Charities and non-profit organisations have long been regarded as high risk for financial crime, particularly money laundering, terrorist financing and fraud. As a result, they have been severely impacted by financial institutions “de-risking” and limiting their exposure to high-risk customers. But does the financial sector understand the true level and types of risks posed? What are the consequences of this de-risking for the NPO sector, and how could the risk be managed better?
Debunking financial crime risks in the non-profit sector (May 2022)