On 24 January the Banking Commission of the International Chamber of Commerce (ICC), the Wolfsberg Group, and the Bankers Association for Finance and Trade (BAFT) jointly announced the publication of The Wolfsberg Group, ICC and BAFT Trade Finance Principles. The guidance document updates the 2011 edition.
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. According to the ICC, the collaborative effort will help standardise the practice of financial crimes compliance for trade transactions.
If you are interested in a copy, simply send us an email with ‘Trade Finance Principles’ in the subject line.
