UK: FCA review of banks' control of financial crime risks in trade finance

The Financial Conduct Authority has published the results of its thematic review of banks' control of financial crime risks in trade finance: see here (pdf). The review found that policies, procedures and controls to counter money laundering risk were generally weak, with most banks having inadequate systems and controls over dual-use goods (e.g., software, technology, documents, diagrams and other goods that can be used for civil and military purposes).