15 years: Risk & compliance
Money laundering and financial crime risk in trade finance is a problem that the industry has struggled to solve. Iain explains the complexity of this issue by explaining what we know, emerging threats and what bank policies exist to address this risk in trade finance.
Money laundering and financial crime risk in trade finance is a problem that the industry has struggled to solve. Iain explains the complexity of this issue by explaining what we know, emerging threats and what bank policies exist to address this risk in trade finance.
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16 mins 58 secs
This is the procedure whereby corporate identities and sources of funds are masked by criminal organisations to legitimise earnings. It is the responsibility of banks to be able to monitor, flag and handle rule changes, and the obvious signs of risks to tackle this.
Key learning objectives:
Define Trade-Based Money Laundering
Outline the different bank policies, and other combating factors to mitigate the risk of TBML
Understand how TBML is identified, and the coherent flags to help with this.
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Dual use goods also cross over to the military and other dangerous materials. Goods are subject to screening procedures, and banks will maintain a list of items that are known to have potentially hazardous uses, such as certain chemicals like sulphur and fertilisers. Thus enhanced checks are crucial.
(1). Policy and Controls – This includes:
(2). Data sources and internal risk measurement – This includes:
(3). Connection to the outside world – This includes:
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