Trade finance; anti money laundering, sanctions & fraud
Information
A two day interactive workshop aimed at financial institutionsand auditors who require an understanding of trade based money laundering, sanctions and fraudulent activity which might occur in international trade and commodity finance transactions. The workshop will provide an introduction to trade finance, why trade finance is a target for abuse, regulatory expectations, due diligence, enhanced risk considerations on each of the most commonly used trade finance products, and the use of “red flags” to identify potentially suspicious trade transactions.
Objectives
WHO SHOULD ATTEND?
The course is suitable for bank officers, compliance teams, auditors, and trade operations personnel who have responsibility for trade client management and documentary trade finance processing; compliance officers and auditors responsible for establishing a trade based risk assessment framework within financial institutions and those responsible for auditing and ensuring compliance with anti money laundering, sanctions and fraud mitigation controls in a trade finance environment
Schedule
INTRODUCTION TO TRADE FINANCE
open account trade
documentary trade finance
WHY IS TRADE FINANCE A TARGET FOR ABUSE?
trade based money laundering
commonly used methods
sanctions; relevance to trade finance
REGULATORY EXPECTATIONS IN TRADE FINANCE
know your customer (and your customer’s customer)
risk assessment
high risk transactions, customers & jurisdictions
TRADE CYCLE APPRECIATION – SEEING THE BIGGER PICTURE
sources of information
PRE EXPORT FINANCING
description, parties & operation
due diligence; key enhanced risk considerations
LETTERS OF CREDIT
description, parties & operation
issuing bank & advising bank due diligence, review & monitoring
due diligence; key enhanced risk considerations
risk indicators
red & green clause letters of credit
THE RELATIONSHIP WITH THE CORRESPONDENT BANK
due diligence considerations
TRANSFERABLE LETTERS OF CREDIT
description, parties & operation
due diligence; key enhanced risk considerations
SYNTHETIC LETTERS OF CREDIT
description
due diligence; key enhanced risk considerations
COLLECTIONS
description, parties & operation
remitting bank & collecting bank due diligence, review & monitoring
due diligence; key enhanced risk considerations
risk indicators
INVOICE FINANCE & FACTORING
description, parties & operation
due diligence; key enhanced risk considerations
FORFAITING
description, parties & operation
due diligence; key enhanced risk considerations
STANDBY LETTERS OF CREDIT
description, parties & operation
due diligence; key enhanced risk considerations
risk indicators
COMMODITY TRADERS
description, parties & operation
due diligence; key enhanced risk considerations
WAREHOUSE FINANCING
description, parties & operation
due diligence; warehouse & warehouse receipts
role & value of collateral managers & inspection companies
TOLLING TRANSACTIONS
description, parties & operation
due diligence; key enhanced risk considerations
THE USE OF LETTERS OF INDEMNITY
description
due diligence; key enhanced risk considerations
CREDIT INSURANCE
description & operation
due diligence; key enhanced risk considerations
FRAUD
warning signs
anti money laundering
red flag indicators
Register interest
As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.