Misunderstandings and compliance issues have strained the relationship between churches and banks.
Let's delve into the most critical concerns: financial crime exposure and the need for better understanding and communication.
Financial crime exposure
Churches often engage in transactions that can raise alarms for banks, especially when sending funds to high-risk jurisdictions. Without understanding the implications, churches might inadvertently trigger suspicions of money laundering or terrorism financing. Banks are legally obliged to report such activities and may close accounts to mitigate risks.
Why this fund is vital for CofE evangelicals
The Church of England is fundamentally divided over the issue of sex and marriage.For too long we’ve been trying …