Banks have become increasingly wary of offering services to organisations sending money overseas because of stiff penalties introduced to stop illegal transactions on their books.
The Government has delegated a role to banks to monitor the potential financing of terrorism, which means they must report suspicious financing or money laundering or face penalties. As such banks scrutinise clients sending money to parts of the world connected with terrorism.Which is what we all want, right?
The Nicaraguan Solidarity Campaign organisations chose to bank with Co-op because they believed that it was different from other banks,
Yuill said. “What they promoted and implemented corresponded more closely with the values and ethics of the groups concerned in particular equality, international solidarity and the protection of human rights and the environment,” Yuill said.Awwww, dry those tears! You aren't special, and nor is the bank.