Following a breakfast meeting hosted by
Accuity on Trade Based Money Laundering let me share a few observations from
the presentations and the panel discussion:
1.
Accuity is leading
the way in technological improvements – e.g. to detect dual purpose goods or
detect over- or under-invoicing. However, technology can only do so much and
has its limitations
2. Regulators will continue to raise the bar.
The fact that TBML is in the news so much is largely because the financial
services industry has made traditional ML harder than before so other ways are
sought. Regulators will increase their focus on TBML – as one panelist cited a
comment from a regulator: “we know it’s hard and we don’t care“
3. Lawyers and consultants can support
financial institutions to interpret regulations and share best practices, but
their added value is limited to (theoretical and high-level) advise
That leaves many institutions with the
challenge to – with or without help from the above mentioned parties – define a
risk based approach, which covers the front-office and trade finance operations
alike.
If you need help or if you’re interested
in a TBML course for your staff - call us at +65 9683 1451 or send a mail to info@i-kyc.com.
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