Interesting to hear from a number of our UK based clients recently that their Relationship Manager at the Bank seems a lot more interested and inquisitive about the profile of their international trading business.

Who do I buy from/sell to ?, which country are they based in ?, how long have I been trading with them ?, how well do I know them ? etc etc.

It is quite likely that such questioning reflects ongoing pressure from the regulators to ensure that the Banks are doing all they can to help mitigate the risk of financial crime in the Trade Finance arena. This focus stems from the historic thematic review published by the UK’s Financial Conduct Authority (FCA) in 2013 (Banks’ Control of Financial Crime Risks in Trade Finance ) and is as we anticipated in our article – Financial Crime – Issues for Banks and Traders – in December 2013.

This may represent a good opportunity to work more closely with your Bank to ensure that they truly understand the dynamics of your trading business that could, hopefully, prompt greater ongoing financial support and advice.

Just a thought ……….. !