ACNC Letter to the Banks

In the last few months, we have received a few enquiries from our Members & Associates with the following concern and decided to address it. Some ACNC registered organisations have tried to sort out old bank accounts or reassign signatories and it has become very apparent that there is a gaping hole in the ACNC and ASIC understanding by some Banks. In some cases, ASIC has confirmed that while charities are NOT obligated to keep ASIC records up-to-date and aligned to ACNC, it is advisable to do so to alleviate issues with banks and corporate service providers. While ASIC records can be updated online, only a director or secretary of the board can effect such changes, with use of a Corporate Key. And only a registered director on the ASIC platform can apply for the corporate Key. When an organisation cannot reach some names on the ASIC register any longer, it creates complications and operational delays.

Because it became a hurdle and not a just one-off case of misunderstanding, we have spoken to ACNC if they could enact some sort of information to the Banks and ASIC.  

Today ACNC has informed us, they are launching a project to combine ACNC and ASIC information on some platform that will reflect ACNC data on ASIC search, but the project will take few months to realise. 

Meanwhile, they have provided a formal explanatory letter that you can use if a similar conversation arises. 

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