Tis the Season … In addition to the usual acts of giving throughout the holidays, this year is expected to see an increase in contributions to charities helping those in need due to COVID-19.
Recognizing this, the US banking regulators published a Joint Fact Sheet on November 19 reminding banks that – while there continues to be greater terrorist financing risk for charities that operate in high risk regions – the government does not view all charities as presenting a uniformly high risk of money laundering laundering. Rather, banks must assess each charity individually using a risk-based approach. The Joint Fact Sheet highlights key points to consider when making that assessment. Happy Giving!