Hanoi:The National Center for the Development of the Non-Profit Sector is actively working to enhance the reliability of bank accounts designated for donations. This initiative involves documenting and verifying these accounts in compliance with the Donations Collection Law and related regulations, as well as the Associations and Foundations Law.
Accourding to Saudi Press Agency, A key requirement introduced by the center is the documentation of bank accounts before any organization can obtain a donation-collection license. Nonprofit organizations must complete these documentation procedures and specify the account's purpose to ensure that financial transactions are conducted through approved channels.
The verification process includes submitting necessary information via the Nawa platform, matching details of authorized account managers with bank records, and confirming the validity of legal authorities. These steps are intended to bolster the integrity of procedures and clarify responsibilities in managing donated funds.
The center has urged nonprofit organizations to finalize their bank account documentation and apply for the service through its electronic system. This will help them align with regulatory frameworks, reinforce oversight and transparency, build trust in the donation system, protect donor funds, and support the sustainable impact of the nonprofit sector.