WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the publication of a new whitepaper, “Perspectives on Evaluating Potentially Unusual Vessel Behavior.”
While banks offering trade finance products likely have a working knowledge of shipping documentation, staff may be less familiar with the details surrounding the maritime shipping industry. This can pose challenges when shipments or transactions are flagged as unusual and compliance issues arise. This paper aims to provide bankers with a rudimentary understanding of maritime shipping and the compliance risk associated with this space.
“Our goal is to increase awareness of the risks associated with ocean-going vessels and their potential nexus to financial crimes,” said Scott Stevenson, senior vice president of trade for BAFT. “We hope financial institutions will use the guidance to examine the inherent risk in their trade portfolios, evaluate the need for control adjustments and even innovate new risk mitigation techniques.”
The paper was produced by BAFT’s Trade Compliance Working Group, a subset to the BAFT Trade Compliance Committee, whose membership includes a wide range of banks, law firms and fintech providers.
“This publication was produced as part of BAFT’s ongoing commitment to thought leadership, best practices and education. It is through such efforts by our committees that the transaction banking industry benefits as a whole,” Stevenson said.
To read “Perspectives on Evaluating Potentially Unusual Vessel Behavior” please visit BAFT’s Library of Documents under BAFT Guidance and Industry Practice section at www.BAFT.org.
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
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