Banking News

Singapore government de-risking trade finance

Singapore government de-risking trade finance

(10 September 2019 - Singapore) The Singapore government has launched a new Trade Finance Compliance (TFC) eService to support banks and trade finance providers by improving fraud risk assessment and alleviate compliance challenges.

Collaboratively built by the Monetary Authority of Singapore (MAS), Singapore Customs and contributing banks with the stated aim of enhancing anti-money laundering (AML) and to counter terrorism financing, the system is hosted on the Networked Trade Platform. The TFC service will address banks' inability to validate underlying merchandise trade flows and the lack of reliable data to conduct price checks for non-commodity goods. DBS, OCBC, UOB, BNP Paribas, ICBC and MUFG have integrated the new TFC service offering so far.

"By digitalising the trade finance compliance check process and directly referencing pricing and permit-related Customs data on Singapore imports and exports, the TFC will increase the efficiency and accuracy of trade finance compliance checks for financial institutions in Singapore" said MAS Executive Director Gillian Tan.

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