Wolfsberg and Other Wheels in Motion

Compliance Expectations in 2017

2017 Trade Compliance

So far 2017 has given way to a breadth of new information regarding trade based financial crime. Highly anticipated compliance guidance for trade transactions hit the web and email inboxes in late January when The Wolfsberg Group, ICC, and BAFT released a 65-page document. This document is a vital resource for an international trade industry grappling with growing regulatory expectations. The document also aims to foster greater standardization in the practice of financial crimes compliance for trade transactions.

Just weeks later, BAFT released guidance for sanctions compliance. This guidance gives attention to certain complicated scenarios banks face in their compliance efforts. Meanwhile, the January 2017 edition of Documentary Credit World featured an advanced look at a "Trade Based Financial Crime Book" projected for Spring 2017. The book is designed to give an overview of the trade based financial crime compliance landscape. It also provides in-depth analysis of how banks should ensure compliance with laws and regulations via a rigorous compliance program. As well as properly manage transactions in light of financial crime risks. Authored by Professor James E. Byrne and Justin B. Berger, the book will be used in conjunction with a certificate program jointly sponsored by London Institute of Banking & Finance, Coastline Solutions, and IIBLP.


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