ATFCP Sanctions & Fraud Webinar Recap

A webinar hosted by the Association of Trade Finance Compliance Professionals (ATFCP) on 28 January 2025 featured particular focus on court cases involving sanctions and fraud matters leaving an imprint on the area of compliance. Topics addressed and take-home points included:

Know Your Customer. Although a basic principle of compliance, banks still seem to struggle putting it in practice. Banks get comfortable with customers and do not always ask the right questions or frame questions to get answers they want to hear. Small frauds can slip under the radar and eventually grow to big frauds and major losses.