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Industry

Trade Finance

Job Title

Compliance Officer

Role

Ensuring that Trade Finance teams remain compliant in all their activities

Data

BoL Data, Vessel Data, Compliance Data, Sanctions Data, Vessel Tracking, Ownership Data, Company Data, Port Data

Maritime Trade Finance

Maritime Trade Finance is a type of finance that provides funding to companies involved in the international trade of goods via ships. This financing covers the costs associated with the movement of goods via sea, including shipping costs, insurance, and other related expenses. Maritime Trade Finance is critical to the smooth functioning of international trade and helps companies to manage cash flow, mitigate risks, and expand their business.

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Role
Data

A trade finance compliance officer is responsible for ensuring that all trade finance activities comply with relevant regulations and laws. The following is a typical workflow of a trade finance compliance officer:


· Review Trade Documents: Review trade documents to ensure that they are accurate, complete, and comply with relevant regulations and laws. This includes verifying the identities of the parties involved, ensuring that the goods being traded are legal, and confirming that all necessary licenses and permits are in place.


· Conduct Due Diligence: Conduct due diligence on the parties involved in the trade transaction, such as the importer, exporter, and any intermediaries, to ensure that they are not on any sanctions lists or are associated with any illegal activities.


· Assess Risk: Assess the risk associated with the trade transaction based on various factors such as the nature of the goods being traded, the countries involved, and the parties' reputation and history.


· Determine Compliance Requirements: Based on the risk assessment, the trade finance compliance officer determines the compliance requirements for the trade transaction. This includes identifying any specific regulations or laws that must be followed and any additional due diligence that must be conducted.


· Monitor the Trade Transaction: The trade finance compliance officer monitors the trade transaction throughout its lifecycle to ensure that it remains compliant with relevant regulations and laws. This includes verifying that all necessary documents and approvals are in place, reviewing any changes to the transaction, and conducting ongoing due diligence on the parties involved.


· Escalate Issues: If any compliance issues arise during the trade transaction, the trade finance compliance officer escalates them to senior management and/or the relevant regulatory authorities as necessary.


· Record Keeping: The trade finance compliance officer maintains detailed records of all trade transactions, including the due diligence conducted, compliance requirements, and any issues or escalations that occurred. These records are essential for audit and regulatory compliance purposes.


Overall, the workflow of a trade finance compliance officer involves ensuring that trade transactions are conducted in a compliant manner and that all relevant regulations and laws are followed. The process requires attention to detail, a strong understanding of regulatory requirements, and the ability to assess risk and make sound compliance decisions.

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Trade Finance - Compliance Officer

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