Money Laundering Regs for a charity

ademoore

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

Monsoon

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.

coojee

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)

Guest

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.

Monsoon

If your risk assessment of the clients grades them low risk and you record your assessment accordingly, you've done your job.