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Understanding Fraud and Mitigating Risks in International Trade

Expert Speaker Richard Yeo

$430.00 (including GST)

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Overview

Trade operation is critical to the international economy. Importers and Exporters are confronted with diverse geographical, social, economic, and political conditions. Therefore, it is important that Importers and Exporters are aware of the numerous types of risks involved in such transactions. Banks should be equally concerned so that they will not unknowingly become a party to the risks and on a worst case, a party to the money laundering activities.

This practical workshop is part of the Professional Skills Series, designed specifically to share with Accountants and Auditors the aspects of risks in international businesses with regard to identification, assessment and reduction techniques. Trade Operations Professionals in both the banks and import/export companies will also find he workshop highly beneficial. The workshop concludes with thoughts and discussions towards better understanding of the risks and fraud and the minimization of losses in relation to trade transactions.

What You Will Learn

At the end of this workshop, you will:

- be able to identify and mitigate the risks in International Trade

- understand the issues involving different stakeholders in a Documentary Credit transaction.

Programme Outline

Major risks in international trade – PEST

Types of commercial and international trade risks and fraud

Documentary Credit definitions and some essential pointers

  • Definition
  • Some essential concepts – SAND

Different Types of Trade Financing and the potential risk and fraud

  • Pre-shipment Finance
  • Post-shipment Finance
  • Trust Receipt
  • Assignment of Proceeds

Issues involving different stake holders in a documentary credit transaction

  • Opening Letter of Credit
    • Responsibilities & Risks of Opener
    • Responsibilities & Risks of Issuing Bank
    • Responsibilities & Risks of Advising Bank
    • Responsibilities & Risks of Transferring Bank
    • Responsibilities & Risks of Confirming Bank

How to avoid making major mistakes (and avoid risks) in three of the major documents in trade

  • Invoices, Transport documents and Insurance certificates/policies.
  • Common discrepancies in documents and how to mitigate the risks and fraud
    • Implications of discrepant documents, responsibility of beneficiary of the documents.

Risks encounter by Sellers and/or Buyers

  • Performance risks
  • Payment Risks
  • Documentary risks
  • Currency (exchange) risks
  • Sovereign/Political risks
  • Transportation risks
  • Non-payment/non-acceptance risks

Victims of Trade Risks & Frauds

  • Importers
  • Exporters
  • Financial Institutions
  • Third parties

Questions and Answers

Expert Speaker

Richard Yeo is a highly respected veteran in the trade finance industry. He was formerly the Head of Commercial Group in JP Morgan, in charge of both Trade Finance and Funds Transfer. He moved on to The Asahi Bank Ltd, and subsequently assumed responsibility as a Deputy General Manager for the smooth operations of the various departments including those in Trade functions. During the tenure, he also headed the Compliance department of the bank. Richard subsequently joined Kenwood Asia Ltd, where he was tasked to review the company’s risk management functions, amongst other commercial responsibilities. His last appointment was Consultant with Sapphire Corporation Ltd, a public listed company.

Richard is an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree.

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