AML Guidance in relation to Documentary Credit, Bills Collection, Guarantees, Stand-by Letter of Credit and Open Account.This paper replaces the 2011 Wolfsberg Group Trade Finance Principles paper.This paper is the result of the joint ICC-Wolfsberg Group Trade Finance Principles Drafting Group in April 2014, with a remit to redraft and update the Wolfsberg Trade Finance Principles paper in the style of ICC guidance, with members drawn from Wolfsberg Group banks, ICC members globally, as well as BAFT so as to broaden the global perspective as part of the drafting group.
. Elevate the knowledge of trade finance specialists in the area of identifying and minimizing the risks that they may be subject to, in respect of financial crime (money laundering).
. Helping and guiding AML and compliance officers to build up a good Risk Based Assessment plan for the trade finance and trade services activities within the bank.
. Trade Finance Principles Introduction Control Mechanisms Customer Due Diligence Name Screening Activity Based Financial Sanctions Export Controls Limitations
. Escalation Procedures Introduction Three Lines of Defense Application
. AML guidance on the specific application of controls by Banks in the context of Documentary Credits (DCs), Bills for Collection (BCs), Guarantees and Standby Letters of Credit and open account trade. Due Diligence Review (risk indicators) Screening Transaction Monitoring
. Trade finance, Compliance, AML and risk dept.
. Pre-knowledge about trade finance products.