On Thursday 31st of May we hosted the long-awaited Annual Trade Finance Compliance Conference (ATFCC), which brought together several high-profile figures in finance and banking and the legal profession to discuss trade-based financial crime and regulatory compliance. In case you missed it, don’t worry, we have the vital breakdown of what happened! Read our summary below.
Professor James Byrne kicked off the conference discussing the recent Malaysian development fund scandal and how institutions needed to adapt to the new environment of trade based financial crime in order to properly combat it. It set the tone for the day and led in perfectly to the first panel discussion.
Top News Stories and Trends
Moderated by Neil Chantry, the first panel discussed block chain solutions for compliance, and topical issues as to what banks should do if they suspect a problem with trade finance compliance. The latter provoked lively discussions and differing views on the panel and how a bank must balance its customer relationships with its obligations in ensuring Financial Crime Compliance.
International Regulatory Focus
Sanctions have been a key feature of recent news, with Iran, Russia and North Korea being hit by US sanctions, and there were discussions on the consequences for banks on doing business with sanctioned countries, particularly Iran. The panel, moderated by Geoffrey Wynne, discussed whether the EU’s sanction blocking would be successful in allowing banks to do business with Iran. The delegates were asked for their views, and they would be reluctant to cross the US sanctions, despite EU efforts.
Global Standards and Guidelines – Latest Developments
Vincent O’Brien moderated a panel that discussed the consequences of change in developing markets, and whether a more two-tier banking system was needed for account relationships including payments or if the system should stick with letters of credit guarantees. The panel drew insight from professionals working in both developed and developing economies, and discussed solutions for the future.
The Impact of Technology and Digitalisation
One of the most current topics in banking and the world economy in general, the panel moderated again by Vincent O’Brien discussed the role of AI and the impact of technology on regulators and how they are adapting. Finally, they discussed the importance of staff training and awareness in spotting and stopping trade finance fraud before it happens.
Issues facing banks and the customers
John Turnbull moderated the final panel of the day that the future shape of FCC controls in trade, and engaging with the audience on what is expected on price checking by the regulators, and discussed the industry standard from the view of the regulator. The conference finished with closing remarks by David Morrish, The London Institute of Banking and Finance Relationship Manager, summarising the day.
At the end of the course, Chris Coutinho who was on our Technology and Digitalisation panel said: ‘The conference was well hosted and thanks for all the efforts by the LIBF team. It was brilliantly organised.’
We would like to thank everyone that participated in the conference, and recommend you follow us on Twitter, @studyLIBF for the latest updates on our next events.
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