Hin Leong founder faces 105 new charges, 33 related to L/C usage
The founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, is facing an additional 105 charges, 33 of which relate to letter of credit (L/C) usage, in connection with allegedly fraudulent schemes at his now-defunct trading house. The new charges will add yet…
Avoid sanctions risks by applying L/C due diligence to open account transactions says Windward
Importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments over recent years towards non-documentary, open account settlement through clean wire transfers, which significantly increases sanctions risks according to maritime insight provider Windward.
UBAF settles for nearly US$8.6 million for “reckless disregard” of Syria sanctions in internal transfers and L/C transactions
Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related…
GFI announces cloud-based tool to detect misinvoicing
Global Financial Integrity (GFI), the Washington-based non-profit best known for its work researching and lobbying to prevent illicit financial flows, has developed a cloud-based risk assessment application to detect misinvoicing. GFTrade provides accurate results efficiently, consistently and with minimal training and is suitable for any…
