The FCA has published a report based on a thematic review on “Banks’ control of financial crime risks in trade finance”.
This report sets out the FCA’s recent thematic review and describes how banks in the UK control money laundering, terrorist financing and sanctions risks in trade finance business.

Following the thematic review the FCA’s main conclusion was that: “… the majority of banks in our sample, including a number of major UK banks, are not taking adequate measures to mitigate the risk of money laundering and terrorist financing in their trade finance business. There were some notable exceptions to this, particularly among some of the larger US banks in our sample.”

Copies of
the report http://www.fca.org.uk/static/documents/thematic-reviews/tr-13-03.pdf
and related press release http://www.fca.org.uk/news/tr13-03-banks-control-of-financial-crime-risks-in-trade-finance