Requirements for anti-money laundering (AML) and know your customer (KYC) compliance remain the top barriers to expanding trade finance operations according to 72 per cent of banks canvassed in the latest Trade Finance Gaps, Growth and Jobs Survey released by the Asian Development Bank (ADB).

The survey found that the global trade finance gap grew to an all-time high of US$1.7 trillion in 2020, a 15 per cent increase from two years earlier, as the pandemic heightened economic and financial uncertainties and devastated global trade.

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