Trade Finance Forum › Forums › Market Regulations › Laws and Bills › How do trade financing firms handle the varying and sometimes convoluted rules of other countries? › Reply To: How do trade financing firms handle the varying and sometimes convoluted rules of other countries?
As far as I know, there are several methods, such as those listed below, that help trade finance firms deal with the varying and sometimes complicated regulatory landscapes of various countries and regions.
Consultation with the employment of professionals with expertise in regulatory and compliance concerns who are acquainted with the rules and laws in the applicable countries.
Acquiring an in-depth knowledge of the rules and regulations that affect the firm in each country in which it operates, as well as any industry-specific legislation that may be applicable.
Putting in place internal controls & monitoring mechanisms to identify and deter instances of noncompliance as well as a complete training programme for personnel.
Maintaining constant communication with legal representation and other advisers.