EBRD’s TFP and Exiger Join Forces to Tackle Correspondent Banking in Ukraine

Friday, November 29, 2019

EBRD and Exiger, with the support of National Bank of Ukraine, jointly organised a workshop in Kyiv, Ukraine in September 2019 on correspondent banking and trade-based compliance issues.

The EBRD’s Trade Facilitation Programme (TFP) has developed a capacity building agenda in trade finance with the aim to promote international standards in financial crime prevention, trade-based anti-money laundering, Know Your Customer and Customer Due Diligence in trade finance. The initiative is led by Kamola Makhmudova, Senior Banker in the EBRD’s TFP team.

In recent years, the EBRD’s partner banks have lost a great number of correspondent banking relationships, which hinders international trade in the EBRD regions. Smaller banks are particularly dependent on such relationships to be able to offer payment and clearing services in foreign currencies.

As part of the EBRD’s compliance capacity building in trade finance, the TFP engaged Exiger, a global leader in technology-enabled financial crime, risk and compliance solutions for financial institutions and regulators worldwide, to deliver a one-day workshop in Kyiv, Ukraine in September 2019.

The workshop was jointly organised with Exiger and National Bank of Ukraine, with over 80 participants from banks in Ukraine, including the EBRD’s partner banks. Exiger’s Jason Holt, EMEA Regional Leader and Managing Director and Avigyan Das, Director, eDiscovery facilitated the workshop discussion.

The workshop helped the participants gain a good understanding of trade finance and its associated financial crime risks. It also provided them with tools to more effectively implement procedures that help maintain and establish correspondent banking relationships – benefiting the trade activities of their clients.

The collaboration between the two organisations will make it possible for EBRD partner banks to train their staff to the standards of leading international banks, minimise the costs of compliance and continue to stimulate trade finance transactions in the EBRD’s region.

Launched in 1999, the EBRD’s Trade Facilitation Programme aims to promote foreign trade to, from and among the countries in which the EBRD invests. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors. The TFP currently includes 122 partner banks in 30 countries, with limits exceeding €1.5 billion in total and more than 800 confirming banks worldwide.

Re-published with permission of the EBRD. Original can be found here.

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Jason Holt, Managing Director | EMEA Regional Leader

Jason is a Managing Director and the EMEA Regional Leader, based in Exiger’s London office. He brings 25 years’ experience in financial crime compliance (FCC) leadership to Exiger, having managed global and regional FCC functions at some of the largest and most complex financial institutions – including Bank of America Merrill Lynch, JPMorgan Chase, Barclays and BNP Paribas.

Avigyan Das, Director, eDiscovery

Avigyan is a Director based in Exiger’s London office. Avigyan is responsible for managing project delivery for our forensic technology and eDiscovery practice in EMEA and the US.  Avigyan works closely with corporate clients to advise on best practice and to create bespoke solutions for their investigations.