Trade Finance Cos. Told To Assess Fraud, Market Risks
By Najiyya Budaly (September 9, 2021, 2:52 PM BST) -- Companies that provide trade finance must assess their exposure to market risk and potential fraud in light of the collapse of Greensill Capital, Britain's financial watchdogs said Thursday, after finding that individual firms do not have strong controls against financial crime.
The Financial Conduct Authority and the Prudential Regulation Authority found problems at individual companies over credit risks and fraud controls and said that trade finance firms must carry out a financial crime risk assessment.
The failings are exposing the companies — which lend cash to businesses to pay for suppliers so they do not need to dip into their working...
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