International Trade Orgs Release Trade Transaction Compliance Guide

BAFT — ABA’s global transaction banking subsidiary — and the Wolfsberg Group and the Banking Commission of the International Chamber of Commerce today released a set of trade finance principles that address the due diligence required by global and regional financial institutions of all sizes in the financing of international trade.

Building on previous work by the Wolfsberg Group, the guidance document reflects the current regulatory environment, and is intended to help standardize the practice of financial crimes compliance for trade transactions. “When the leading industry associations work together, a stronger and universally acceptable standard of behaviors can be developed and adopted by all of the global trade finance community regardless of size,” said BAFT President and CEO Tod Burwell. “These principles take into account the difference in development, cultures and size of all banks involved in trade finance and are not specific to any one country.”


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