ACAMS, interview, December 2018
Rightly or wrongly, the perception that charitable organizations pose unmanageable compliance problems persists within the global banking industry despite mounting efforts to keep the vital nonprofit sector plugged-in to the global financial system.
U.S. regulators, global advocacy groups and anti-money laundering professionals have issued statements and launched a number of initiatives in recent years to increase banks’ trust in charities and other nonprofit organizations, and ensure they supply their lenders with better due-diligence data on persons depositing, transferring or receiving funds on their behalf.
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