• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

UK regulators tell trade finance firms to step up crime controls

September 9, 2021 by David Barret Leave a Comment

September 9, 2021

By Huw Jones

LONDON (Reuters) -Britain’s financial regulators said on Thursday that trade finance firms must do more to identify potentially suspicious activities by undertaking additional risk assessments.

During the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant losses, the Bank of England and Financial Conduct Authority said in a letter to the chief executives of trade finance firms they regulate.

Greensill Capital, a trade finance company, collapsed this year, highlighting risks in the $1.3 trillion supply chain finance business.

“Our recent assessments of individual firms have highlighted several significant issues relating to both credit risk analysis and financial crime controls,” the letter said.

“These issues have exposed firms to unnecessary risks that are material in both a conduct and prudential context,” it said.

Reviews of firms have found insufficient focus on the identification and assessment of financial crime risk factors, such as the risk of “dual-use” goods or the potential for fraud, the letter said.

Dual-use products typically refer to goods such as technology and software that can be used for both military and civil purposes.

“We have seen examples of how failing to conduct these checks can lead to exposure to suspicious activity,” the regulators said.

“As a firm that undertakes trade finance activity, you should, if you have not already, undertake a holistic assessment of the associated financial crime risks.”

The regulators said they may ask to see the assessment and any follow-up action taken.

(Reporting by Huw Jones; Editing by David Clarke)

Source Link UK regulators tell trade finance firms to step up crime controls

David Barret
David Barret

Related posts:

  1. Hackers are hiring more English speakers to write believable email scams
  2. JBL Quantum 350 looks like a great affordable wireless gaming headset
  3. Canada trade surplus narrowed in July to C$778 million
  4. Life insurers shift to pre-pandemic norms after COVID vaccine roll-outs

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Orcas Filmed Kissing (With Tongues) In The Wild For The First Time
  • How Easy Is It For A Country To Change Its Time Zone?
  • Earth’s First Commercial Space Station Set To Launch In 2026
  • Black Hole Moon: Rogue Planets With Weird Signatures Could Be A Sign Of Advanced Alien Life
  • World’s Largest Ephemeral Lake Set To Turn Iconic Peachy Pink After Extreme Flooding
  • Stunning New JWST Observations Give Further Evidence That Dark Matter Is A Real Substance
  • How Big Is This Spider? Study Explains Why You Might Overestimate Their Size
  • Orcas Sometimes Give Humans Presents Of Food And We Don’t Know Why
  • New Approach For Interstellar Navigation Was Tested On A Spacecraft 9 Billion Kilometers Away
  • For Only The Second Recorded Time, Two Novae Are Visible With The Naked Eye At Once
  • Long-Lost Ancient Egyptian City Ruled By Cobra Goddess Discovered In Nile Delta
  • Much Maligned Norwegian Lemming Is One Of The Newest Mammal Species On Earth
  • Where Are The Real Geographical Centers Of All The Continents?
  • New Species Of South African Rain Frog Discovered, And It’s Absolutely Fuming About It
  • Love Cheese But Hate Nightmares? Bad News, It Looks Like The Two Really Are Related
  • Project Hail Mary Trailer First Look: What Would Happen If The Sun Got Darker?
  • Newly Discovered Cell Structure Might Hold Key To Understanding Devastating Genetic Disorders
  • What Is Kakeya’s Needle Problem, And Why Do We Want To Solve It?
  • “I Wasn’t Prepared For The Sheer Number Of Them”: Cave Of Mummified Never-Before-Seen Eyeless Invertebrates Amazes Scientists
  • Asteroid Day At 10: How The World Is More Prepared Than Ever To Face Celestial Threats
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version