Saido Berahino: Stoke City striker's foundation at centre of WaterAid claims
Saido Berahino's foundation failed to pass on funds raised at a 2015 event for WaterAid, the charity claims.
WaterAid says it "has not received any money" from a dinner the Stoke City striker hosted in Mayfair in May 2015.
The Charity Commission is "deciding if there are regulatory issues to assess".
The new agent of ex-West Brom striker Berahino declined to comment and, when contacted by the BBC, the 23-year-old's agent at the time said he had no role in the event.
"WaterAid was approached by the Saido Berahino Foundation in February 2015 regarding a dinner to raise funds for the foundation," a statement from the charity read.
"The event was not managed or paid for by WaterAid, and attendance was by invitation only.
"It was WaterAid's understanding that we would receive a donation. WaterAid has not, to date, received any money from the Saido Berahino Foundation."
The Saido Berahino Foundation is not itself a registered charity.
Instead it operates in partnership with a charity called the Philanthropy Foundation, which also provides services for Bournemouth striker Benik Afobe and ex-Newcastle forward Lomana LuaLua.
WaterAid said it had not been in touch with Berahino's representatives since March 2016.
At this stage, the Charity Commission is not conducting a formal investigation.
The body, which would tackle the allegations made by WaterAid, said: "We can confirm that the Saido Berahino Foundation is not registered with the Charity Commission.
"We are also aware that the charity WaterAid has confirmed that they have not received any money from the foundation.
"We will now be getting in touch with the foundation to decide whether there are regulatory issues we need to assess."
In December, a Charity Commission investigation into a charity run by ex-Chelsea striker Didier Drogba found "no evidence of fraud or corruption" but said it may have "misled" donors.