BAFT, ABA’s global transaction banking subsidiary, and The Clearing House have published a guidance paper to help banks comply with sanctions requirements for transactions related to the shipment of goods. The paper addresses issues arising from sanctions regulations administered from the Office of Foreign Assets Control prohibiting direct transactions with sanctioned parties and direct and indirect export and re-exports to sanctioned territories.
ABA voices support for updating derivatives, hedging accounting standards
A proposed accounting standards update on derivatives and hedging would remove unnecessary constraints on the latter, thereby better aligning financial reporting with institutions’ risk management activities, ABA said in a letter to FASB.
