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.