ICC publishes paper on dual-use goods in trade finance
A new paper published by the International Chamber of Commerce (ICC) addresses the challenges of dual-use goods and the financial services industry. Dual-use goods in trade finance also provides guidance on implementing controls and risk-based approaches for identifying and managing associated risks in trade finance.
Supply chain visibility needed to see criminals using trade finance to launder money says ADB expert
We need to be able to see deep inside supply chains to know whether criminals are using trade finance to launder money says head of trade and supply-chain finance at the Asian Development Bank (ADB), Steven Beck. Replacing paper trails with digital ledgers and QR…
Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions (FIs) to share information. The…
Trade finance banks not doing enough to detect fraud and crime say UK regulators
British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among their clients. The Bank of…
UK regulator says some of its biggest sanctions related to financial crime and AML failure
Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward. Speaking at the AML &…
