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Global trade credit insurer Euler Hermes has made two senior appointments, naming Jennifer Baert as the group’s general counsel and Riccardo Rosa CEO of its World Agency division. As part of a change in the Euler Hermes group’s leadership team, Baert will start in the newly-created role this month and takes charge of the credit ...
Banks caught up in money laundering scandals suffer an average 21% slump in their share price, researchers say, as warnings grow over regulatory scrutiny of the trade finance sector. Penalties for anti-money laundering (AML) failings worldwide totalled around US$2.2bn in 2020, and another US$1bn in the first half of last year, according to a paper ...
Tradewind Finance has partnered with Finamco, a Colombian financial services company, to boost its presence in the Latin American country and the surrounding region. Established in Germany in 2000, Tradewind now has more than 20 offices, including two in Latin America – one in Brazil and another in Peru. Finamco, which was set up in ...
The Central Bank of Egypt (CBE) has said it will require importers to use letters of credit (LCs) rather than documentary collection when buying from abroad, despite business concerns over the move. CBE’s rule change, which aims to address import governance issues in the country, came into effect at the beginning of March. “[In recent ...
The US government has slapped sanctions on more than a dozen companies and people it claims are involved in a commodity trading scheme to finance the Houthi rebels in Yemen. The US Treasury says a network led by Iran’s Revolutionary Guards Corps and previously sanctioned financier Sa’id al-Jamal “has transferred tens of millions of dollars ...