On 24 January 2017, the ICC Banking Commission, the Wolfsberg Group, and the Bankers Association for Finance and Trade (BAFT) jointly released The Wolfsberg Group, ICC and BAFT Trade Finance Principles.
This guidance document updates the Wolfsberg Group's Trade Finance Principles paper last revised in 2011. It is a broader industry edition and now addresses the due diligence required by global and regional financial institutions of all sizes in the financing of international trade.
Updated to reflect the growing regulatory expectations, as well as the more stringent application of existing regulations faced by the industry today, the Trade Finance Principles document is a culmination of more than two years of work undertaken by the organisations and their members. This collaborative effort aims to help standardise the practice of financial crimes compliance for trade transactions.
The Wolfsberg Group, ICC and BAFT Trade Finance Principles.pdf