Countries and entities of concern such as North Korea, Iran and organised financial crime groups have advanced and diversified their procurement activities through circumventing trade sanctions. These activities have been furthered through a network of shipping companies and their vessels, the movement of specific goods such as military hardware, the creation of shell companies, and the use of clandestine ports and terminals. For banks and financial institutions, managing and monitoring suspicious entities within trade finance documents and uncovering red-flag activity is very demanding and time-consuming.
Following recent assessments of several UK trade finance banks in 2020, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) issued a call to action for institutions to conduct a 'financial crime risk assessment' in order to 'demonstrate that they have taken a risk sensitive approach' to their trade finance operations.
The requirements of the FCA and PRA in relation to export control measures, require trade finance banks to employ functions and procedures to ensure certain technology, goods and commodities are not delivered to proscribed entities or individuals. Furthermore, the British regulators also note the need for an internal compliance program especially for those involved in the financing or transportation of sensitive goods.
As the compliance role of trade finance banks change, join IHS Markit in this webinar with industry peers to discuss how to remain compliant with current export control regulations.
Date: 16 February 2022, Wednesday
Time: 2:30pm GMT
Duration: 1 hour
Online Platform: ON24
The ON24 specifications can be found here: