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Advanced Documentary Credit Workshop: Challenges in Trade 2018

Monday 25 June 2018

Register your place


Date: Monday 25 June 2018
Time: 8.30am – 5.30pm

Develop a comprehensive understanding of the role of Documentary Credits in International Trade.

Documentary Credits continue to provide a vital role in International Trade, particularly in developing markets. This one day workshop provides a practical and interactive analysis of the regulations, practice and risks involved in International Trade and Documentary Credits.

The workshop will identify and analyse the trade and payment instruments used to mitigate risks. In particular there will be a focus on the variety of types of Letters of Credit used, and the implications of recent/proposed UCP 600 guideline changes and the legal environment. The workshop also provides an update on financial crime, KYC and AML initiatives in International Trade.

CDCS and CSDG holders can earn 6 CPD learning hours from attending the Workshop.

Who should attend?
The workshop is aimed at all those involved in the financing, monitoring and control of International Trade, whether working in a bank or corporate. Typical candidates who will benefit from this course include:

  • Relationship Managers and Associated Relationship Managers
  • Trade Operational Team Leaders & Supervisors
  • Operational practitioners in documentary letters of credit
  • Credit Risk & Operational Risk Managers
  • Trade compliance managers
  • Corporate Treasury Managers
  • Corporate Procurement Managers 


Learning outcomes

  • The parties and risks associated with International Trade
  • An overview of the various trade instruments and payment mechanisms used to facilitate risk mitigation and trade flows
  • The proposal to  revise UCP600 and the impact of recent legal cases on their implication to International Trade
  • Standby Letters of Credit – how they work and why they are needed
  • The usage of specialised Documentary Credits and their importance in Commodity Finance
  • An update on financial crime, KYC and AML initiatives in International Trade
  • Reconciling the autonomy principle of Documentary Credits with the challenges of regulation, compliance and fraud

All complemented by interactive case studies.

Course Outline

  • The contractual relationships between the parties - what are their responsibilities and legal obligations under UCP 600
  • Risk and cost effective use of trade instruments.
  • Key trade instruments and payment mechanisms – a critical analysis
  • Standby Credits, usage and risks - how do they compare with Guarantees
  • The operation of Documentary Credits and UCP 600 in international trade – do we need a UCP 700 - arguments for and against
  • Impact of key legal cases in the development of the UCP

  • Red and Green Clause Credits
  • Transferable Credits
  • Back-to-back Credits

How do they work, what are the risks and how can they be managed?

  • Practical interactive case study – document checking, pitfalls procedures and practice

  • Joint Wolfsberg Group, ICC and BAFT principles (Jan 17)
  • UK FCA Thematic Review of trade (July 13) – its impact and influence on other regulators
  • Methodology, process and findings
  • FATF 40 and trade finance
  • New training and educational initiatives
  • Red flags - what to look for!

  • Analysis of the autonomy principle – how can this be reconciled with ever increasing regulatory compliance requirements?
  • Fraud exception – what is it and when does it apply?

Course instructor

John Turnbull, Director, Certis International is a senior banker and trade finance specialist with 35 years' experience of origination, negotiation, structuring, risk management and regulation of the full range of international trade transactions.

John’s previous positions include, Joint General Manager and Global Head of Structured Trade and Commodity Finance at Sumitomo Mitsui Banking Corporation Europe Ltd, Head of Global Trade Finance, London at SBC (now UBS) and Head of Trade Finance at Paribas, London. He has acted as expert witness in a number of high-profile trade finance legal cases, and was Co-Chair of the ICC Commission on Banking Technique and Practice’s Consulting Group on the most recent revision of the UCP. For 10 years since its inception he was the Chair of the Association of Foreign Banks Trade Finance Committee.

John is chairman of the ICC UK Banking Committee and member of the ICC Banking Commission Global Financial Crime Committee and the joint ICC/ Wolfsberg Committee. He has been a representative on many national and international trade committees, including previously a Board Member of the International Energy Credit Association in the USA, a current long-standing member of the IECA European Board.