ICC BANKING COMMISSION MIAMI MEETING 2018: Day 1 @ 16:15 Combatting Illicit Trade, AML

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International Chamber of Commerce - ICC

Annual discussion on the latest developments on trade finance, in Miami on 3-6 April.

Economy & Finance

GETTING AHEAD OF THE GAME:
COMBATTING ILLICIT TRADE,
FRAUD AND MONEY LAUNDERING
AML
April 5, 2018 | Miami, FL

POLICY AND BUSINESS PRACTICES
AML LANDSCAPE
• Globally it is estimated that over $2 Trillion USD in illicit funds are laundered each
year
• It is estimated that over 70% of funds are laundered via trade
• Why Trade:
1. Over/Under Invoicing
2. Multiple Invoicing
3. Short/Over Shipping
4. Phantom Shipping
5. Leads to increased regulatory and legal risk, as well as increased compliance costs

POLICY AND BUSINESS PRACTICES
AML LANDSCAPE
.

POLICY AND BUSINESS PRACTICES
AML LANDSCAPE
• What Can We Do?
1. Share Information
2. Automation
3. Improve Data Analytics
4. Utilize Emerging Technologies
.

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