Why do banks need to know more about your charity? And how can you help your charity stay protected and compliant? Sarah Tickner from Lloyds Bank explains what you need to know about Ongoing Know Your Customer (OKYC).
Banks are required by law to keep customer information up to date. This helps protect your charity and the wider financial system. This requirement is set by UK law and overseen by the Financial Conduct Authority (FCA).
From time to time, you may be asked to confirm or update your charity’s details. This is called Ongoing Know Your Customer (OKYC).
By sharing up-to-date information, you help protect your charity from fraud, financial crime and money laundering. It also helps us continue providing your charity with banking services safely.
Banks aim to make this process as clear and straightforward as possible. When they contact charities, they’ll explain what’s needed, why they’re asking, and how you can check the request is genuine.
What information will the bank require?
Banks must maintain an accurate understanding of your charity, so they can help keep it safe.
The information we request will vary depending on what information is already held, but may include:
- Trustees’ details (including names, addresses, dates of birth and nationality)
- Who is authorised to manage the account
- Changes to your charity’s activities
Where possible, they will use publicly available information. However, if additional details are required, banks may contact you directly with clear guidance on what is needed.
Often, the request may be based on information suggesting there could have been a change in your charity. In these cases, you may simply be asked to confirm whether your details have changed and provide updates if needed.
How long do charities have to provide information?
When you are contacted, banks will let you know what is needed and when it’s needed by.
You should be given enough time to respond, and you will be sent reminders where needed.
What happens if I don’t respond?
To meet legal and regulatory requirements, banks need to collect certain information from you. If this isn’t provided after reminders and follow-up, they may need to restrict or close your account.
How can charities help keep information up to date?
You can support this process by letting your bank know about:
- Changes to trustees or trustee information
It’s important to regularly check and respond to any bank correspondence within the timescales provided.
IMPORTANT: Always keep your contact details up to date to avoid missing important communications from your bank.
If your information changes, please get in touch with your bank via:
- Your banking representative (if you have one)
Need support?
- Reply to the email or letter you’ve received
- Contact your banking representative
- If you are unsure whether a request is genuine, contact your bank using a trusted number or method you already know.
Banking terminology reference guide
FCA (Financial Conduct Authority)
The UK regulator for financial services, responsible for protecting consumers, maintaining market integrity, and promoting effective competition.
OKYC (Ongoing Know Your Customer)
The process banks follow to ensure that records are accurate and up to date, reflecting your organisation’s structure and the people who manage it.