UK regulators tell trade finance firms to step up crime controls
10 Sep 2021

Britain’s financial regulators said on Thursday that trade finance firms must do more to identify potentially suspicious activities by undertaking additional risk assessments.

During the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant losses, the Bank of England and Financial Conduct Authority said in a letter to the chief executives of trade finance firms they regulate.

Greensill Capital, a trade finance company, collapsed this year, highlighting risks in the $1.3 trillion supply chain finance business.

“Our recent assessments of individual firms have highlighted several significant issues relating to both credit risk analysis and financial crime controls,” the letter said.

By Huw Jones, Reuters, 9 September 2021

Read more at Reuters

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