NASSAU, BAHAMAS — RBC Royal Bank is rejecting human rights organizations’ claim that its business practices disadvantage non-profit groups, highlighting its support for NPOs over the years.
Some local non-profit organisations and charities have said they are being handicapped by an inability to open bank accounts with the institution.
Matt Aubrey, executive director of the Organsiation for Responsible Governance, told Eyewitness News recently that there should be a stronger relationship between banks and the non-profit sector given that there are so many non-profits registered in the country.
Rights Bahamas, meanwhile, said it is aware of issues relating to opening bank accounts for several NPOs and charities.
“They report being obstructed and impeded for months and sometimes years, made to jump through unending bureaucratic hoops and climb mountains of red tape. In fact, all banks in The Bahamas seem to have taken an unofficial decision to hinder and exclude non-profits across the board,” the organization said.
“The victims of this policy are hard-working, caring Bahamians who strive every day to improve the lives of others, care for children and the elderly, help the victims of sexual assault, protect the environment and secure a fairer and more transparent political and social system to the benefit of all Bahamians. They are being systematically disenfranchised: unable to do their work, raise funds or pay staff.
“Most NGOs are funded by generous supporters of their particular cause, and the vast majority of donors require the recipient organization to have a working bank account. Because of the obstruction by banks, many groups are now being threatened with closure, and other much-needed, socially important efforts are unable to even get off the ground. Worst of all, young Bahamian students abroad who wish to work in this field are being discouraged from returning home.”’
In a short statement yesterday, RBC denied the claims of Rights Bahamas.
“RBC Royal Bank rejects the assertions of Human Rights Bahamas that commercial banks seek to ‘exclude and hinder’ non-profit groups from the local financial system.” the company said.
“RBC adheres to the governmental and regulatory requirements it must follow when opening accounts, and we advise our clients on the criteria in advance. RBC is the home bank of numerous non-profit groups and charitable organizations and has, in recent times, seen an increase in the opening of non-profit accounts.
“RBC has supported local non-profits and charitable organizations for over a century. We remain dedicated to working with philanthropic organizations that share our goal to help make a difference in local communities and regions where we do business.”
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