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  • Send by email | Charity & Security Network
    verification Home page Issues Humanitarian Access Material Support Financial Action Task Force FATF Financial Access Peacebuilding Countering Violent Extremism Click Here For More Issues Solutions Principles to Guide Solutions Models to Draw On Proposed Solutions News The latest headlines Resources Litigation Analysis Background Legislation Studies Reports Experts Blog About Us Staff Contact Search form Search Stay Up To Date Subscribe Publications The Latest News C SN Joins More Than 50

    Original URL path: http://www.charityandsecurity.org/printmail/1371 (2016-02-16)
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  • Is Treasury Starting to Pay Attention?
    for banks to fall in line because they ve defined de risking as indiscriminately terminating restricting or denying services to a broad class of clients without case by case analysis or consideration of mitigation options Because not ALL humanitarian aid organizations have had their financial services terminated banks can argue that they are looking at charity clients on a case by case basis But banks don t seem to be holding up to the second part of Treasury s definition what Sheets described as a careful assessment of the risks and the tools available to manage and mitigate those risks In fact banks aren t even telling charities why they re being dropped which of course makes it extremely difficult to fix a perceived problem Correspondent Banking Both Sheets and Szubin pointed to a decline in correspondent banking relationships as a crucial piece in the de risking puzzle Sheets even acknowledged that maintaining these relationships is essential to charitable activities along with facilitating international trade conducting cross border business providing US dollar financing and fostering global economic growth wonder which of these he considers most important Large banks have reassessed the risks associated with correspondent clients New surveys by the World Bank 4 support this conclusion three quarters of large banks said they d reduced the number of the correspondent accounts in recent years Fewer correspondent banking relationships means reduced ability to retain clients utilizing these services regularly High risk countries are impacted the most This of course is where humanitarian aid organizations are doing their life saving work What s Driving the Account Closures Sheets and Szubin cited a number of factors at play in when financial institutions decide to close accounts including low interest rates more rigorous capital and liquidity requirements and most frequently AML CFT compliance The

    Original URL path: http://www.charityandsecurity.org/print/1367 (2016-02-16)
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  • Send by email | Charity & Security Network
    audio verification Home page Issues Humanitarian Access Material Support Financial Action Task Force FATF Financial Access Peacebuilding Countering Violent Extremism Click Here For More Issues Solutions Principles to Guide Solutions Models to Draw On Proposed Solutions News The latest headlines Resources Litigation Analysis Background Legislation Studies Reports Experts Blog About Us Staff Contact Search form Search Stay Up To Date Subscribe Publications The Latest News C SN Joins More Than

    Original URL path: http://www.charityandsecurity.org/printmail/1367 (2016-02-16)
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  • De-Risking Creates Unintended Consequences for Global Poor | Charity & Security Network
    affects the migrants who want to send money home remittances and those families who rely on that money which amounts to more than three times foreign aid Non Profit Organizations NPOs effectiveness is being limited and this hurts vulnerable people in post disaster and conflict zones who often rely on this aid for the most basic of human necessities Small to medium sized firms in poor countries Correspondent banking relationships and trade finance in some corridors are tightening As a result local banks no longer have the means to provide substantial credit to regional firms Regulators As risk aversion practices constrict the legitimate methods for MTOs and NPOs to operate individuals are turning to less transparent methods which creates greater risk in turn Impact on Remittances and Humanitarian Aid Several large banks have withdrawn completely from the remittance sector over the past few years As a result money transfer operators in the US and elsewhere are facing difficulty opening or maintaining bank accounts Drivers of this trend include the fact that most remittances flow to global hot spots and remittance companies have become known as inherently risky despite the compliance procedures they have implemented Any decrease in remittance flows could have a serious impact on poverty as these money transfers are one of the most critical sources of finance for developing countries the report states NPOs have also felt the sting of the global de risking trend a hurt that trickles down to the vulnerable populations they serve around the globe De banking of NPOs has been accompanied by de risking by donors and sometimes NPOs themselves as they withdraw from the most high risk areas of need The report notes that the withdrawal of banking services by one bank has a knock on effect as other banks follow suit

    Original URL path: http://www.charityandsecurity.org/Unintended_Consequences_De-Risking (2016-02-16)
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  • Expose Finds World-Check Riddled with Errors
    used by 300 government agencies and 49 of the 50 largest banks fueling the de risking phenomenon Because banks have no legal obligation to tell customers why their accounts are being closed and because World Check binds its users to secrecy de banked entities have had no way of determining the source of their woes Those that have been able to trace the problem find that there s no clear

    Original URL path: http://www.charityandsecurity.org/print/1391 (2016-02-16)
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  • Send by email | Charity & Security Network
    audio verification Home page Issues Humanitarian Access Material Support Financial Action Task Force FATF Financial Access Peacebuilding Countering Violent Extremism Click Here For More Issues Solutions Principles to Guide Solutions Models to Draw On Proposed Solutions News The latest headlines Resources Litigation Analysis Background Legislation Studies Reports Experts Blog About Us Staff Contact Search form Search Stay Up To Date Subscribe Publications The Latest News C SN Joins More Than

    Original URL path: http://www.charityandsecurity.org/printmail/1391 (2016-02-16)
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  • World-Check: The Dangers of Privatizing Terrorist Lists
    financial crime and to maintain a good public reputation it is vitally important that charities are absolutely clear about who is donating money to them and who they are donating money to 5 6 One service offered by World Check Know Your Customer is specifically designed to establish whether a prospective customer is listed on any sanctions lists in connection with suspected terrorist activities money laundering fraud or other crimes 6 7 Because World Check actively links relationships such as family members and associates 7 7 services such as Know Your Customer ignore the humanitarian imperative that charitable organizations have for beneficiaries Individuals can be flagged without any evidence of wrongdoing This could make some humanitarian organizations hesitant to provide aid to certain people even when no real threat is present This amounts to guilt by association Critics cite lack of accuracy accountability World Check boasts that it is often ahead of OFAC and other sanctions lists in determining the suspect status of a person or organization In 2010 World Check s Risk Screening database identified over 200 entities before they appeared on the US Government s OFAC list 8 6 This kind of proactive approach has garnered criticism for the potential mistakes that could be made Erich Ferrari an attorney who specializes in OFAC litigation said that World Check s proactive approach sends the wrong signals in that it prematurely condemns individuals and entities to sanction like consequences before those parties actually have sanctions imposed against them by a government organization with the authority to do so The CEO of World Check David Leppan has admitted that they do use lower standards than the government to add entities to their database 9 4 Some fear that these lower standards will cause incorrect information to be unfairly applied to individuals and charities Mary Culnan a professor at Bently College warns that there could be serious impacts on a person who has a similar name to another on the database This could be particularly damaging because World Check is used by so many financial institutions If all the banks are using the same system and they reach the same conclusion incorrectly that is wrong said Culnan 10 4 A report commissioned by the Canadian government 8 to investigate the possible effect of private sector terrorist and money laundering databases shared many of the same concerns The report noted that individuals could be flagged persons of special interest due to their economic activities and that such determinations would be made behind closed doors and would impose very real economic consequences upon an individual who had not been convicted in a court of law for any predicate offense to money laundering or terrorist financing Leppan does not dispute this fact admitting that once a person is on the World Check database the likelihood of them opening up a bank account or applying for a passport in their own name is very slim 11 4 No delisting process It would be difficult for a

    Original URL path: http://www.charityandsecurity.org/print/653 (2016-02-16)
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  • Send by email | Charity & Security Network
    to audio verification Home page Issues Humanitarian Access Material Support Financial Action Task Force FATF Financial Access Peacebuilding Countering Violent Extremism Click Here For More Issues Solutions Principles to Guide Solutions Models to Draw On Proposed Solutions News The latest headlines Resources Litigation Analysis Background Legislation Studies Reports Experts Blog About Us Staff Contact Search form Search Stay Up To Date Subscribe Publications The Latest News C SN Joins More

    Original URL path: http://www.charityandsecurity.org/printmail/653 (2016-02-16)
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