It aims to address compliance challenges when financing trade.
Singapore Customs, the Monetary Authority of Singapore (MAS) and financial institutions have launched the e-service platform Trade Finance Compliance (TFC) that aims to augment trade finance compliance efforts against money laundering and terrorism financing, an announcement revealed.
TFC looks to address compliance challenges faced by financial institutions when financing trade because of the inability to validate the underlying trade and the lack of reliable data to conduct price checks for non-commodity goods.
With the platform, traders can give consent on the Networked Trade Platform (NTP) for their data to be shared directly with financial institutions of their choice.
BNP Paribas, DBS Bank, ICBC, MUFG Bank, OCBC Bank and UOB have signed up for the for the said service.
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