Guidelines for trade finance providers – Due Diligence

Guidelines for trade finance providers – Due Diligence

EBA has published the final Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence. The Risk Factors guidelines give an overview on the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions

Guidelines for trade finance providers – Due Diligence

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In higher risk situations, banks must apply EDD. As part of this, banks should consider whether performing more thorough due diligence checks on the transaction itself and on other parties to the transaction (including non-customers) would be appropriate.

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Checks on other parties to the transaction may include:

• Taking steps to better understand the ownership or background of other parties to the transaction, in particular where they are based in a jurisdiction associated with higher ML/TF risk or where they handle high-risk goods. This may include checks of company registries and third party intelligence sources, and open source internet searches.

• Obtaining more information on the financial situation of the parties involved.  

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Checks on transactions may include:  

• using third party or open source data sources, for example the International Maritime Bureau (for warning notices, bills of lading, shipping and pricing checks) or shipping lines’ free container tracking service to verify the information provided and to check that the purpose of the transaction is legitimate; using professional judgement to consider whether the pricing of goods makes commercial sense, in particular in relation to traded commodities for which reliable and up-to-date pricing information can be obtained

• checking that the weights and volumes of goods being shipped are consistent with the shipping method.

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Since LCs and BCs are largely paper-based and accompanied by trade-related documents (e.g. invoices, bills of lading and manifests), automated transaction monitoring may not be feasible. The processing bank should assess these documents for consistency with the terms of the trade transaction and require staff to use professional expertise and judgement to consider whether any unusual features warrant the application of EDD measures or give rise to suspicion of ML/TF

Guidelines for trade finance providers – Due Diligence – Simplified customer due diligence

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The checks banks routinely carry out to detect fraud and ensure the transaction conforms to the standards set by the International Chamber of Commerce mean that, in practice, they will not apply SDD measures even in lower risk situations.

Compliance & Geldwäschebeauftragter – Guidelines for trade finance providers – Due Diligence

Unsere Praxisseminare Geldwäsche und Fraud – Basisseminar, Geldwäsche und Fraud – Aufbauseminar, Geldwäsche & Fraud – Update und Geldwäsche & Fraud – Forum verschaffen Ihnen einen umfassenden Überblick zu den aktuellen gesetzlichen Neuerungen und unterstützen Sie dabei, Geldwäsche- und Betrugsstrukturen zu erkennen, zu bewerten und rechtzeitig zu verhindern. In den Compliance-Seminaren wie Compliance, Compliance für Vertriebsbeauftragte, Neue Compliance-Funktion gemäß MaRisk oder auch Compliance im Fokus der Bankenaufsicht werden Ihnen die Ausgestaltung der Schnittstellen zwischen Compliance, Datenschutz, IT, Zentrale Stelle und Interner Revision näher gebracht. Auch die Mindestanforderungen zum Aufbau eines Gesamt-IKS werden hier beispielsweise näher erläutert.

Zudem haben Sie die Chance, nach Teilnahme der Seminare die Zertifizierungslehrgänge zum Compliance Officer, zum AML & Fraud Officer oder zum Geldwäsche-Beauftragter zu absolvieren.