Consultancy

A prominent client of ours is a religious institution registered as a charity with premises in several countries from Thailand, Europe, UK and America.  The client’s bank, HSBC, claimed money laundering due to over £1.5 million in cash passing through three HSBC accounts in over the last few months and gave the charity one month to take its business elsewhere before the bank would close down all its bank accounts.  The charity approached us to resolve the problem.

After our research and inspection of the client’s books and records, we came to the conclusion  that the large amount of cash received and banked was in fact charitable donations from members of the public. We corroborated the cash donations with the accounting records held by the charity and then proceeded to put together a schedule and audit trail showing the movement of cash. Once we demonstrated that this cash was legitimate cash and we showed its movement via our audit trail, the bank accepted our explanation and the client’s bank accounts were returned to normal.  Since then our client has grown from strength to strength and acquired further premises in the UK.