Bank account for charity with non-UK trustees
The charity I work for has just transitioned from an unincorporated association to a CIO, with a small change of name. Good practice is to set up a new bank account. We are an international organisation with six non-UK trustees (including Chair, Bulgarian) and two UK trustees (including Treasurer). We are with HSBC and are happy to stay there for the new account.
After seeming to approve the new account in principle - HSBC were asking trustees to complete paperwork although, frustratingly, they could only write to one at a time - "following further review" they rejected the application due to their "cross border policy". Our second UK trustee has a contact in HSBC and asked her for assistance; she checked with colleagues and then said we could make a new application but would need all trustees to come to the UK for KYC. I asked her whether they could go to an HSBC branch in their country, to which she replied that if it’s done in their home country it will need to be attested by a notary.
That seems curious; why need a notary if you can go into a branch? And if does feel like it could easily be rejected again during the process. Does anyone have any experience of this situation and/or useful advice?
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