Wolfsberg Group Publishes Updated Trade Finance Principles

August 19, 2011

The Wolfsberg Group, a consortium of international banks dedicated to developing standards for anti-money laundering and counter-terrorist financing policies in the financial services industry, has published an update to its January 2009 guidance on issues arising from trade finance. The new version of the trade finance principles includes a series of new appendices with guidance on the application of anti-money laundering and counter-terrorist financing in the context of standby letters of credit and guarantees and open account trade transactions.