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Banks Falling Short on Trade Finance Checks, U.K. Watchdogs Warn

Sept. 10, 2021, 7:06 AM

British regulators warned the bosses of the biggest U.K. banks they aren’t doing enough to weed out potential fraud and crime when offering trade finance.

“During the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant financial loss,” the Prudential Regulation Authority and Financial Conduct Authority said in a letter dated Sept. 9. “Our recent assessments of individual firms have highlighted several significant issues relating to both credit risk analysis and financial crime controls.”

Banks that offer trade finance should be making checks for money laundering, sanctions evasion, terrorist financing and fraud, ...

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