Trade Based Financial Crime Compliance Workshop

Transcription

1 Hong Kong 2017 Trade Based Financial Crime Compliance Workshop Thursday, 13 July CDCS specialist earn 7 PDUs 1 IIBLP

2 Trade Based Financial Crime Compliance Harbour Plaza North Point 665 King s Rd North Point Hong Kong Thursday, 13 July :30-9:00 9:00-10:30 Check-In and Registration Case Studies Overview Three Case Studies based on actual regulatory exercises. Attendees will discuss the facts, express opinions, and hear the regulator s conclusions. 10:30-11:00 Networking Break 11:00-11:20 11:20-11:40 11:40-12:00 Tackling Commercial Fraud Commodity Scams Forged Bank Instruments Forged and Fraudulent Documents Maritime Scams Tax Evasion Types of Fraud: Advance Fee Scam; Affinity Frauds; Ponzi Schemes; Pyramid Schemes; Kiting; Prime Bank Scams Issues in Elevating Diligence What triggers concern? How to decide? Documenting the decision Are these decisions referred back to the Compliance Program? The Wolfsberg Group, ICC, and the BAFT Trade Finance Principles The 2017 update to the Wolfsberg Group Trade Finance Principles Paper 12:00-1:00 Lunch 1:00-2:30 Trade Based Due Diligence What is due in trade relationships? What is expected? -Beyond mechanical/automated checks? -Could you be doing more? Advice/Advising Banks: Do you read the LC? Corresponding Banks: Are there levels of banks? 2

3 Trade Based Financial Crime Compliance 1:00-2:30 Confirmation Negotiating Banks -What if they decline to act? Counter Guarantees: Are they independent from Local Guarantees? Documentary Collections: What a bank is responsible for and how far back must they go? Setting policy: formulating and documenting it and aligning it with the Compliance Programme 2:30-3:00 Networking Break 3:00-4:30 Trade Based Indicators of Financial Crime What are the Indicators of Financial Crime? How do the BAFT Red Flags make sense for trade? e.g. HKBA, U.S. BSA Examination Manual How should the Red Flags be used? Updating, documenting them, and incorporating them in bank policy. High Intensity Financial Crime Areas (HIFCAs) and trade Handling shell companies and the U.S. Treasury s proposed rules requiring banks to get information about the true owners 4:30-4:50 Coordinating Bank Teams regarding Trade Who should be talking to whom? Who should be in charge? Issues and problems 4:50-5:00 Summary of Points Made Program is subject to updates Institute of International Banking Law & Practice

4 Presenters Professor James E. BYRNE is the Director of the Institute of International Banking Law & Practice, Inc. and was a member of the faculty of George Mason University School of Law for over 30 years. He chaired and served as Reporter for the International Standby Practices (ISP98) and the Council on the International Standby Practices (CISP). He authored The Official Commentary on the International Standby Practices. He is the Publisher of Documentary Credit World, a monthly journal of letter of credit law and practice, and has written and lectured extensively on LC law and practice, electronic commerce, international sales of goods, and commercial and financial fraud in more than 40 countries. He regularly attends meetings of the ICC Banking Commission, and was a member of its consulting group on the revision of UCP500, its Working Group on Electronic Credits which drafted the eucp, and the Task Force that drafted the 2004 version of the International Standard Banking Practice (ISBP 2004). He chaired the American Bar Association/ U.S. Council on International Banking Task Force Study of U.C.C. Article 5, served as head of the U.S. Delegation to UNCITRAL in drafting the 1995 United Nations Convention on Bank Guarantees and Standby Letters of Credit, was an Advisor in the 1995 revision of the U.S. domestic statute, Uniform Commercial Code Article 5, is Past Chair of the American Bar Association s Letter of Credit Subcommittee. Professor Byrne has a Bachelor s degree from the University of Notre Dame, a Juris Doctor degree from Stetson University College of Law, and an LL.M. from the University of Pennsylvania College of Law. He is a member of the Florida and Maryland bars. Jack CHAN is a Senior Vice President and the Senior Trade Technical Advisor at Wells Fargo Bank, N.A. Hong Kong. He has been in the banking industry for 4 decades and with Wells Fargo for 34 years. Jack provides trade advisory to his colleagues and customers mainly in Asia Pacific region. He has conducted many trade seminars (on UCP, ISBP, eucp, ISP98, risks, case studies, etc.) for his colleagues and customers in Asia. He was also invited by professional bodies (e.g. ICC Hong Kong / Thailand / Austria, Hong Kong Institute of Bankers, and Bankers Institute of the Philippines Inc) to conduct trade seminars. He is currently the Chair of Asia Advisory Council of the Institute of International Banking Law & Practice Inc., Maryland, USA. In 2002, Jack sat for the CDCS examination and passed with distinction. George FONG is a Managing Director and Head of Trade Product Management, Asia Pacific, for J.P. Morgan Treasury Services. Based in Hong Kong, George and his team are responsible for the development and management of traditional trade and supply chain products in the region. A Trade Finance professional for almost 20 years, George has been part of J.P. Morgan s Global Trade team in Asia Pacific for nine years. Prior to joining J.P. Morgan, George worked at Citibank, GE Capital, Deutsche Bank and Bank of East Asia in Singapore, Germany and Hong Kong. George graduated from Aberdeen University with a M.A. (Hons) in Accounting and Economics. He also holds a M.Sc degree in Accounting and Finance from the London School of Economics, UK. George represents J.P. Morgan in SWIFT s Trade Services Utility Asia User Group. Trade Based Financial Crime Compliance Workshop 4

5 Presenters Karl MARXEN is the Director of Legal Research at IIBLP. He has studied independent guarantee practice and abusive drawings under various systems including England, Germany, and South Africa. KK YEUNG is a Director of a consultant company, called EC Trade Consultants Ltd., focusing in offering training, e-commerce and Commodity Trade solutions to corporate and institutional customers. In his banking career, Mr. Yeung was the Regional Trade Operation Manager in JPMorgan Chase Bank, Hong Kong for 38 years. After retirement, Mr. Yeung joined DBS Bank, Hong Kong as Regional Technical Advisor for 3 years. He had been involved in regional projects such as trade system development, globalizing of imaging technology of processing capabilities for LC, collection, guarantee, as well as providing solutions for structured trade and supply chain financing. With his in-depth knowledge in trade finance, Mr. Yeung was appointed by ICC National Committee to the Docdex List as Experts in Trade Based Financial Crime Compliance Workshop 5

6 Co-Sponsor Coastline Solutions is the technology partner of the ICC responsible for the delivery of online training and information services. Banks, traders, logistics companies and law firms from over 100 countries use these services to save time, reduce costs, and keep their staff up to date with the latest international trade practices. Coastline s services include: *New* Going Global - ICC Training on Trading Internationally Available in English, Spanish and Portuguese *New* URBPO Online Training: Online training in the new BPO Rules *New* ISBP Online: Comprehensive training in the revised ISBP 745 Collections Online Training: Comprehensive training in collections and URC 522 Mentor 600: Comprehensive training in letters of credit and UCP 600 DC Master: Advanced training in letters of credit ISP Master: Advanced training in ISP98 and independent undertakings URDG Master: Comprehensive training in Demand Guarantees and URDG 758 Incoterms 2010 Online Training: Online Training in the revised Incoterms ICC Arbitration: Online Training in ICC Rules of Arbitration Contact: Trade Based Financial Crime Compliance Workshop 6

7 Co-Sponsor Documentary Credit World (DCW) is the world s only monthly journal dedicated to the field of letter of credit law and practice. Published in partnership with BAFT, DCW is linked to the most important players in the industry to bring its readers valuable information and the latest news of developments affecting their LC operations and business. From its focus on new rules and regulations involving commercial and standby LC practice to its regular discussion of recent court cases, DCW covers a host of topics and is essential for industry professionals. In addition to individual subscriptions, licenses for groups are available. To view our latest issue s Table of Contents visit or for more information, contact DCW at info@ doccreditworld.com In Association With Trade Based Financial Crime Compliance Workshop 7

8 Ready to Register? Credits Awarded CDCS: 7 PDUs Awarded Pricing: USD 495 Advanced Rate USD 395 Group Rate (2 or more) Institute of International Banking Law & Practice Ryecroft ct. Montgomery Village, MD USA (phone) 8