WOLFSBERG GROUP, AND THE INTERNATIONAL CHAMBER OF COMMERCE RELEASE ADDITIONAL COMPLIANCE GUIDANCE FOR TRADE TRANSACTIONS

On 27th March, BAFT, the Wolfsberg Group, and ICC jointly announced the publication of appendices to its 2017 Trade Finance Principles guidance document.  The document assists with trade-based money laundering/trade-based financial crime issues, and addresses the due diligence required by global and regional financial institutions of all sizes in the financing of international trade and will now feature information on open account trade and financial institutions’ trade loans.  The appendices provide guidance on the specific application of controls by banks in the context of open account trade transactions and specifically elaborate on receivables purchase techniques.  They also provide guidance on the application of controls by banks in the context of Financial Institutions Trade Loans (FITL), also called Bank-to-Bank Trade Loans.

https://www.wolfsberg-principles.com/articles/international-trade-organizations-release-additional-compliance-guidance-trade-transactions

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: