New Compliance Guide for Trade Transactions Published

The International Chamber of Commerce (ICC) Banking Commission, along with partners, the Wolfsberg Group and the Bankers Association for Finance and Trade (BAFT) recently announced the publication of a revised guidance document on Trade Finance Principles. This broader industry edition now addresses the due diligence required by global and regional financial institutions of all sizes in the financing of international trade.

The document was updated to reflect the growing regulatory expectations, as well as the more stringent application of existing regulations faced by the industry today. The collaborative effort will help standardize the practice of financial crimes compliance for trade transactions.

The publication of this document is the culmination of more than two years of work undertaken by the organizations and their members.

“In keeping with the traditional work of the ICC Banking Commission, this guidance on sound financial crimes risk management for the traditional trade products follows in the steps of the UCP, URC etc. in setting standards by which banks should conduct their trade business and to provide a sound basis for the continuation of the finance of international trade by banks, said Olivier Paul, head of policy of the ICC Banking Commission.

You can download the paper here.

Staff Contact:   Eva Hampl

Director, Investment, Trade, and Financial Services
Tel: 202.682.0051

Eva Hampl coordinates USCIB work on investment and financial policy issues. She is responsible for issues management, policy development, secretariat support to relevant USCIB committees and participating in membership development activities. Before joining USCIB in 2014, Hampl completed a GE fellowship in its Global Government Affairs and Policy division. Prior to her fellowship she served as a trade associate with the U.S. Senate Committee on Finance.
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