Latest Blog Post

The High Risk Ghost in Trade Finance

by Kim Sindberg | October 17, 2017

It is a fact that there is a perception that the Trade Finance Area is High Risk for the purpose of AML.

Auditors, regulators and compliance officers often make reference to external reports when arguing that the AML risk of Trade Finance is High. In my experience they make reference to the following:

* The Financial Action Task Force (FATF)
Report: Trade-Based Money Laundering. Published 2006

* The Wolfsberg Group
Report: The Wolfsberg Trade Finance Principles. Published 2011

* The Joint Money Laundering Steering Group (JMLSG)
Report: Prevention of money laundering/combating terrorist financing. Published 2011 (amended 2012)

* Financial Conduct Authority (FCA)
Report: Thematic Review 13/3 (TR13), Banks’ control of financial crime risks in trade finance (published July 2013)

As can be seen fr >... Read The Full Post

What's Inside

Login To LCViews

   Email Address

   Remember   Forgot Password

Latest Blog Post

The High Risk Ghost In Trade Finance
Combating Trade Based Money Laundering: Rethinking The Approach
The New Icc Opinions Are Out
The Ucp 600 Revision Ė Now You See It. Now You Donít
The Case Of The 8 Containers

Latest Single Window Questions

Tolerance On Individual Quantity On Individual Item
Consignee In Certificate Of Origin
Force Majeure
Insurance In Assignable Form
Ocean Freight On Invoice

LCViews -