January 12, 2023 at 7:11 am #1777Jessica PeterParticipant
How do trade finance country-specific compliance norms and laws vary?January 13, 2023 at 7:19 am #1779Rahul JaiParticipant
Compliance laws and regulations for international trade financing differ by jurisdiction and can be fairly intricate. Domestic laws and international regulations and rules often govern trade finance. In industrialized nations, trade finance is governed by government bodies that regulate financial institutions and ensure compliance with guidelines.
In the United States, the OCC (Office of the Comptroller of the Currency), the (SEC) Securities and Exchange Commission, and the Federal Reserve regulates trade finance. The ECB (European Central Bank) and the (EBA) European Banking Authority govern trade finance in the European Union.
Trade finance laws may need to be more well-established or severely enforced in underdeveloped nations.
As a Singapore-based fintech company, Triterras is subject to the regulatory scrutiny of the MAS (Monetary Authority of Singapore) and must adhere to Singapore’s trade finance laws and regulations. Triterras also operates internationally; therefore, it must abide by the rules and regulations of any country where it conducts business. This involves adhering to AML (anti-money laundering) and CFT (countering the funding of terrorism) legislation.
Additionally, the corporation must adhere to the regulations of the nations in which its clients reside. In addition, numerous developing nations have rules that might align with international norms. In addition, Kratos, Triterras’ blockchain-based platform, must comply with all rules and regulations pertaining to the use of digital and blockchain assets.January 14, 2023 at 7:24 am #1781John DavidParticipant
The worldwide trade and financial markets are governed by complicated and diverse regulations, with each nation and economic sector having its own obligations and objectives. This legislation aims to safeguard individuals from financial dangers and fraud. However, policymakers formulate laws that strike a balance between future and current economic needs while assuring a sufficient money and liquidity supply. Coordination and consistent control are required to establish a vibrant and stable international market.
The moment has come to consider innovation. Existing procedures within Compliance and Trade Finance Operations must be revised. New technologies, like AI and NLP, in conjunction with intelligent OCR and machine learning, can streamline and automate the trade compliance process. Correctly implemented, these technologies can enable banks to operate with much-reduced personnel, handle significantly more transactions, and, most crucially, conduct remote procedures and investigations of any generated warnings.
- You must be logged in to reply to this topic.