Dealing with Financial Institutions for Non-profits
Wednesday, 6 Dec 2023
12:00am – 12:00am
Online on Wed 6th December from 7.30 to 9.30pm
This session will be of interest to:
Committee members, Staff, Trustees, and Volunteers in the non-profit sector.
About the session:
Committee members, Staff, Trustees, and Volunteers in the non-profit sector are required to operate accounts in Financial Institutions such as banks and credit unions on behalf of their organisation. This is a formal and legal responsibility; this session will explain the laws and processes relating to this.
Attendees will have an opportunity to raise the issues they are experiencing when dealing with banks/credit unions during the session.
The aim of this course is to outline the requirements for nonprofits operating accounts in Financial Institutions in Ireland including legal responsibilities, beneficial ownership, Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) legislation. The course will outline the requirements of the legislation and present them in a non-profit context to provide a step-by-step process around this.
By the end of this session, participants will be able to:
- Understand their role and responsibility in relation to setting up and operating accounts in financial institutions.
- Understand the various governance responsibilities and measures to be put in place in your organisation to operate compliant and up to date Bank/CU accounts.
- Understand Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) legislation and risks applicable to nonprofit organisations.
- Understand, identify and document the Beneficial Owners of your organisation.
- Understand requirements to open and make any changes to accounts.
- Understand causes of problems, including the size of banking institutions, internal bureaucracy and lack of training for staff on dealing with small community groups.
- Understand practical ways to address problems and how to access supports when issues arise.
Ahead of the session you can email question on this topic to: firstname.lastname@example.org by 9am on Monday 4th December.
The session will be delivered by Carmichael.
Click HERE to Register