PayPal - proof of business registration
Posted: July 15th, 2021, 9:24 pm
Unincorporated members association XYZ has successfully operated a PayPal business account for accepting website payments for several years.
The account holder is a nominated individual ‘acting for and on behalf of XYZ’ via the authority of PayPal’s ‘Letter of Authorization’.
So far so good.
Out of the blue (tighter anti money-laundering rules perhaps) PayPal now want proof of business registration – something that appears impossible for any unincorporated business unless it is an LLP or registered charity. Utility bills, bank statements and local authority rates demands do not, it seems, cut the mustard. And XYZ is hardly a fly-by-night: it has existed for over 300 years and is known world-wide.
UK clearing banks must have the same issue.
Any suggestions welcome!
The account holder is a nominated individual ‘acting for and on behalf of XYZ’ via the authority of PayPal’s ‘Letter of Authorization’.
So far so good.
Out of the blue (tighter anti money-laundering rules perhaps) PayPal now want proof of business registration – something that appears impossible for any unincorporated business unless it is an LLP or registered charity. Utility bills, bank statements and local authority rates demands do not, it seems, cut the mustard. And XYZ is hardly a fly-by-night: it has existed for over 300 years and is known world-wide.
UK clearing banks must have the same issue.
Any suggestions welcome!