Six banks have signed up for Singapores newly added government e-service on its digital national trade platform, as part of overall efforts against money laundering and terrorism financing.
Currently, BNP Paribas, DBS Bank, ICBC, MUFG Bank, OCBC Bank and UOB have signed up for the Trade Finance Compliance (TFC) service, a new service designed to help financial institutions better manage compliance challenges and assess fraud risks in trade financing.
The new service on the Networked Trade Platform (NTP) will help solve banks inability to validate the underlying trade and the lack of reliable data to conduct price checks for non-commodity goods, both government bodies said.
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