This report describes how banks in the UK control money laundering, terrorist financing and sanctions risks (collectively ‘financial crime risks’) in trade finance business and sets out the findings from our recent thematic review.
Trade finance is a key component in maintaining a competitive and productive economy.
London’s position as a major financial centre could be severely affected if banks engaging in trade finance activity do not have appropriate systems and controls to prevent money laundering, terrorist financing and sanctions breaches from taking place.
We expect banks and other firms engaged in trade finance business to consider our findings and examples of good and poor practice and use them to develop more effective policies and controls where necessary.
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