Mitigating Trade-Based Money Laundering

Mitigating Trade-Based Money Laundering

Money laundering and financial crime risk in trade finance is a problem that the industry has struggled to solve. Iain explains the complexity of this issue by explaining what we know, emerging threats and what bank policies exist to address this risk in trade finance.
Overview

This is the procedure whereby corporate identities and sources of funds are masked by criminal organisations to legitimise earnings. It is the responsibility of banks to be able to monitor, flag and handle rule changes, and the obvious signs of risks to tackle this.

Key learning objectives:

  • Define Trade-Based Money Laundering, and give examples

  • Discuss the different bank policies, and other combating factors to mitigate the risk of TBML

  • Explain how TBML is identified, and the coherent flags to help with this.

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Summary
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Expert
Iain Hoggarth

Iain Hoggarth

Iain has been in the banking industry for about two decades. He has spent a large part of his career in commercial and corporate finance in both the frontline and risk functions. Iain has worked for large banks, small funds and has spent time in consultancy.

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