BANK GUIDANCE - GRANTS
Reasoning
The following list of acceptable bank evidence provides the Foundation with reasonable assurance that the account we are paying is a business account and is not used for any personal day-to-day activities.
Business bank accounts reduce the risk of fraud due to more regulations associated with business accounts, as well as the higher chance of recuperating lost monies protected by FCSC Under MLR 2017, we are required to manage and mitigate any money laundering or misuse risks we identify. We can mitigate some of the risk by not accepting personal accounts.
Business bank accounts are not only beneficial for the Foundation, but they also reduce the risk to our applicants. As personal accounts tend to have more activity than a business account, this increases the risk of cyber fraud, which risks personal information being stolen and used fraudulently. A business account would protect the personal information of the applicants/signatories.
Acceptable Bank Accounts (PRA Regulated)
• High Street Banks (excluding Metro Bank)
• Monzo or Starling
Acceptable Bank Evidence
• Paper Bank Statement
• E-Statement
Unacceptable Bank Evidence
• Screenshots of mobile banking
• Banking letters
• Statement of Fees
• Bank details on Letterhead
• Paying in Slip
• Cheques (Void/Blank)
Evidence ‘Must-haves’
• Account Name (Matching the Offer Letter)
• Account Number
• Sort Code
• Address
• Account type
o Business Accounts
o Community/Societies Accounts
o Schools Accounts
