BAFT releases guidance on trade via maritime shipping, financial crime risk
The Bankers Association for Finance and Trade (BAFT), has announced the publication of a new whitepaper, Perspectives on Evaluating Potentially Unusual Vessel Behaviour. The global financial services association for international transaction banking says that while banks offering trade finance products likely have a working knowledge…
ICC, Wolfsberg Group and BAFT launch TBML awareness video
The International Chamber of Commerce (ICC) in partnership with the Wolfsberg Group and the Bankers Association for Finance Trade (BAFT) has launched a short awareness video in an effort to shed light on trade-based money laundering (TBML). The partnership, which sets guidelines and offers recommendations…
BAFT calls for public and private sector collaboration to curb trade-based financial crime
A new paper released by the Bankers Association for Finance and Trade (BAFT) is calling for increased partnerships between the public and private sectors to help curb the use of trade transactions to facilitate illicit fund flows. Combating Trade Based Money Laundering: Rethinking the Approach,…
Customs authorities could work better with banks to tackle trade-based financial crime
Trade-based financial crime (TBFC) was a key agenda item at the 2017 annual conference of the Bankers Association for Finance and Trade (BAFT), where bankers called on more actors in the trade finance chain to help fight this type of criminality. Bankers expressed concerns that…
Artificial intelligence provider joins BAFT in financial crime prevention efforts
NextAngles, a provider of artificial intelligence-powered compliance solutions for the financial services industry has announced today that it has become a solution provider member of the Bankers Association for Finance and Trade (BAFT). By becoming a member of the global association for international transaction banking,…
De-risking causes banking losses and fails to reduce AML/CFT risks
Bankers in the Middle East appear agreed that restrictions imposed by global financial institutions on smaller regional and local banks with the aim of reducing risks associated with anti-money laundering and combating financing of terrorism (AML/CFT) are causing significant business losses to regional banks. So-called…
