Latest Breaking News On - Bank secrecy act due diligence requirements - Page 1 : vimarsana.com

To embed, copy and paste the code into your website or blog: The nonprofit industry in the United States accounts for one trillion dollars of annual economic activity.[1] But high-profile enforcement actions against nonprofit organizations (“NPOs”) at both the federal and state level in recent years have brought scrutiny to this sector. In addition, bad actors cast a shadow by exploiting charitable gift giving and NPOs to facilitate money laundering, terrorist financing, and evasion of sanctions. This industry-wide concern has led to banks’ apprehension in providing services to nonprofit clients. Some legitimate charities have reported difficulty in obtaining and maintaining access to financial services.[2] Recognizing that “[h]elping those in need is a core American value, particularly in the difficult conditions caused by the COVID-19 pandemic” and that “[t]he United States is committed to ensuring that humanitarian assistance continues to reach at-risk populations th

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