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Charity Chiefs Being Refused Bank Accounts

23 March 2015

More and more charity chiefs are reporting that they are being refused accounts and financial services as banks look to tighten procedures on money laundering and the financing of terrorism. The charities fear this may actually encourage fraud.

The Association of Chief Executives of Voluntary Organisations (ACEVO) says that there is an increasing reluctance by banks to grant senior charity figures basic bank services.

ACEVO’s director of public policy, Asheem Singh, said: “It is hugely corrosive for any charity to be unbanked. It is counterproductive. It forces them into extreme situations such as having to operate with cash only.

“This, in particular, gives rise to a situation in which fraud is not only possible but probable.’’

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