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Never the Low-Risk Bank Client, U.K. Charities Say Financial Woes Have Worsened
By Irene Madongo
printRecent political turmoil and ever-rising regulatory expectations for banks have made it significantly tougher for British charities to send financial aid abroad, according to a survey. Those findings, confirmed by non-profit groups interviewed by ACAMS moneylaundering.com, will be released later this year by London-based Charity Finance Group (CFG). The majority of charities responding to the query characterized the shift as a consequence of banks' growing averseness to serving risky clients. "The consequences of greater de-risking by banks in terms of the additional administrative burden it places on charities and the limiting of their ability to operate efficiently can be significant,"...
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