U.K. charities operating in conflict regions in the last three years have been forced to transfer money outside of the mainstream banking system and close down humanitarian programs because of increasingly onerous compliance demands, an influential thinktank reported Friday. Representatives of 12 nongovernmental organizations working in Sudan, Syria and other war-torn nations likened their attempts to secure and maintain access to banking services to waging wars of attrition, with little hope of success. One of the charities reported that the annual number of compliance inquiries it received from its financial institution had increased 700 percent by 2015, according to the...
Community banks and credit unions in recent years have seen a sharp increase in the number of accounts held by foreign nationals who are in the United States after having been granted refugee or asylum status, senior compliance officers said.
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