this is what  
> they asked for:
>
> One document from List A (Confirmation of Name):
>
> - HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC notice,  
> Children's Tax Credit notice (not P45/P60)
> - Bank or Building Society statement for your personal account  
> dated within the last 6 months and showing receipt of salary and  
> payment of utility bills - online statements are not acceptable
> - Construction Industry photot registration card
>
> Alternatively bring your Valid UK Passport, Full UK Photo Driving  
> License or Nationali ID card to a branch.
>
> plus:
>
> One Document from List B (Confirmation of Address)
>
> - HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC notice,  
> Children's Tax Credit notice (not P45/P60)
> - Utility/Council Tax bill dated within the last 6 months
> - Credit card statement within last 6 months (not online)
> - Mortgage statement within 12 months (not online)
> - Motor insurance certificate (unexpired not cover note)
> - Rent Card or Rent Book (council / RHA not private landlord)
>
> This gives you an idea. Each bank's list seems to be slightly  
> different but they all ask for one thing proving name (normally  
> includes passport / driving license)  and one thing proving address  
> (normally includes utility bill)
>
> Note that banks will not necessarily need this info for all five  
> trustees - sometimes just the main officers will do.
>
> Regards,
>
> Andrew Turvey

That's pretty much the same as required to get a credit card, then,  
so I guess that anyone that's managed to get one of those should be  
fine....

Thanks.

Mike



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company Bank Accounts

Dahsun
In reply to this post by Andrew Turvey-2
Hi,

I don't think you need to ask the board those credit and residency qualifications, last time I dealt with this only one person needed to be checked out under money laundering rules - (though that could have changed or vary by bank).

And I wouldn't recommend that all directors were co-signatures.  If three out of five are cosignatures and at least two have to sign any cheque that should be fine.

Regards

Jonathan Cardy (WereSpielChequers)

[hidden email]


--- On Thu, 11/9/08, Andrew Turvey <[hidden email]> wrote:

> From: Andrew Turvey <[hidden email]>
> Subject: [Wikimediauk-l] KYC requirements
> To: [hidden email]
> Date: Thursday, 11 September, 2008, 11:14 PM
> >>  Do you have a feel for which of these banks will
> expect, and to what
> degree? As someone that lives in two places (parent's
> home and rented  
> accommodation) and has bills at the latter, and is a
> postgraduate  
> student (i.e. on the fuzzy line between student and
> employee), but  
> meets the other two points, I'm wondering if I fall
> between too many  
> lines to be useful on the initial board.
>
> Mike Peel
>
> ===
>
> I've just opened a business bank account with HSBC and
> this is what they asked for:
>
> One document from List A (Confirmation of Name):
>
> - HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC
> notice, Children's Tax Credit notice (not P45/P60)
> - Bank or Building Society statement for your personal
> account dated within the last 6 months and showing receipt
> of salary and payment of utility bills - online statements
> are not acceptable
> - Construction Industry photot registration card
>
> Alternatively bring your Valid UK Passport, Full UK Photo
> Driving License or Nationali ID card to a branch.
>
> plus:
>
> One Document from List B (Confirmation of Address)
>
> - HMRC Tax notification - e.g. PAYE Notice of Coding, WFTC
> notice, Children's Tax Credit notice (not P45/P60)
> - Utility/Council Tax bill dated within the last 6 months
> - Credit card statement within last 6 months (not online)
> - Mortgage statement within 12 months (not online)
> - Motor insurance certificate (unexpired not cover note)
> - Rent Card or Rent Book (council / RHA not private
> landlord)
>
> This gives you an idea. Each bank's list seems to be
> slightly different but they all ask for one thing proving
> name (normally includes passport / driving license)  and one
> thing proving address (normally includes utility bill)
>
> Note that banks will not necessarily need this info for all
> five trustees - sometimes just the main officers will do.  
>
> Regards,
>
> Andrew Turvey
> Director
> Andrew Turvey Solutions Limited
> Registered Office: 23 Cartwright Way, Beeston, Nottingham
> NG9 1RL
> Registered in England, Registration Number 5596974
>
> Information contained in this email may be confidential. If
> you are not the intended recipient please notify the sender
> immediately and delete this email from your system.
> Unauthorised copying, forwarding or other use of any
> confidential information in this email may result in legal
> action.
>
>
>
>      
>
> _______________________________________________
> Wikimedia UK mailing list
> [hidden email]
> http://meta.wikimedia.org/wiki/Wikimedia_UK
> http://mail.wikimedia.org/mailman/listinfo/wikimediauk-l


     

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Re: company Bank Accounts

Thomas Dalton
> And I wouldn't recommend that all directors were co-signatures.  If three out of five are cosignatures and at least two have to sign any cheque that should be fine.

That's what I understand to be normal.

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Re: KYC requirements

Katie Chan
In reply to this post by Michael Peel
Barclays Community Account:

"*Checks we need to make on all authorised person*

....

To do this we will make credit reference fraud prevention searches and
other enquiries. Credit reference agencies will check the Electoral
Register.

Records of credit reference searches made only to verify your identity
will not be disclosed to other lenders to assess your ability to obtain
credit.

....

*Checks wee need to make only on authorised persons who have, or are
likely to have, a personal liability for money due to us*

We and credit reference and fraud prevention agencies will share your
information. We and other organisations may access and use this
information to make credit assessments and to prevent and detect fraud,
money laundering and other crimes. Examples of circumstances when your
information or information relating to your partner(s) or other members
of your household may be accessed and/or shared include:
* checking details on applications for credit and credit related or
other facilities;
* managing credit and credit related accounts or facilities;
* recovering debt;
* checking details on proposals and claims for all types of insurance;
and
* checking details of job applicants and employees.

.....

Credit reference agencies keep a record of our enquiries and may record,
use and give out information we give them to other lenders, insurers and
other organisations."


--
Experience is a good school but the fees are high.
  - Heinrich Heine

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Re: KYC requirements

Thomas Dalton
2008/9/12 Kwan Ting Chan <[hidden email]>:
> Barclays Community Account:
>
> [snip]

Well found. Could I have a link so I can see it in context? (I'm a
little confused by all the dots!)

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Re: KYC requirements

Katie Chan
On Fri, 2008-09-12 at 00:18 +0100, Thomas Dalton wrote:
> 2008/9/12 Kwan Ting Chan <[hidden email]>:
> > Barclays Community Account:
> >
> > [snip]
>
> Well found. Could I have a link so I can see it in context? (I'm a
> little confused by all the dots!)

Um, nope. It's in the pack I had to spend 15 minutes on the phone in
their branch requesting. I'll bring in along to the pub on Sunday. I'll
type it out in full below for you to see the whole answer to those two
questions.

-----

"*Checks we need to make on all authorised person*

We need to carry out certain checks on you personally for our own and
for regulatory purposes both now and in the future.

To do this we will make credit reference fraud prevention searches and
other enquiries. Credit reference agencies will check the Electoral
Register.

Records of credit reference searches made only to verify your identity
will not be disclosed to other lenders to assess your ability to obtain
credit.

If false or inaccurate information is provided or fraud is suspected,
details may be passed to fraud prevention and credit reference agencies.
Law enforcement agencies may access and use this information. The
information recorded by fraud prevention agencies may be accessed and
used by organisations in the UK and in other countries. Please contact
us if you want to receive details of the relevant fraud protection
agencies.

*Checks wee need to make only on authorised persons who have, or are
likely to have, a personal liability for money due to us*

We and credit reference and fraud prevention agencies will share your
information. We and other organisations may access and use this
information to make credit assessments and to prevent and detect fraud,
money laundering and other crimes. Examples of circumstances when your
information or information relating to your partner(s) or other members
of your household may be accessed and/or shared include:
* checking details on applications for credit and credit related or
other facilities;
* managing credit and credit related accounts or facilities;
* recovering debt;
* checking details on proposals and claims for all types of insurance;
and
* checking details of job applicants and employees.

In addition we will share information about you and how you manage your
accounts with credit reference agencies.

Information held about you by the credit reference agencies may already
be linked to records relating to your partner(s) or members of your
household where a financial 'association' has been created. Any enquiry
we make at a credit reference agency may be assessed with reference to
any 'associated' records. Another person's record will be 'associated'
with yours when:
* you make a joint application;
* you advise us of a financial association with another person; or
* if the credit reference agencies have existing, linked or 'associated'
records. This 'association' will be taken into account in all future
applications by either or both of you and shall continue until one of
you applies to the credit reference agencies and is successful in filing
a 'disassociation'.

Credit reference agencies keep a record of our enquiries and may record,
use and give out information we give them to other lenders, insurers and
other organisations."

--
Experience is a good school but the fees are high.
  - Heinrich Heine

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Re: KYC requirements

Thomas Dalton
2008/9/12 Kwan Ting Chan <[hidden email]>:

> On Fri, 2008-09-12 at 00:18 +0100, Thomas Dalton wrote:
>> 2008/9/12 Kwan Ting Chan <[hidden email]>:
>> > Barclays Community Account:
>> >
>> > [snip]
>>
>> Well found. Could I have a link so I can see it in context? (I'm a
>> little confused by all the dots!)
>
> Um, nope. It's in the pack I had to spend 15 minutes on the phone in
> their branch requesting. I'll bring in along to the pub on Sunday. I'll
> type it out in full below for you to see the whole answer to those two
> questions.

Ah, fair enough! Thanks for typing it. I'll bring anything I get
tomorrow with me on Sunday too (including hand written notes). It
looks like we wouldn't have much problem with Barclay's - as an
incorporated charity, no individual would be liable for any money due
to them, so they would just want to check for fraud, etc, rather than
credit worthiness. I'm assuming no-one standing for the board has
committed fraud! (Proving you haven't can be a challenge, but that
shouldn't be insurmountable.)

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Re: company Bank Accounts

Alison M. Wheeler
In reply to this post by Dahsun
On Thu, September 11, 2008 23:38, jonathan cardy wrote:
> And I wouldn't recommend that all directors were co-signatures.  If three
> out of five are cosignatures and at least two have to sign any cheque that
> should be fine.

WER were obliged to give details for *all* Directors, even though we made
it clear that only three would have any power over the account.

Alison

ps. sfaiaa other banks in addition to the Co-operative Bank plc were
approached; I just don't know which. The Coop happens to have a specific
account for community organisations thus were the preferred option.

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Re: company Bank Accounts

Gordon Joly
At 12:49 +0100 12/9/08, Alison Wheeler wrote:
>On Thu, September 11, 2008 23:38, jonathan cardy wrote:
>>  And I wouldn't recommend that all directors were co-signatures.  If three
>>  out of five are cosignatures and at least two have to sign any cheque that
>>  should be fine.
>
>WER were obliged to give details for *all* Directors, even though we made
>it clear that only three would have any power over the account.


Noted:I was not aware of the that!

>
>Alison
>
>ps. sfaiaa other banks in addition to the Co-operative Bank plc were
>approached; I just don't know which. The Coop happens to have a specific
>account for community organisations thus were the preferred option.
>

Well, maybe, but my local history group were also rejected by the
Co-op (bad credit for one of the three of us). We ended up at the
local credit union. Same signatories, same constitution. We don't
have a cheque book, but we do have BACS etc.

Gordo

--
"Think Feynman"/////////
http://pobox.com/~gordo/
[hidden email]///

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Re: company Bank Accounts

Thomas Dalton
In reply to this post by Alison M. Wheeler
> WER were obliged to give details for *all* Directors, even though we made
> it clear that only three would have any power over the account.

I've just been visiting some banks and some wanted details of all
directors, but they only actually wanted ID and whatever from
signatories. Others only cared about signatories.

> ps. sfaiaa other banks in addition to the Co-operative Bank plc were
> approached; I just don't know which. The Coop happens to have a specific
> account for community organisations thus were the preferred option.

Most of the banks I spoke to had a dedicated community or charity
account (Nationwide and Abbey only had savings accounts for them, I
assume we want a full current account?).

I spoke to HSBC, Barclays, Lloyds and Natwest, all said much the same
things (I have leaflets and packs and forms and things from them which
I will bring on Sunday [if I can make it - it's possible I won't,
something has come up that may get in the way]). All except Natwest
said they wouldn't do any credit checks on signatories, they just need
two forms of ID (one with address). Natwest said they would credit
check, but it was easy to pass and students should have no problem (I
realised after I left that I hadn't mentioned it was an incorporated
charity, the checks may only be for unincorporated since the directors
are personally liable then - we can double check that later). They all
want all kinds of paperwork - the Mem and Arts, Certificate of
Incorporation, minutes of the board meeting appointing officers and
deciding to open a bank account, etc. It's all stuff we can manage,
though. The checks they do run (to check you exist, I suppose) should
take a week or two. I asked HSBC (forgot to ask the rest) about
under-18 directors and they said it would only be an issue if we
wanted to borrow money (which we don't), and even then it might be
fine (she wasn't sure).

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