Money Laundering Regs for a charity
ademoore
Registered Posts: 146 Dedicated contributor 🦉
Hi all,
Just been asked by a charity (small local nursery) to review their accounts - however, it just struck me what the MLR process would be for a charity? With companies, it is obviously the directors!
Any one deal much with charities?
Thanks
Just been asked by a charity (small local nursery) to review their accounts - however, it just struck me what the MLR process would be for a charity? With companies, it is obviously the directors!
Any one deal much with charities?
Thanks
0
Comments
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I think technically it's the trustees, or a majority of them.
Just remember MLR is on a risk sensitive basis. If it's the local pre-school, I don't think any of the mums (who the trustees likely are) are terrorists or doing drug deals. ID your point of contact and use your judgement on a risk sensitive basis on the rest.0 -
Going off at a bit of a tangent now, what if the parents who are paying the nursery bills were using the proceeds of crime to pay them where does that leave the nursery? I know it's the same for any business so is there no duty for them to check? (Since it would be impossible)0
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Nurserys will not be expected to register under MLR. Think the previous post implied if a parent who was also a trustee was using the nursery for ML purposes.0
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If your risk assessment of the clients grades them low risk and you record your assessment accordingly, you've done your job.0
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