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.
"Which is what we all want, right?"
ReplyDeleteNo. Banks have been tasked with reporting all kinds of crap under threat of penalty. They're stumbling over themselves to report anyone for anything out of fear of the consequences of missing something.
That isn't a good thing.
Having had the misfortune to work at the (not very) Co-operative Bank, I can say that there is a difference... They will tell you how ethical they are while stabbing you in the back and not understanding why you then tell them where to shove it. Mind you, the Co-op saying they performed "due diligence" shows that they really can do irony because they have a history of buying "pups" like Britannia B/s and others all of which went belly up soon after they signed on the dotted line.
ReplyDelete"That isn't a good thing."
ReplyDeleteFor normal people going about their business, no. But when charities get caught in the crossfire their demands have brought about, I can't help a touch of schadenfreude...
"Mind you, the Co-op saying they performed "due diligence" shows that they really can do irony because they have a history of buying "pups" like Britannia B/s and others all of which went belly up soon after they signed on the dotted line."
Good point!