ACCUITY DISCUSSES AML IMPLICATIONS OF TRANS-PACIFIC PARTNERSHIP FOR BANKS IN MEXICO, CHILE AND PERU AT GTR LATIN AMERICA


Speaking on April 14th at GTR Sao Paulo, Accuity, the leading global provider of risk and compliance, payments and know your customer solutions, will discuss the impact of the recently signed Trans-Pacific Partnership on the Latin American banking sector, particularly on banks in Mexico, Peru and Chile and the AML standards they will need to comply with the opening of new trade opportunities.

While the Trans-Pacific Partnership (TPP) was signed on February 4th 2016 by twelve countries around the globe, there is still some resistance in the US Congress regarding its enforcement.  This trade agreement aims to facilitate trade growth and opportunities by lowering trade barriers. In the event that the TPP is enforced, banks in Mexico, Chile and Peru will need to ensure that they have the necessary AML infrastructure for the resulting growth in trade, which will likely increase their compliance burden and liquidity requirements significantly. As these three countries are part of the Financial Action Task Force for LATAM or GAFILAT, they are already following AML guidelines and are familiar with AML standards but will need to make sure their infrastructure will be ready for increased levels of demand resulting from TPP.

“From an AML perspective, the risk is that the TPP could reduce the due diligence vigilance between country members. They still need to make sure they have an adequate monitoring system both within and outside the TPP area,” said Henry Balani, Global Head of Strategic Affairs at Accuity. “For example, establishing due diligence procedures between the United States and Peru helps facilitate increased trade coming from the TPP agreement, however it should not mean that ongoing due diligence is compromised because they are now members of the same agreement. Likewise, trade between the TPP and other non-member LATAM countries will need continued due diligence to ensure AML standards are met.”

Speaking details

Who:   Henry Balani, Global Head of Strategic Affairs at Accuity
What:  “Tracking changes within the Latin American banking sectors”
When: April 14th, 2016 at 2:30pm
Where: Tivoli São Paulo – Mofarrej

To find out more, visit the Accuity website or follow us on social media via @Accuitytweets or #Accuity or via LinkedIn

ENDS

Notes to editors

About the Trans-Pacific Partnership (TPP)
The Trans-Pacific Partnership (TPP) is one of the most ambitious free trade agreements ever signed. It involves 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth. Member countries are also hoping to foster a closer relationship on economic policies and regulation. The agreement could create a new single market something like that of the EU.
Source: http://www.bbc.co.uk/news/business-32498715

About GTR Sao Paulo
With more than 200 business leaders and trade finance specialists from across the region expected in attendance, GTR’s annual Latin America Trade Finance Conference will return to São Paulo for its 6th year on April 14, 2016. Despite recent economic challenges within the Brazilian and wider Latin American region, positives remain surrounding the macroeconomic fundamentals. These underpinning factors provide optimism about the long-term future of the country and its ability to command investment. Incorporating a mixture of interactive panel discussions, practical case studies, presentations and interviews, the conference will build on its standing as the largest discussion and networking forum for anyone conducting trade in Latin America

About Accuity and FircoSoft
Accuity, the leading global provider of risk and compliance, payments and know-your-customer solutions, comprises pioneering FircoSoft and Bankers Almanac. Our unmatched data and technology services deliver the most comprehensive sanctions screening, optimal payment efficiency, compliant transactions, bank counterparty insight and AML screening success. Accuity is owned by one of the world’s leading business-to-business data and content providers, RBI, and part of RELX Group.

Media Contacts

For more information please contact:

Diana Alickaj, Cognito
Diana.alickaj@cognitomedia.com
+1 646-395 -6300

Lara Joseph, Cognito
lara.joseph@cognitomedia.com
+44 (0)783 746 2647

Heather Smith, Accuity
heather.smith@accuity.com
+44 (0)7342-069-456