Trade finance at risk from financial crime, FCA warns
The UK Financial Conduct Authority (FCA) has warned that banks need to tighten up controls around trade reporting, claiming the business is susceptible to financial crime.
The warning was made in a report published on July 1, entitled Banks' control of financial crime risks in trade finance, and covers three areas – money laundering, terrorist financing and sanctions risk. The report claims trade finance has recently become more attractive to criminals due to the complexity of transactions and
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