Hong Kong is only one country where regulators are focusing
more and more on TBML as can be read in this article http://www.gtreview.com/news/asia/hk-banks-warned-over-trade-based-money-laundering/
. TBML is less transparent and harder to detect than more traditional types of
money laundering. As the article mentions “there is no rigid set of rules
governing TBML, instead banks must take a risk-based approach”. That means that
bank staff – governed by policies – need to take risk based decisions. It means
staff have to build up knowledge and skills, not only understanding global
trade flows and markets, but most of all building a deep understanding of the
clients of the bank. As Sean Norris from Accuity is quoted “technology
providers can help with a handful (… of the 40 potential red flags…) .. but the
rest comes down to building a team that is knowledgeable and experienced in
trade itself, rather than compliance.”
And that’s exactly what we at i-KYC help many clients with
in our TBML training. Building teams and building knowledge and expertise on
trade and money laundering.
We’re happy to share our experience – contact us at info@i-kyc.com.
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