June 18, 2024
S4C develops Regulatory Compliance Clinic for NPOs
– By Ayomide Oginni

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S4C develops Regulatory Compliance Clinic for NPOs

 

By Eyo Nsima

Spaces for Change, S4C, has developed a Regulatory Compliance Clinic (RCC), for non-profit organizations (NPOs) in West Africa.

The Clinic offers NPOs the opportunity to learn from experts, including regulators, by offering first-hand information on how to comply with various laws and regulations, duties, and obligations to regulators.

In a statement obtained by The Daily, www.thedaily-ng.com, S4C, stated: “Globally, non-profit organizations (NPOs) face several challenges, one of which is the issue of compliance with the different laws and regulations, obligations, and duties towards the relevant regulators.

“NPOs are often overwhelmed by the constant churning out of laws, bills, and regulations in an attempt to regulate the NPO sector, thereby creating more compliance issues.

“One of the factors contributing to non-compliance among NPOs is that compliance can sometimes be expensive, as only well-funded organizations can afford the services of professionals to meet their various compliance obligations. What this has led to is that smaller NPOs with less funding are not able to meet their compliance obligations.

“To address the challenge mentioned above, Spaces for Change | S4C has developed a Regulatory Compliance Clinic (RCC), which offers NPOs the opportunity to learn from experts, including regulators, by offering first-hand information on how to comply with various laws and regulations, duties, and obligations to regulators, including anti-money laundering and combating terrorism financing (AML/CFT) obligations.”

It also stated: “The goals of the RCC are to increase the capacity of CSOs to comply with the various laws, regulations, and policies, as well as their duties and obligations to the various regulatory bodies in each country. Strengthen the capacity of CSOs to identify and mitigate ML/TF abuse. Institutional strengthening of CSOs.”

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