In today’s increasingly globalized world, more than 80 percent of trade transactions are conducted on “open account” terms, in which trading parties forgo traditional, document-based financing instruments and settle transactions by wire transfer.
While lowering financing costs and shortening payment chains, open account settlement can leave banks without access to information regarding the goods, shipping vessels, or transport routes associated with trade transactions—information that can be critical to assessing and mitigating sanctions risks. Financial institutions processing trade transactions are thus increasingly vulnerable to malign actors seeking novel ways to exploit global supply chains and conceal illicit activity under the cover of international trade.
This webinar will explore emerging risk management challenges in the trade and maritime sectors, explain the obligations and expectations facing financial institutions and other private-sector actors operating in this space, and discuss risk mitigation tools and strategies for banks involved in open account trade.
- Juan Zarate, Global Co-Managing Partner, K2 Integrity
- Ami Daniel, Co-Founder and CEO, Windward
- Ekaterina (Katya) Hazard, Senior Director, K2 Integrity
- Tyler Nielson, CEO, Sanctions Advisory ApS
This webinar is exclusive to the DOLFIN platform. Click here to contact our team to find out how the DOLFIN platform can empower your institution to create a culture of compliance and stay up to date on all things related to financial crimes compliance.
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