The Accounting Research Institute (ARI) thanks the Compliance Division of the Al-Rajhi bank for accepting our visit to the corporate office this morning. Two ARI researchers, Professor Dr Normah Omar and Associate Professor Dr Pok Wee Ching met with senior officers of the Compliance Division to discuss on AML-CFT awareness programs at financial institutions. In tandem with our current research focus on the Governance of Non-Profit Organizations, a special session will be arranged by the bank for an awareness talk for its staff on "NPO - Know Your Client" by ARI researcher. The NPO sector is fairly huge and the APG/FATF has issued guidelines requiring NPO to furnish "Material Information" in its reporting. Such material information includes :
1. Disclosure on different types of revenues (e.g. membership
fees, grants, donation etc)
2. Disclosure on activities of NPO for generating funds (e.g.
receipts from dinner and sales of books)
3. Disclosure on investment income (if any)
4. Disclosure on expenditure and its distribution
5. List of personnel (members & directors)
