Fraudsters profit from nonprofits. Stop them.
Financial institutions often neglect to scrutinize transactions of nonprofits or overlook seemingly small discrepancies. Compliance officers may mistakenly believe that all these organizations are valiantly pursuing positive missions and making our world a better place.
Nonprofits and non-government organizations can be conduits of financial crime and fraud as much as other account holders. You need to understand the customized techniques criminals in this sector use to fool their financial institutions, funders, and clients. It is essential for you to establish controls to identify and manage the risks of fraud, money laundering, and terror finance.
- What are the prevalent financial crimes related to nonprofits and NGOs?
- How can you detect fraud, money laundering, and terror finance?
- How should you report suspected crimes?
- What controls should you implement?
- How should you investigate red flags?