BAFT and ICC jointly issues compliance guide for trade transactions
Published: Jan 25, 2017
By TIOLCORP News Service
NEW DELHI, JAN 25, 2017: THE Banking Commission of the International Chamber of Commerce (ICC), the Wolfsberg Group, and the Bankers Association for Finance and Trade (BAFT) jointly announce today the publication of The Wolfsberg Group, ICC and BAFT Trade Finance Principles. The guidance document updates the Wolfsberg Group's Trade Finance Principles paper last revised in 2011. This broader industry edition now addresses the due diligence required by global and regional financial institutions of all sizes in the financing of international trade.
The document was updated to reflect the growing regulatory expectations, as well as the more stringent application of existing regulations faced by the industry today. The collaborative effort will help standardise the practice of financial crimes compliance for trade transactions. The publication of this document is the culmination of more than two years of work undertaken by the organisations and their members.
The extensive collaboration between the Wolfsberg Group, the ICC and BAFT to enhance the Wolfsberg Group's 2011 Trade Finance Principles paper is expected to serve a much wider number of Financial Institutions and, as a result, ensure their applicability more broadly across the industry. This publication is particularly timely in light of the recent focus on international trade flows and correspondent banking.