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Three FREE webinars!!

23/03/2022

The following free webinars are being offered by Iqbal I. Karmally and Dunya Dias of Sharjah Islamic Bank.

Trade Based Money Laundering (TBML) conducted by Iqbal I. Karmally and Dunya Dias. 

Duration: 120 minutes inclusive of question and answer session 

Date: Saturday 23 April 2022 at 1.00 pm Dubai Standard Time 

Risks in Trade Finance conducted by Iqbal I Karmally.

Duration: 90 minutes inclusive of question and answer session

Date: Saturday 21 May 2022 at 1.00 pm Dubai Standard Time

Incoterms  2020 – a different perspective – conducted by Iqbal I. Karmally and Dunya Dias. 

Duration: 90 minutes inclusive of question and answer session

Date: Saturday 11 June 2022 at 1.00 pm Dubai Standard Time.

It is not often that you have the opportunity to attend free webinars on highly topical subjects such as TBML, Risks in Trade Finance and Incoterms.

I have known Iqbal for many years and, having heard him deliver a number of webinars, I am fully confident that attendees will come away from each webinar suitably enriched with information that they can apply in their day-to-day activities.

This is an opportunity not to be missed.

Details for registration are given at the foot of this message.

Overview of webinar contents:

TBML

SECTION 1:      

1.1        BANK’S POLICY ON AML AND SANCTION PROGRAMMES

1.2        OVERVIEW OF ITS CONTENTS

1.3        TIPPING OFF DEFINITION

SECTION 2:

2.        WHAT IS MONEY LAUNDERING?

2.1        PLACEMENT;

2.2        LAYERING;

2.3        INTEGRATION.

SECTION 3:

3.1        WHAT IS TRADE BASED MONEY LAUNDERING (TBML);

3.2        WHAT ARE THE USUAL TBML TYPOLOGIST;

3.3        TBML RED-FLAGS INDICATORS.

SECTION 4:

4.          SANCTIONS AND EMBARGOES;

4.1         WHAT IS A SANCTION?

4.2         WHAT IS AN EMBARGO?

4.3         DIFFERENCE BETWEEN SANCTION AND EMBARGO;

4.4         WHO CAN IMPOSE SANCTIONS AND EMBARGOES?

4.5         SANCTION SCREENING;

4.6         SCREENING PROCESS;

4.7         APPLICATION OF DUE DILIGENCE MEASURES ACCORDING TO PRODUCTS;

4.8         TRANSACTION LEVEL SURVEILLANCE;

4.9         ASSESSING A CANDID TRANSACTION/CUSTOMER

SECTION 5:

5.1        SCREENING CHEMICALS AND DUAL USED ITEMS.

5.2        CB CIRCULAR FOR SCREENING CHEMICALS AND DUAL USED ITEMS.

SECTION 6:

6.          PHASES/PROCEDURE OF PERIODIC SCREENING

6.1        SANCTION SCREENING;

6.2        TBML SCREENING. 

SECTION 7:

7.1         REPORTING SUSPICIOUS TRANSACTIONS AND REFERRALS

7.2          REPORTING STREAM.

RISKS IN TRADE FINANCE

·            COUNTERPARTY RISKS

·            COUNTRY RISKS

·            OPERATIONAL RISKS

·            FX RISKS

·            DILUTION RISKS

·            INSOLVENCY RISKS

·            FRAUD RISKS

·            COMPLIANCE RISKS

·            CREDIT RISKS

INCOTERMS 2020

Introduction

-        A BRIEF OVERVIEW OF THE HISTORY OF THE INCOTERMS RULES.

-        WHAT ARE INCOTERMS RULES, WHAT DO THEY MEAN?

What the Incoterms 2020 rules do and do not do.

Important fundamentals/essentials of the 11 Incoterms rules.

-    CLASSIFICATION OF INCOTERMS 2020 RULES.

-    ROLES AND RESPONSIBILITIES OF THE BUYER AND SELLER.

-    DELIVERY, RISKS AND COSTS IN INCOTERMS 2020.

-    INCOTERMS 2020 RULES AND THE CARRIER.

-    RISK AND THE RELATIONSHIP BETWEEN THE INCOTERMS RULES AND SALES CONTRACTS.

A day in the life of Incoterms.

-        HOW TO CHOOSE THE RIGHT INCOTERM RULE FOR A PARTICULAR SALE CONTRACT. 

-        CAUTION WITH VARIANTS OF INCOTERMS RULES.

-        INCOTERMS 2020 AND CUSTOMS FORMALITIES.

About the principal speaker: Iqbal I. Karmally

Iqbal I. Karmally is a senior Trade Financer with over 30 years of experience both in conventional and Islamic Trade Finance with major banks like American Express, Mashreqbank, Sharjah Islamic Bank and others. 

At present he is working as a Senior Vice President and Head of Islamic Trade Finance handling Sharia’a compliant solutions and alternatives of Trade Finance in Sharjah Islamic Bank. He is a qualified CDCS, CIFE & CIBF. He was a co-drafter of ISBP – the only representative from the Middle East region. He was also recognized for Excellence in Leadership Role by World Leadership Forum. He also conducted webinar on Leadership Skills and Decision Making for local campus of UK based University. For his Corporate Clients he has conducted various training programs at their site and through webinars on the subject of INCOTERMS etc. He has conducted a number of workshops and training in Islamic and conventional Trade Finance locally (in UAE) and Internationally both in his private capacity and under the auspices of ICC.

The wide scope of his knowledge covers not only Trade Finance but also AML (with special focus on Trade Based Money Laundering). He is the drafter of his Bank’s Trade Based Money Laundering policy.

To register:

Send your full name, Company/Bank name and email address, together with an indication of the webinar(s) in which you are interested to the email addresses below. You will then receive an invitation and a gotomeeting link for the webinar(s) in which you have declared an interest.

iqbalkarmally@gmail.com

dunya.dias@gmail.com

gary@collyerconsulting.com

We all look forward to your participation in these webinars. Please feel free to share the contents of this message with your colleagues and anyone you think would benefit from attendance.


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Latest Question

We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.