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Implementing an Effective Export Control Program for Financial Institutions
What are the common challenges to the implementation of an export control compliance program that meets the expectations of regulators governing trade finance activity in the United Kingdom?
Overview
This event covers the following:
Maritime & Trade

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.

Event Details

Date: 16 February 2022, Wednesday

Time: 2:30pm GMT

Duration: 1 hour

Online Platform: ON24



System Requirements

The ON24 specifications can be found here:

ON24 SYSTEM REQUIREMENTS

Regional focus
Europe & CIS
EVENT REPLAY
DATE
16 Feb 2022
2:30pm - 3:30pm
EVENT TYPE
IHS Markit Webinar