Santander money laundering checking

Savvy_Sue

LittleVoice wrote: »

I thought the purpose of a social enterprise was to make a profit. What makes your organisation a social enterprise?

The OP has started some other threads about her plans, but they haven't shed much light on the situation IMO, so I am limiting myself to her actual question on this occasion ...

Mistral001

Has this non-profit organisation been properly constituted. If profits are made, what is done with them. Most importantly, if the organisation ceases to exist, who owns the assets and any money in the bank account etc.

BusinessIsBusiness

How did you apply? Phone? Online? Post? The bank would look to confirm the nature of your organisation. As mentioned it would also look to establish how you raise money, by what method, how you use that and what countries etc etc.

Strict money laundering regs mean banks have to make sure this is a legit operation before opening a business account. They should get back to you with further questions as above/ and or requests for documents to confirm the nature of the organisation usually. With the greatest respect, it is naive to think business accounts get opened instantly without rigorous checks. Particularly of this nature and if it involves only one individual.

Also what did you put on the application? If you did use the word charity, they will look for either charity commission registration or HMRC registration. Without this they will not open an account as a charity.

Jessica9_2

Mistral001 wrote: »

Has this non-profit organisation been properly constituted. If profits are made, what is done with them. Most importantly, if the organisation ceases to exist, who owns the assets and any money in the bank account etc.

I have just started, and at the moment it is my money that has been fully invested in the organization (around £1000 including website + research).

Jessica9_2

BusinessIsBusiness wrote: »

How did you apply? Phone? Online? Post? The bank would look to confirm the nature of your organisation. As mentioned it would also look to establish how you raise money, by what method, how you use that and what countries etc etc.

Strict money laundering regs mean banks have to make sure this is a legit operation before opening a business account. They should get back to you with further questions as above/ and or requests for documents to confirm the nature of the organisation usually. With the greatest respect, it is naive to think business accounts get opened instantly without rigorous checks. Particularly of this nature and if it involves only one individual.

Also what did you put on the application? If you did use the word charity, they will look for either charity commission registration or HMRC registration. Without this they will not open an account as a charity.

That does mean that every day they have to postpone their deadline everyday as they are doing at the moment.

Jessica9_2

Savvy_Sue wrote: »

The OP has started some other threads about her plans, but they haven't shed much light on the situation IMO, so I am limiting myself to her actual question on this occasion ...

I believe it will be wiser that I make it simple and also only as a non profit organization (especially due to my present personal financial situation which is not great).