BAFT 2019 Annual Review

Page 1








Letter from the Chair and CEO



Global Policy Advocacy



Joint Industry Initiatives

6. 12

Industry Standards and Best Practices

7. 15

BAFT Councils, Committees and Working Groups



Future Leaders Program



Regional Highlights

10. 22

2019 Conferences, Workshops and Training


Membership by the Numbers


12. 28

Get the Most of Your Membership



BAFT Members



BAFT Board of Directors



BAFT Staff


Letter from the Chair and CEO This past year was the most active and productive year for BAFT in my tenure as CEO. The association published a dozen thought leadership papers, guidance documents or best practices. We successfully concluded advocacy on Article 55, the re-activation of U.S. EXIM Bank, movement on financial crime and other policy measures. BAFT has now become a regular participant in global policy roundtables with major policy-making bodies, regulators and standard setting organizations. Membership continued to grow and BAFT now has members in more than 60 countries. A new Project Management Office provided extended education and training, and BAFT formalized a relationship with the University of Washington Global Bankers Program providing executive education for senior bankers in international banking. We delivered the much-anticipated Respondent’s Playbook, bringing clarity to combatting challenges of de-risking. Banks and regulators have provided positive feedback on the Playbook, and we are rolling out the concepts in capacity-building workshops in emerging markets. This and the expanded Financial Crime Compliance workshops are important to banks in emerging markets as their access to resources and dependence on changing expectations from correspondent banks can be existential. Both the NY and English Law BAFT MPAs received a refresh, and we introduced new agreements for funded

and unfunded Islamic trade transactions. On the payments side, we introduced a Payment Fraud Indemnity Agreement to help banks in their process of recovering funds sent because of fraud. The Innovation Council delivered the first proposed set of standards for payment commitments done on a distributed ledger, and will work with the industry to move them forward to become proper standards. Through our participation in the Universal Trade Network (UTN) and other industry initiatives, we served the interests of BAFT members in the transformation process. The BAFT conferences continued to provide opportunities for thought leadership and relationship building. This year, in particular, they also provided opportunities to see demonstrations of some of the transformational new technology solutions into which the industry has invested significant energy and resource. Trade, cash and compliance professionals have found up close, live demonstrations of these tools to be quite valuable. Lastly, congratulations to our 4th graduating class of Future Leaders. The pace of change has challenged every one of our members, and created new opportunities and challenges. As your industry advocate, we continue to walk with you through this transformation, providing support and leadership when necessary. Thank you for your support.

Mark Garfield

Tod Burwell

Chair, BAFT

President & CEO, BAFT



Global Policy Advocacy Over the course of 2019, BAFT staff participated in meetings with dozens of policy makers and multilateral bodies to advance industry priorities on trade policy, prudential policies affecting trade, fintech regulatory frameworks, AML/ KYC, trade-based money laundering and faster payments, among others. Ensuring messages are reaching the right audiences across the globe is a key goal for our policy advocacy and thought leadership activity. BAFT has continued to voice the industry’s key policy priorities in Washington, Brussels, London, Singapore, Hong Kong and other jurisdictions of importance to our diverse membership. This year BAFT added a new resource in Singapore to better support policy initiatives across Asia. As membership continues to diversify, BAFT will expand its policy engagement in MENA, sub-Saharan Africa and Latin America.

We also continued to grow our presence and content on social media such as LinkedIn and Twitter, and increased our use of video content. This year we produced our first set of videos highlighting BAFT’s work on a number of policy areas and we expect to expand our traditional and social media presence in the coming year to reach a broader policy audience through diverse channels. BAFT continued its industry collaboration with numerous trade associations, co-authoring advocacy letters and participating in meetings with regulators and policy makers. As a global advocate engaging with global and local policy makers, BAFT will continue to expand its reach to drive forward the matters of importance to the transaction banking community.

Trade Policy This year brought a heightened degree of uncertainty with trade tensions between major economies leading to increased protectionism. External risks, including rising trade barriers, uneven regulatory pressures, and sharperthan-expected slowdowns in several major economies, are posing challenges to our member institutions. The World Bank estimates that global economic growth will ease to a weaker-than-expected 2.6% in 2019 before inching up to 2.7% in 2020. Global value chains have begun to shift, and as the U.S.-China trade war continues, may shift for the long-term. South-South trade now accounts for about 1/3 of total trade, and economists expect growth in emerging markets and developing economies to stabilize next year. Amidst this backdrop, supply chain and technology integration continues. These financial and geopolitical events have raised the need for BAFT to be engaged in trade policy discussions around the globe. BAFT contributed broadly to the dialogue on trade policy through a variety of channels including: • World Trade Organization (WTO) Trade Experts Roundtable Leveraging the BAFT expertise with financial crime and correspondent banking de-risking, we



participated in the WTO-hosted roundtable along with the Financial Stability Board (FSB), to discuss general trade trends, and specific opportunities for the global community to address the trade finance gap being negatively impacted by financial crime compliance and correspondent bank de-risking. •

Engage China Coalition BAFT provided input to the U.S. President, Secretary of Commerce, and Trade Representative on the value of trade and role of financial institutions to support economic growth through trade amidst escalating trade tensions. This coalition of eleven U.S. financial services industry bodies provides input to ongoing trade discussions between the U.S. and China, ensuring financial services priorities are considered.

UK-U.S. Financial and Related Professional Services Industry Coalition As a founding member of the UK-U.S. Coalition, BAFT joined 16 industry groups from the UK and the U.S. to support a comprehensive government dialogue on financial services and regulatory cooperation. Through the coalition, BAFT provided

input to the UK-U.S. financial regulatory working group, and met with European Commission Vice President Valdis Dombrovskis in the context of post-Brexit trade implications. •

International Chamber of Commerce (ICC) B20 Task Force As both an ICC member and industry partner, BAFT is a regular contributor to the ICC consultation to the B20 and G20. In advance of the 2019 Osaka summit, the consultation recommended legislative requirements for companies to adopt Legal Entity Identifiers (LEI), implementation of UNCITRAL Model Law on Electronic Transferrable Records, and national Financial Intelligence Units (FIUs) to adopt standardized data elements for suspicious activity reporting for trade. Direct Bilateral Engagement Through meetings with policy makers around the world, BAFT engaged in discussions of trends, opportunities, challenges and policy implications, providing recommendations for advancing important topics.

As free trade continues to be vulnerable to shifting policies, BAFT remains committed to promoting the enduring value of free trade as a means to spur economic growth and employment globally.

U.S. Export-Import Bank (EXIM) BAFT has remained highly active in advocating for the U.S. Export-Import (EXIM) Bank to return to fully functioning status. EXIM was reauthorized through September 2019, though it operated without a Board quorum to authorize transactions over 10 million for nearly 4 years. During that time, BAFT met with EXIM Board nominees, staff for House and Senate leadership, and issued Statements for the Record for EXIM Board confirmation hearings. BAFT also organized a private roundtable with members, the Chief Operating Officer and other senior EXIM leaders to provide suggestions for improving bank processes. In May 2019, after years of BAFT and other industry association advocacy, the Senate confirmed three nominees to serve on the EXIM Board, enabling EXIM to return to full operational status. BAFT met with Kimberly Reed, initially when she was nominated to serve on the EXIM board of directors, and supported her successful candidacy as President and Chairman of the Board of EXIM. We welcome her as a keynote speaker for our Annual Conference on International Trade. BAFT submitted statements for the record to Congress urging the committee to move swiftly to pass a long-term reauthorization, prevent unnecessary disruptions to its activities by permanently resolving the quorum issue; increase EXIM’s statutory lending authority to align with market demands, and avoid unnecessary administrative roadblocks that will negatively affect the competitiveness of U.S. companies. BAFT will remain engaged to ensure that long-term reauthorization is passed.



Prudential Framework

Prudential Regulation Authority (PRA) Consultation


BAFT and other industry groups submitted comments to the Bank of England Prudential Regulation Authority (PRA) in response to their Consultation Paper CP6/18 entitled Credit risk mitigation: Eligibility of guarantees as unfunded credit protection. The comments addressed proposed changes to Supervisory Statement (SS) 17/13 ‘Credit Risk Mitigation’ to clarify expectations regarding the eligibility of guarantees as unfunded credit protection under Part Three, Title II, Chapter 4 (Credit Risk Mitigation) of the Capital Requirements Regulation (575/2013) (CRR).

Following the announcement of the Basel III final framework in December 2017, BAFT undertook an initial assessment of the impact on trade finance. In the fall of 2018, BAFT held a meeting with a member of the Basel Committee leadership to discuss the impact of the final framework on trade finance. Together with a working group of our members, we have tracked the evolution of proposals put forth by various jurisdictions for their local implementation. The working group continues to refine a “template” of industry concerns that can be leveraged for advocacy in the various jurisdictions. The issues raised center around three main subjects within the framework: 1. Credit Conversion Factors (CCF) on technical guarantees and definition of Unconditionally Cancellable Commitments (UCCs) 2. Maturity used under IRB approach 3. LGD input floors and haircut on the collateral value for commodities trade

The PRA responded favorably to industry feedback, ensuring that such regulations would not interfere with the practical usage and effectiveness of export credit guarantee and trade credit insurance and other risk mitigation programs globally.

Financial Crime Correspondent Banking De-risking

Bank Recovery and Resolution - Article 55

Over the last 6 years, BAFT has been fully engaged in the attempt to address the global decline of correspondent banking relationships. We have worked with stakeholders in the public and private sectors to outline the various facets of this complex problem, and identify, implement, and measure the impact of potential solutions. This year, BAFT organized and participated in several policy roundtables on the topic, produced guidance on industry best practices, and delivered financial crime compliance training in several countries around the world.

In a victory for BAFT members, the Banking Reform Package in the EU included the proposals amending Article 55 of the Bank Recovery and Resolution Directive (BRRD) for which we had long advocated. The adopted amendments to Article 55 provide a path for banks to waive trade finance liabilities from including the bail-in clause. The EBA will now identify the conditions under which it would be legally or otherwise impracticable for an institution to include the bailin clause. The transition and timetables for implementation are not yet final.

In conjunction with the MENA Forum in Dubai, BAFT organized a policy roundtable on downstream correspondent banking to explore the practice of a strong regional or national bank serving as a hub for smaller banks in a heavily de-risked area to gain access to global correspondents. In addition, BAFT lent its expertise at policy roundtables hosted by the Asian Development Bank (ADB) and World Trade Organization (WTO), which included a focus on the implications of correspondent bank de-risking on the availability of trade finance.

Once the template is generally agreed, BAFT will work with members to both proactively advocate with local policy makers as well as respond to proposed rulemakings in various jurisdictions. BAFT continues to coordinate with other industry bodies (e.g. ICC) to ensure consistency of messaging.



Downstream Correspondent Banking Roundtable, Dubai, UAE, March 2019

BAFT published the Respondent’s Playbook for Obtaining and Maintaining a Correspondent Banking Relationship in March 2019. The Playbook clarifies the expectations correspondent banks have for their respondents, provides practical tips for respondents in obtaining and maintaining relationships, identifies best practices for respondents, and outlines the actions that still struggling respondents may take to improve their circumstances. The Financial Stability Board (FSB), in its May 2019 progress report on addressing the decline in correspondent banking, approvingly cited portions of the Playbook as international industry best practice. In addition, the International Finance Corporation (IFC) decided to use BAFT’s two-day workshop on the Playbook as a capacity-building tool for banks in African nations severely impacted by de-risking.

Reform of the U.S. AML Framework BAFT joined a coalition of financial services industry associations focused on proposing reforms to the U.S. AML framework. The coalition has submitted multiple letters and had various engagements with U.S. policy makers on the subject. •

March - submitted a letter to the U.S. House of Representatives Financial Services Committee encouraging it to introduce legislation that would create a federal beneficial ownership registry of legal business entities and modernize the U.S. AML regulatory framework.

May - prepared a letter supporting the Corporate Transparency Act of 2019, introduced in the U.S. House of Representatives Financial Services Committee to establish a beneficial ownership registry of legal entities administered by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. The letter also expresses support for a bill to modernize the U.S. AML regulatory framework by improving information sharing and permitting financial institutions’ use of emerging technology, such as artificial intelligence, in their AML programs.

June – letter reiterating support for the Corporate Transparency Act of 2019 and, along with other trade associations, successfully lobbied the members of the U.S. House of Representatives Financial Services Committee to pass the bill onto the full U.S. House of Representatives.

Sanctions Issues Over the past year, there have been multiple changes and additions to the sanctions regulations issued by the U.S. Treasury Department’s Office of Foreign Asset Control (“OFAC”). In collaboration with other industry associations, BAFT has been meeting regularly to discuss potential unintended consequences of the imposition of new regulations and changes to current ones. In the fall, BAFT worked with TCH, SIFMA, ABA, UK Finance and our membership to address the potential conflicts of law issues that may arise from the snap back of OFAC’s Iran sanctions and the European Union’s formal process to update the 1996 EU Blocking Regulation (the “Blocking Statute”) to include certain U.S. sanctions on Iran. After meeting with OFAC in which the agency asked for concrete evidence of actual conflict of law and concrete harm to U.S. businesses, the industry associations had a law firm prepare a legal analysis and surveyed members to determine impact. The coalition later submitted the legal memorandum and a supplemental letter setting forth the impact of the conflict on its membership and offering various options for addressing it. The work of the coalition helped support individual member engagement with OFAC on related sanctions issues.



Payments Remittance Transfers In October 2018, the U.S. Bureau of Consumer Financial Protection (CFPB) released a long-awaited report on its assessment of the Remittance Transfer Rule. The report describes the Rule, the market, and the Rule’s effectiveness in meeting factors outlined in the Dodd-Frank Act. The CFPB noted that the report findings and responses to its request for information in 2017 and 2018 would inform its future policy decisions concerning remittance transfers, including whether to commence a rulemaking proceeding to make the Remittance Rule more effective in protecting consumers, less burdensome to industry, or both. In an April 2019 joint letter to the CFPB Director, Kathy Kraninger, BAFT, TCH, ABA, CBA, ICBA, and the U.S. Chamber of Commerce again urged the agency to address the impending July 2020 expiration of the Remittance Transfer Rule’s temporary exception allowing for the estimation of certain amounts. Following a series of meetings member banks had with CFPB staff and Director Kraninger, the CFPB issued a notice requesting information from the public on two aspects of the Rule: (1) the July 2020 expiration of the temporary exception and (2) the 100-transfer safe harbor that provides an exemption for institutions that send 100 or fewer annual remittance transfers. BAFT, TCH, ABA, and CBA responded to the



request for information that focused on the temporary exception explaining the continued reliance of the banking industry on the open network of correspondent banks to transfer funds cross-border and, accordingly, the Rule’s temporary exception permitting estimates. BAFT awaits the CFPB’s reaction and will provide members with a status update as soon as more information becomes available.

U.S. Faster Payments In November 2018, the 27-member Governance Framework Formation Team (GFFT) announced the incorporation of the U.S. Faster Payments Council (FPC). The GFFT modified the FPC’s governance and scope as proposed in the spring of 2018 to reflect input received from the industry, including BAFT. In a press release, the FPC stated that its focus would be “private-sector approaches to solving problems and addressing issues that inhibit adoption of faster payments.” The FPC intends to direct its resources to dialogue, collaboration, and education. Priorities for the first two years include: •

Supporting adoption of practices that enhance safety and security for service providers and users of faster payments;

Identifying, developing and supporting principles, guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way;

Developing an education and awareness program to foster better understanding of faster payments.

BAFT submitted a response to the Federal Reserve Board’s notice on Potential Federal Reserve Actions to Support Interbank Settlement of Faster Payments expressing support for the Federal Reserve’s introduction of a liquidity management tool and recommends its immediate development. In contrast, BAFT recommends that the Federal Reserve forgo the development of a real-time gross settlement service because such a service would duplicate an existing private sector service and might thereby impede the U.S. adoption of faster payments in the short-term. In addition, BAFT describes the minimum functionality that the liquidity management tool and, should the Federal Reserve move forward with development, the real-time gross settlement service should offer. The Federal Reserve announced its intention to develop the real-time system in August 2019. BAFT anticipates offering feedback on behalf of the industry to encourage ubiquity through interoperability.


Innovation BAFT established the Innovation Council more than three years ago to educate the community on emerging technologies, track use cases beneficial to the transaction banking industry, and engage policy makers to encourage innovation while maintaining the clarity of responsibilities of all actors in the new financial ecosystem. BAFT educated policy makers in various jurisdictions on the use cases for distributed ledger technology (DLT) and artificial intelligence (AI) in transaction banking. BAFT continues to communicate to policymakers the need to rationalize the laws and regulations applicable to both bank and non-bank providers of financial services leveraging the new technology and business models. This year, during policy roundtables, bilateral meetings, and informational interviews, BAFT staff encouraged regulators to accept the use of regulatory technology (RegTech) by financial institutions for regulatory compliance and pro-actively adopt supervisory technology (SupTech) for the fulfillment of their regulatory oversight responsibilities. Subsequently, the U.S. Department of the Treasury, regulators of Federal depository institutions, and FinCEN issued an official joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats.

HELPFUL HINT Access the innovation reference materials at



Joint Industry Initiatives Trade-Based Money Laundering BAFT continues to use recommendations from its paper Combatting Trade-Based Money Laundering: Rethinking the Approach as a tool for global industry discussions and advocacy on the complex topic of trade-based money laundering (TBML). Our global advocacy campaign has led us to discussions with the Monetary Authority of Singapore (MAS), Hong Kong Monetary Authority (HKMA), Singapore Police Department, U.S. Government Accountability Office (GAO), U.S. Immigration & Customs Enforcement and other government agencies focused on the topic. Other industry bodies and individual banks have used the BAFT TBML paper in their ongoing advocacy, providing consistent messaging on the topic. Regulatory agencies in some countries referenced the paper as they continue their work, assisting in the fight against money laundering and other financial crimes globally. TBML advocacy and education requires collective effort, and BAFT will continue to work with a variety of industry bodies to advance the issues.

Asian Development Bank Scorecard BAFT has been an active participant in efforts led by the Asian Development Bank (ADB) to action practical approaches to reducing the trade finance gap. In March 2019, BAFT participated in a multilateral public-private sector roundtable to discuss several initiatives that could improve the efficacy of fighting financial crime while reducing the burden on financial institutions and serve as a barrier to financing trade. The roundtable included several regulators, representatives from FSB, Egmont, WTO, U.S. Treasury and several financial institutions, which provided an assortment of perspectives leading to positive outcomes. The groups agreed to pursue a few specific initiatives such as: •

Standardizing data elements for Suspicious Activity Reporting (SARs) for TBML

Clarifying non-customer due-diligence requirements globally, leveraging the recommended Trade Finance Principles published by BAFT, ICC and the Wolfsberg Group

Encouraging adoption of LEI



Encouraging regularized public-private sector feedback loops involving banks, regulators and law enforcement

Adopting a more practical and consistent approach to expectations of price validation

BAFT will continue to remain engaged in the various work streams to advance the above.

Universal Trade Network The Universal Trade Network (UTN) intends to facilitate interoperability between trading parties and their networks, creating open standards and protocols, and a means to transact across the disparate networks created for digital trade. BAFT is one of dozens of participants that include banks, fintech companies, industry distributed ledger technology consortia, government agencies and others. Over the past year, the working group helped define goals, a proposed governance structure and scope of work for a prospective ongoing entity. The proposed distributed ledger payment commitment business and technical standards are examples of the types of standards the UTN eventually hopes to formalize, and we expect the work of the BAFT working group will provide a head start. The UTN will look to establish funding to create an operational entity to carry forward the mission. BAFT is one of more than 20 organizations that have committed to participate in the UTN in its future state.

Wolfsberg Group BAFT and the Wolfsberg Group have increasingly coordinated support for each organization’s efforts to provide education, guidance and advocacy on financial crime compliance topics. BAFT provided valuable input to the Wolfsberg Group’s production of educational videos on TBML and the international standards underlying each section of the CBDDQ. A representative of the Wolfsberg Secretariat also participated in the development of the BAFT Respondents’ Playbook. BAFT, Wolfsberg and ICC have jointly published the Trade Finance Principles guidance for customer due diligence

expectations including a recent amendment, and are working towards another chapter of the guide addressing risk-based approach. BAFT is a regular participant in the annual Wolfsberg Forum of financial crime compliance experts.

ICC - Task Forces The membership of BAFT and ICC overlaps, which results in both organizations having common priority areas of focus. To optimize resources, expertise and coverage, BAFT collaborates with ICC and participates in some of the ICC Task Forces including the Trade Digitization Steering Committee, Financial Crime Compliance and Policy, and when appropriate, the B20 Task Force. This past year, BAFT and ICC have collaborated on advocacy for issues such as Basel III, PRA Consultation, and various financial crime compliance topics, and together with the Wolfsberg Group, published the Trade Finance Principles.

of data for SCF and helps facilitate clarity of treatment for the various product types. The BAFT Supply Chain Finance committee drafted the Receivables Discounting Technique – Market Practices in Supply Chain Finance, and shared this with the broader industry coalition. The GSCFF published the document as the first in the series of market practice papers connected to the original definitions document. BAFT continues to participate in the drafting of the next market practices paper focused on Payables Finance, which the GSCFF expects to publish in 2020.

Asia Pacific Financial Forum (APFF) BAFT continued its engagement in APFF, with a focus on advancing digital trade. The APFF focus has been on cybersecurity, addressing country laws and regulations to support cross-border data exchange, and practical approaches to driving digital trade. APFF channels industry input to APEC Finance and Trade Ministers through the Asia Business Advisory Council (ABAC).

Global Supply Chain Finance Forum (GSCFF) The GSCFF formed in 2014 to bring the major industry associations in trade finance together to develop Standard Definitions for Supply Chain Finance Techniques that would help drive industry consistency, allows for better capture

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Industry Standards and Best Practices One of the most practical aspects of industry collaboration through BAFT is the agreement on best industry practices and standards. Establishing and documenting industry practices enables BAFT to advocate more credibly on behalf of the industry on various policy issues. The various BAFT committees and working groups were incredibly productive this past year in producing several industry guidance papers that will help improve operating effectiveness and efficiency in each organization.

BAFT Master Risk Participation Agreements (MPA)

Islamic MPA

English Law MPA

In March 2018, BAFT and the International Islamic Financial Markets (IIFM) signed an MOU to create an MPA to support secondary market activities for Islamic trade finance. Industry practitioner experts in Islamic Trade drafted a template for funded transactions, and a separate template for unfunded transactions. As they have done with other Islamic finance transaction types, the IIFM then engaged a Shariah panel of scholars to review the business templates to ensure compliance. BAFT and IIFM published the Islamic MPA in early 2019, and IIFM introduced the templates at a couple of workshops thus far with positive feedback. IIFM and BAFT will continue to use webinars and workshops to raise awareness of and respond to questions about the proper use of the documents to help drive market adoption.

Following the August 2018 publication of the BAFT English Law MPA (drafted by Sullivan & Worcester), BAFT and ITFA jointly developed and participated in various industry events to roll out of the new form – providing clarification of new terms, reasons for changes to the original form and highlights of the new approach. In addition to those hosted by ITFA and Sullivan & Worcester (S&W), BAFT held various events including: •

BAFT hosted a webinar with Sullivan & Worcester highlighting key changes from the original BAFT MPA

ITFA and Sullivan & Worcester hosted workshops to discuss the new MPA

BAFT joined CCRManager in Singapore to deliver a half-day seminar on the new BAFT MPA.

Market Practices in Supply Chain Finance – SCF Forum - Receivables Discounting


Following the initial Standard Definitions for Techniques of Supply Chain Finance document, the GSCFF (consisting of BAFT, EBA, FCI, ICC, and ITFA) discussed the value of developing ICC rules to accompany each of the techniques outlined. It was determined that there was still quite a bit of variation to the structure of some transaction techniques, so documenting common market practices and principles was more applicable than developing strict transaction rules.

Following the successful rollout and positive market acceptance of the new English Law MPA, the MPA Working Group turned its attention to the New York Law MPA. The group of trade finance business and legal experts at member institutions again worked with ITFA and Sullivan & Worcester to draft and publish the NY Law Agreement in May 2019. As with the English Law form, Sullivan & Worcester also produced a guidance document to aid use by practitioners in the industry.

The BAFT Supply Chain Finance Committee developed an industry guidance paper for receivables discounting, one of the fastest growing techniques within the receivables purchase group of Supply Chain Finance techniques. The GSCFF added input and published the Receivables Discounting Technique – Market Practices in Supply Chain Finance in June 2019 to offer the industry practical approaches to delivering this complex product.

Turnout for the various events evidenced the significant value of the updated form. The existing MPA remains available to members if they choose to use it, however, several organizations have indicated they plan to introduce the new form with their counterparts.

The GSCFF continues developing and socializing sound practices related to the various supply chain finance



products and is now drafting industry guidance for Payables Finance – one of the most widely used SCF techniques, with others to follow. BAFT and GSCFF expect to publish this paper in 2020.

Trade Finance Principles for Open Account Trade The Wolfsberg Group, ICC and BAFT Trade Finance Principles published in January 2017 helps industry practitioners benchmark their customer and transaction due diligence practices when handling traditional trade transactions. BAFT is working with ICC and Wolfsberg to ensure regulators around the world support the practices outlined in this document. In May 2019, the groups published a revision to this document that includes payables financing, receivables discounting, and bank-tobank trade loans – part of the open account suite of trade products. The collaborative effort by leading industry organizations has helped to standardize the practice of developing know your customer and customer due diligence programs globally using a risk-based approach to address the more stringent application of today’s existing regulatory requirements by setting standards that banks can more easily follow regardless of size. Work continues to develop a more clear understanding of how to apply a risk-based approach.

as guidance for banks within the U.S. reflecting Auto Extension Best Practices as it relates to language suggestions, accounting practices and identification of “problem language.” The principles in the paper may need to consider local law and practice in other jurisdictions.

Respondent’s Playbook In an effort to ameliorate and potentially reverse de-risking in correspondent banking, BAFT released its Respondent’s Playbook: Guide for Obtaining or Maintaining a Correspondent Banking Relationship in March 2019. The Playbook documents the expectations of correspondent banks and best practices of respondents that, if properly implemented, should make respondent banks seeking to obtain new relationships or retain existing relationships more attractive to their correspondent banks. The Playbook also contains recommendations for respondent banks that are small and/or operate in high-risk jurisdictions and outlines special considerations for money services businesses and fintech payment providers. BAFT has developed materials for a two-day education program and has collaborated with multilateral organizations like the International Finance Corporation (IFC) to host delivery in highly de-risked nations (e.g. Sub-Saharan Africa). Organizations interested in receiving training on the Playbook should send inquiries to

Auto Extension Industry Guidance

Payment Fraud Indemnity Agreement Templates

Standby letters of credit support both performancebased deals and serve as a credit-enhancement tool. A characteristic of SBLCs is a clause that allows the expiration date to renew automatically. The Standby LC Committee established a working group to address the multiple challenges facing financial institutions with respect to auto-extension clauses in certain standby letters of credit, and how best to handle them. In summer 2019, BAFT released the white paper

In November 2018, BAFT released two versions of Fraud Indemnity Agreement templates that members may choose to use when requesting or receiving a request for the return of funds fraudulently transferred cross-border. The templates are a product of a working group born out of the BAFT Europe Council and BAFT Payments Committee. Payments and legal experts from BAFT members, BAFT staff, and representatives from BAFT member banks in other regions contributed to the project, ensuring that the agreement terms would be effective and enforceable in as many jurisdictions as possible. BAFT has received reports of use of both the comprehensive and limited liability versions of the templates from banks located in several membership regions.



BAFT is now considering options to drive broader adoption of the templates, including working with the Payments Market Practice Group of SWIFT to further drive global adoption of the templates as an industry best practice.

Industry Briefing: Intraday Liquidity Management in Europe In May 2019, BAFT released an Industry Briefing on Intraday Liquidity Management in Europe. The industry briefing draws on findings from a survey of BAFT members in Europe. The findings showcase market reactions to the regulatory pressure of monitoring and reporting on intraday liquidity positions and offers insight on industry best practices.

Information Chart for USD Payments In April 2019, BAFT released an updated chart of the information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers. BAFT first issued the chart in 2016 as an appendix to the paper entitled Practices and Guidance for Formatting Payments and Handling Inquiries Related to the Financial Action Task Force (FATF) Recommendation 16. A working group of experts on large-value, cross-border payments involved in BAFT’s Payments Committee updated the information in the chart. BAFT intends to update the chart annually to ensure that members have access to the most up to date information.

Distributed Ledger Payment Commitment (DLPC) Technical and Business Best Practices The BAFT Innovation Council formed a Distributed Ledger Payment Commitment (DLPC) Working Group to produce technical and business best practices for payment commitments on the use of DLT-based



platforms. The industry is early in its transition from paperbased instruments to a DLT-based process for engaging in trade finance transactions. Common industry standards and practices will be required to support interoperability of DLPCs across platforms. In April, BAFT published technical and business best practices for a DLPC, a core component of instruments involving a promise to pay that is registered on a DLT platform built to conduct financial transactions. The documents identify industry-wide specifications for a DLPC, enabling digitization of payment and trade finance instruments for processing on a DLT platform and interoperability among platforms. BAFT released these best practices for trial use, seeking feedback from early adopters. Please direct comments to The DLPC Working Group anticipates issuing final documents in late 2019, incorporating industry feedback provided. The working group is also exploring adoption of the DLPC best practices as standards by the X9 payment group of the American National Standards Institute (ANSI).

Code Is Not Law: The Legal Background for Trade Finance Using Blockchain During its activities, the DLPC Working Group identified a key barrier to the execution of financial transactions on DLT platforms: U.S. law does not recognize electronic negotiable instruments. As a result, BAFT, R3, and Shearman & Sterling produced a paper exploring the legal issue and potential solutions. The paper concludes that although the amendment of Article 3 of the Uniform Commercial Code is the ideal long-term solution, the creation of a participant rulebook for use of a DLPC on a platform to fill the existing gaps in law is the most expeditious solution. The organizations released the paper entitled Code Is Not Law: The Legal Background for Trade Finance Using Blockchain in September 2018, followed by a webinar in October 2018. BAFT participated in multiple industry efforts including the ICC Digitization Working Group, APFF, and bilateral discussions to drive advocacy on these issues.

BAFT Councils, Committees and Working Groups Leadership Councils


Working Groups

Asia Council

Commercial Letters of Credit

AML/KYC Best Practices

Europe Council

• Central LC Subcommittee

Auto Extension Best Practices

MENA Council

• Southeast LC Subcommittee

Basel Implementation

North America Council

• West Coast LC Subcommittee

Data Privacy Review

• Regional Bank Council

Standby LC/Guarantees

Distributed Ledger Payment

• International Advisory Council (IAC)

Trade Compliance

Commitment (DLPC)

Future Leaders Council

Legal Advisory

Real-Time Payments

Global Trade Industry Council (GTIC)

Regulatory Affairs

Information Chart for USD Payments

Innovation Council

Asia Trade Finance

Talent Management

Transaction Banking Global Leaders (TBGL)

Trade Finance Structured Trade/Export Finance Supply Chain Finance Payments Membership Solution Provider

For a full list and description of Councils, Committees and Working Groups, go to

BAFT Project Management Office The BAFT Project Management Office (PMO) was launched in 2019 to add capacity to the association to better respond to interests of the industry, particularly in the areas of training and education, project management and advisory services. The PMO leverages BAFT’s relationship with the community of solution providers on a global basis, to deliver the needs of its members or industry partners. As such, the association can facilitate projects in a way that offers commercial opportunities for solution providers with certain expertise, while simplifying the project vendor selection, management and execution process for our members requiring services.

Thus far in 2019, The BAFT PMO has delivered several training projects in the U.S., Europe and Africa, and has plans to expand in 2020. The PMO may be of assistance if your organiztion is looking to assess business needs and opportunities, train staff, support technology projects, conduct market analysis or other transaction banking initiatives. Similarly, if your organization is interested in potentially serving as one of BAFT’s PMO solution partners in these areas, please visit



Future Leaders Program Over the past four years, the demonstrated success of the BAFT Future Leaders Program is evidenced not only with 120+ graduates representing 27 countries, but the continued impact and engagement these top talent transaction banking professionals have achieved.

Juliette Lascoux, SEB (Program Sponsor) “BAFT’s Future Leaders Program continues to offer an excellent opportunity for the talent in the industry to explore the most relevant industry issues through cross institutional collaboration. It has been an enriching and inspiring experience for me to be part of the project.”

Program mission: to support the development of future transaction banking leaders

Program objectives: 1.

Recognize rising talent in the transaction banking industry and support leadership growth


Form guidance on industry issues from the perspective of future industry leaders


Build a network of young leaders that will lead the next generation in transaction banking


Provide future leaders exposure to current transaction banking industry leaders


Create a pipeline of talent that will contribute to industry issues through BAFT

2019 Future Leaders along with Tod Burwell (BAFT) and their sponsors Suresh Subramanian (BNP Paribas), Juliette Lascoux (SEB), and Stephanie Wolf (Bank of America)



Class of 2019 Future Leaders Graduates Arezu Abedinzadeh - SEB Abdul Aleem - ITFC Rami AlHusari - Arab Bank Media Alimorad - BMO Capital Markets Sylvie Bartelmaos - Banque Libano-Francaise Michael Beispel - Tradeshift

Nominations for Class of 2020 Future Leaders open in August and close October 4, 2019. The program will formally launch in January 2020, during BAFT’s Europe Bank to Bank Forum in Frankfurt. Each full dues-paying member institution is eligible to nominate one individual for consideration. Only the primary contact at eligible institutions will receive the notice of enrollment, and should coordinate the application.

Josephine Bergman - Swedbank AB Michael Boede - MUFG Jennifer Couch - PrimeRevenue, Inc. Ryan Dalrymple - U.S. Bank NA Matthew Giannotti - NatWest Anthony Guide - PNC Bank NA Guus Huijgen - Deutsche Bank AG Kerry Jordan - CIBC FirstCaribbean Annina Keller - Credit Suisse René Klose - Commerzbank Luke Kneeshaw - Columbia Bank

Future Leaders Council The continuous engagement opportunities that BAFT enables Future Leader Alumni is invaluable and ties back to its original purpose – the recruitment and retention of the next generation of transaction banking leaders. Through a voluntary survey conducted in 2019, 40% of BAFT Future Leaders Alumni have already experienced career progression since the program, and 50% have continued their active engagement in BAFT by attending events as well as particiapting on working groups and future planning.

Ryan Knoll - BNY Mellon Donald Monson - Deloitte, LLP Katherine Mueller - INTL FCStone Rodrigue Nakindavyi - Danske Bank Osman Ansari - JP Morgan Sureen Pannagas - Société Générale Abhijit Patil - State Bank of India

In 2019, the BAFT Future Leaders Council will focus on developing a plan for increasing awareness of transaction banking, finding ways to best utilize the recruitment video produced by the Class of 2018, and how banks should identify talent and raise awareness in their perspective markets.

Silvio Pestalozzi - UBS AG Joshua Quigley - Bank of America Merrill Lynch Chanpreet Sawhney - Wells Fargo Bank Saurabh Sharma - Abu Dhabi Commercial Bank Gert Sonck - ING Bank NV George Stergianopoulosl - HSBC Bank Anton Suphal - RBC Investor & Treasury Services

HELPFUL HINT For more on our Future Leaders Program or to apply, visit

Anthony Williams - Scotiabank

BAFT Future Leaders Council Co-Chairs “The network created is not only an opportunity for professionals rising in the industry, but allows us to tangibly strengthen our engagement on industry issues.” Natalia Nobre

Caryn Pace


Bank of America



Regional Highlights – The Americas The Americas represent 52% of BAFT’s global community, with members in eight countries. In 2019, the region also welcomed Banorte, Mexico’s largest indigenous bank to its expanding membership along with 13 other new members. Amy Sahm (Fulton Bank) and Jonathan Elkins (National Bank of Canada), co-chair the North America Council (NAC), which drives member priorities for the region.

The Americas Council Co-chairs

Jonathan Elkins National Bank of Canada

Amy Sahm

Fulton Financial Corporation

The NAC was able to achieve several priorities in 2019 such as advocating for EXIM Bank to return to full operational status. The NAC also celebrated the first Caribbean-based Future Leaders Program graduate, and strengthened Mexican representation on its leadership council. BAFT hosted its second annual U.S. Regional Bank conference. Regional banks (<$250B assets) make up roughly half of the membership in the Americas, creating a need for a program that caters to the particular needs of that segment. In 2019, more than 45 banks and solution providers met in Chicago for a two-day conference and networking event that addressed a variety of topics across transaction banking.

Mark Garfield, BAFT Chair, welcomed Regional Bank Conference attendees in Chicago, IL, July 2019



With strong support from Barclays and Bank of America, BAFT hosted a roundtable event in Miami to engage banks with business ties to Latin America. Several LATAM banks spoke about business challenges such as correspondent banking de-risking, and training and education. Over the next year, the NAC will continue to identify ways to engage the region and set up more outreach events.

”The NAC continues to grow and enhance its member participants to build a diverse and highly engaged group representative of the membership and interests in our region. We endeavor to provide value in supporting BAFT’s key initiatives across advocacy, global transaction banking education and research into trending developments in the industry. Together, with the other regional leadership councils, we strive to promote our dynamic, innovative and supportive community of global bankers.” Roughly 430 transaction-banking professionals attended the signature Global Annual Meeting - The Americas held in San Diego, CA. In addition to relationship building, business meetings, thought leading speakers and networking, the conference marked the graduation of the 2019 Future Leaders Program. The NAC looks forward to the next annual conference in May 2020 in Orlando, FL. Over the next year, the NAC will continue to provide increased education on trade finance with U.S. policy makers, assess opportunities to improve SWIFT RMA relationships, and push for U.S. AML/ CFT regime reform. The Council will also look to support BAFT’s Respondent’s Playbook, the Supply Chain Finance Workshop, online training and education, and membership expansion in Latin America.

Regional Highlights – Europe Europe Council Co-chairs

Patrick Gmür Credit Suisse

Bart Timmermans Santander

The BAFT Europe Council (EC) has a mature membership from European-headquartered banks, non-European banks and solution providers. Collectively addressing key European transaction banking issues aligned with the BAFT global strategy, the EC actively fosters closer dialogue with the other Regional Councils on cross-border initiatives and advocacy amongst local banking associations. The EC welcomed Bart Timmermans (Santander), as the newly elected co-chair in March to serve along with Patrick Gmür (Credit Suisse) who is in his second year as Co-Chair. The Europe Council established working groups to engage on key European initiatives including Basel III, real time payments and talent attraction, while seeing previous initiatives successfully completed / published.

The Europe Council continues to contribute to global BAFT initiatives. This year, the Council welcomed new representatives from several member banks, resulting in fresh ideas when executing its initiatives. The Council looks forward to adding further value and initiating collaboration with other Councils on initiatives that have Global as well as European impact for the banking industry”.

management and will provide a forum for banks to share best practices on how to meet evolving regulatory requirements. Payment Fraud Indemnity: An initiative that the Europe Council is pleased to see come to fruition is the Fraud Indemnity agreement templates; following an in-depth process between member banks in other regions, ensuring that the agreement terms would be effective and enforceable in all jurisdictions. BAFT released the indemnity agreement templates in October 2018. These templates will support members’ attempts to recover fraudulently transferred funds from a customer’s account to another bank. Banks may choose to use either the comprehensive or limited liability indemnity agreement template according to their needs.

• Deposit management

Europe Trade Round Table: Formely called the TBML Working Group, the Europe Trade Roundtable held two roundtables with approximately 15 participants from member Institutions. The roundtables continue to provide a platform to share ideas and concerns towards best practices in trade finance, learning and networking within the SME’s in the participating institutions, with the agenda consisting of areas of concern put forward by roundtable members. These roundtables continue to provide value for BAFT members and a platform for BAFT to ensure the socialization of industry papers, training offerings (Respondent’s Playbook), best practice guides, and continue to engage institutions on other topics.

Working Group members reviewed the survey findings in detail and added the expertise of their financial institutions to the analysis to provide a more granular interpretation of the survey findings in a meaningful market context. The industry briefing captures survey results and analysis. BAFT will continue to engage on the topic of intraday liquidity

Approximately 300 individuals attended the BAFT Europe Bank to Bank Forum held in London this year, which built on the success from last year’s program and included live demonstrations from bank consortiums working on various trade-based fintech initiatives. The Forum also hosted the kick-off of the 2019 Future Leaders Program.

Intra-day Liquidity: Following a lengthy data gathering process the BAFT Europe Council Intraday Liquidity Working Group released an Industry Briefing on Intraday Liquidity Management in Europe. This paper examined the increasing importance of intraday liquidity in the daily routine of transaction bankers and focused on five key areas: • Management of intraday liquidity lines and facilities • Charging for intraday liquidity usage and related services • Current and future usage of liquidity monitoring tools • Investments in liquidity monitoring and forecasting



Regional Highlights – Middle East / Africa BAFT continues to see growing interest from institutions in the Middle East and Africa for collaboration on common problems, and the need for representation on global policy issues. MENA has become the third most active membership region, while interest in Sub-Saharan Africa is finding common goals. When the MENA Council formed a few years ago, one of the goals was to better support the growing demand for Islamic finance. Many of the banks in MENA use the BAFT MPA for risk participation, and some banks use the BAFT Master Agreement for Bank-to-Bank Trade Loans. BAFT and the International Islamic Financial Markets (IIFM) worked together to deliver a Master Participation Agreement for Islamic trade finance. With templates to support funded and unfunded transactions, the new document is a breakthrough in providing some much-desired standardized structure. IIFM has held a few introductory workshops and BAFT/IIFM will hold additional workshops and webinars to socialize the document and drive broader adoption.

MENA Council Co-chairs

Ziad Ghosn Bankmed

Jan Willem Sudmann Mashreq

For the first time, BAFT held a Financial Crime Compliance workshop hosted by Abu Dhabi Global Markets in Abu Dhabi, covering sanctions, AML, due diligence, transaction monitoring and de-risking. As part of the potential solutions, to de-risking, BAFT held a closed member roundtable to discuss opportunities, risks and approaches to downstream correspondent banking. Some regulators and central banks see regional banks offering services to local banks that might be too small for global correspondent bank relationships as a potential approach to bridge connectivity for those institutions and markets.



The Downstream Banking Roundtable preceded the annual MENA Bank to Bank Forum in March. Attendees again provided very positive reviews of their experience, the thought leadership, and the relationship building that took place. The program opened with a fireside chat with His Excellency Abdul Aziz Al Ghurair, CEO of Mashreq Bank. The program covered a wide range of topics, saw the introduction of UAE Trade Connect, and looked at transformative innovations affecting the MENA region. Several banks convened in Cape Town to discuss their interest in re-forming a BAFT Africa Council. Topics of concern such as the inconsistent implementation of Basel framework, expectations for financial crime compliance and de-risking are driving the interest for collaboration. IFC hosted six Respondent Playbook workshops in Sub-Saharan Africa thus far, with BAFT providing content and delivery for attendees. We will explore additional opportunities for financial crime compliance education over the next year.

“In just 3 years, the MENA BAFT Bank to Bank Forum in Dubai has become one of the major events for Transaction Banking in the region, attracting a diversified participation from both the banking sector and the fintech industry. This success would have not been possible without the dedicated work of the Planning Committee, the valuable contribution of the MENA Council and the continuous support from the BAFT team and CEO in DC. I look forward to a continuous success in MENA, with a wider membership reach and contribution to the global policy dialogue.”

The first UAE Financial Crime Compliance Workshop was held in Abu Dhabi, in partnership with Deloitte and Abu Dhabi Global Markets, January 2019

Regional Highlights – Asia The U.S. - China trade war represents the biggest risk to Asian economies. The ADB recently reduced their growth forecast for the region from 5.9% in 2018 to 5.7% in 2019 with a further reduction to 5.6% in 2020. While some markets (i.e. Bangladesh and Vietnam) have benefited from shifts in supply chains, overall the region has suffered from reduced external demand for their exports. Against this muted background, BAFT has renewed their efforts in the region, engaging with regulators and policy makers on both sides of the Pacific, actively participating in a number of global conferences, advocating on behalf of members and providing critical training and educational workshops.

Asia Council Co-chairs

Kai Fehr Wells Fargo Bank

Mark Borton National Australia Bank

BAFT participated in the ADB Roundtable in Singapore in March 2019 to discuss how best to achieve financial crime compliance while reducing the obstacles to banks being able to fill the $1.5T trade finance gap. Attendees included the MAS, HKMA, Austrac, Bangladesh FIU, IMF, WTO, FSB, U.S. Treasury and others. Among the issues discussed was the industry’s interest in standardizing data elements for Suspicious Activity Reports for trade. Given the billions spent on collecting data, better consistency will allow for better use of the data, better feedback and interaction between banks, regulators and law enforcement. Participants also agreed to follow through on advocating adoption of the Trade Finance Principles published by BAFT, ICC and the Wolfsburg Group, in order to better harmonize expectations for non-customer due diligence. The Asia Council elected Mark Borton (National Australia Bank) as co-chair working alongside Kai Fehr (Wells Fargo Bank). Like Kai, Mark is based in Singapore and brings over 30 years of experience in the trade finance and cash management space having worked for a number of banks

across the UK, Asia and Australia. Mark succeeds Vivek Gupta (ANZ), who will remain an integral part of both the Asia Council and wider BAFT leadership. To further support the Asia Council and drive member needs, BAFT engaged Steven Nichols as its Asia Representative. Steve brings with him 40+ years of international banking experience and will be a useful resource in further enhancing BAFT’s membership value in Asia.

“The Asia Council’s commitment to growing BAFT’s membership in new markets in Asia has taken on a renewed vigor as a result of shifting trade flows in the region. The Council remains committed to providing advocacy and thought leadership in the important areas of faster payments and fintech enabled transaction banking products more broadly. Finally, the Council is actively engaged in providing training and education to combat financial crime and TBML.”

Looking forward, the Asia Council will continue its advocacy with key regulators in the region. Other key areas of focus will be on faster payments and fintech innovation in both the trade and payments area. Future efforts will focus on influencing the development of appropriate financial crime compliance regimes that will ensure optimal effectiveness for regulators and banks alike.

A Roundtable and Summit on Anti-Money Laundering was held in partnership with Deloitte in Beijing, China, December 2018



2019 Conferences, Workshops and Training Offerings Worldwide

28 Educational Offerings in 13 Countries and 17 Cities


Europe 43%

The Americas Global Annual Meeting – The Americas: San Diego, CA Innovation Workshop: San Diego, CA Southeast Trade Finance Workshop: Tampa, FL Canada Trade Finance Workshop: Toronto, Canada West Coast Trade Finance Workshop: Los Angeles, CA New York Trade Finance Workshop: New York, NY Global Payments Conference: New York, NY Annual Conference on International Trade: Chicago. IL Supply Chain Finance Workshop: Chicago, IL Regional Bank Conference: Chicago, IL Credit Insurance Workshop: Chicago. IL Supply Chain Finance In-Bank Training: Miami, FL



Africa Respondent’s Playbook Training: Johannesburg, South Africa Respondent’s Playbook Training: Accra, Ghana Respondent’s Playbook Training: Addis Ababa, Ethiopia


Asia Financial Crime Compliance Workshop: Singapore Financial Crime Compliance Forum: Beijing, China Financial Crime Compliance Roundtable: Beijing, China Global Councils Forum: Sydney, Australia Financial Crime Compliance Workshop: Baku, Azerbaijan Trade Finance Workshop: Baku, Azerbaijan


Europe Bank to Bank Forum: London, United Kingdom Financial Crime Compliance In-Bank Training: Stockholm, Sweden Europe Trade Roundtable: Frankfurt, Germany Europe Trade Roundtable: London, United Kingdom


Middle East / North Africa Financial Crime Compliance Workshop: Abu Dhabi, United Arab Emirates MENA Bank to Bank Forum: Dubai, United Arab Emirates Downstream Banking Roundtable: Dubai, United Arab Emirates

1718 Unique Attendees from 52 Countries The Americas










Attendee by Company/Institution Banks

Solution Providers





Educational Topics Covered


Industry Associations





Number of New Educational Offerings

Transaction Payments / Innovation



In-Person Events

Transaction Banking



Crime / TBML


39% Trade Finance


New Cities

7 New








Training and Education Historically, the BAFT training and education programs have focused on workshops that provide case-study learning examples on topics such as trade finance or financial crime compliance. However, our members learning demands have led us to expand our offerings to include new E-learning programs, and consider strategic engagements with universities.


University of Washington: Global Bankers Program

CertPAY CertPAY enables professionals working in the global payments industry to attain an internationally recognized qualification. It will provide you with a comprehensive understanding of payments, from terminology to the mechanics of moving money across the globe, as well as compliance, risk, regulation, and strategy.

The Certificate in Supply Chain Finance (CSCF) New! CSCF is the new industry certification designed for finance professionals who want to build their knowledge and understanding of the techniques for financing international supply chains.

The Certificate in Trade Finance Compliance (CTFC) New! This qualification gives you the technical knowledge to succeed in trade finance compliance and the ability to apply expertise in a professional setting.

The Certificate in International Trade & Finance (CITF) New! CITF enhances your knowledge of the products, documents, trade terms, roles and responsibilities that underpin international trade and finance. The CITF qualification also helps you develop a basic understanding of fraud prevention and risk in trade finance.

Certified Documentary Credit Specialist (CDCS®) CDCS® is the global standard used by trade practitioners and is recognized around the world.

The BAFT Future Leaders Program identifies future leadership in the transaction banking industry, and uses collaborative project engagement as a means to develop talent, build relationships and prepare the next generation of leaders. BAFT has developed a relationship with the University of Washington Global Bankers Program (UWGBP) to provide executive education to existing senior leaders in the international banking industry. BAFT serves on the administrative board of the UWGBP, which allows us to provide input on the relevant topics to include in the curriculum-the skills that firms are looking for their leaders to develop, and engage with thought leader academicians on topics relevant to our industry. The UWGBP has been in existence for over 40 years and graduated well over 2,400 bankers from around the world. Through the relationship with UW, BAFT members can expect:

In 2019, BAFT launched several new online-learning experiences, which complement the industry recognized CDCS exam. Collaborating with the London Institute of Banking and Finance, BAFT now offers self-study courses that cover a wide range of transaction banking products.

University professors offering throught leadership on topics at the BAFT Global Annual Meeting

15% discount on Global Bankers Program tuition for first-time, first-year participating member organizations (represents > $1,000 discount)

Webinars on certain topics of interest

Opportunities to speak / facilitate learning sessions for executives in the program


Opportunity to shape the learning curriculum of

Learn more about payments and trade certifications, plus upcoming webinars

executives in the program




Save the Date While several of the BAFT program dates and location are in the process of being finalized, please mark your calendars for the following:

2019 BAFT Conferences and Workshops! September 5 & 9 September 9 September 22 September 30 October 23 October 23 – 25 December December December

BAFT Respondent’s Playbook BAFT Respondent’s Playbook 11th Global Councils Forum (invite only) BAFT Respondent’s Playbook Supply Chain Finance Workshop 29th Annual Conference on International Trade Financial Crime Compliance Forum Financial Crime Compliance Workshop Financial Crime Compliance Workshop

Dakar, Senegal Abidjan, Cote D’ivoire London, United Kingdom Antananarivo, Madagascar Chicago, Illinois Chicago, Illinois Beijing, China Singapore Seoul, South Korea

2020 BAFT Conferences and Workshops! January 13 – 15 Global Annual Meeting - Europe Frankfurt, Germany January 20 Trade Finance Workshop Mumbai, India January 21 Financial Crime Compliance Workshop Mumbai, India February Respondent’s Playbook – LATAM LATAM February 13 – 14 Southeast Trade Finance Workshop Tampa, Florida February 20 – 21 Canada Trade Finance Workshop Toronto, Canada February 26 – 28 Global Payments Conference New York, New York March 18 – 19 MENA Bank to Bank Forum Dubai, United Arab Emirates May 3 – 6 North America Annual Meeting Orlando, Florida June Regional Bank Conference Chicago, Illinois July New York Trade Finance Workshop New York, New York July West Coast Trade Finance Workshop Los Angeles, California th Boston, Massachusetts October 4 12 Global Councils Forum (Invite Only) Events are subject to change. For conference updates and additional information, please email or visit

HELPFUL HINT Be the first to know. Sign up for alerts on conferences and events at



Special Thanks to Our Generous Sponsors Generous sponsorships help provide the means to enhance the experience at BAFT events, and we extend our heartfelt thanks to the companies that lent their support this past year.

Affinity Sponsors PLATINUM



The Bank of New York Mellon Kapital Bank Arab Bank BNP Paribas Deutsche Bank

HSBC Bank Ripple Standard Chartered Bank

Barclays Finastra Surecomp BMO Capital Markets INTL FCStone Visa CGI Pelican Wells Fargo Bank Citi PNC Bank NA

Additional Sponsors ANZ Banking Group Ltd.

Ernst & Young

RBC Investor & Treasury

ADGM Academy

Federal Reserve Bank of Atlanta

Santander Bank, NA

Bank of America Merrill Lynch

Fifth Third Bank

Schellman & Company, LLC

Banque Libano-Francaise

First Abu Dhabi Bank

Sigma Ratings Inc.

Banco Bilbao Vizcaya Argentaria S.A.


Société Générale

Berkeley Research Group LLC


Sullivan & Worcester




Broadridge Financial Solutions

Intesa Sanpaolo S.p.A.


China Systems


TD Bank Financial Group


JPMorgan Chase & Co.

The Hartford Financial Services Group, Inc.

City National Bank

Kyriba Corp


CLS Bank International

Marsh USA Inc.

Volante Technologies Inc.

Coastline Solutions Software

Mashreq Bank


Comerica Bank

Mayer Brown LLP

Volante Technologies Inc.

Copp Clark Limited

Meridian Fianance Group

Westpac Banking Corp

Currency Exchange International

National Bank of Canada

Emirates NBD

Persistent Systems Inc.

Enterprise Singapore




Membership by the Numbers BAFT’s global community continued to grow over the years, largely driven by value derived from increased advocacy, thought leadership, training opportunities, and regional programs offered.

291 26

10 Banks 10 Solution Providers 6 Government/Academic

New Members

BAFT Members


Members from



Members from

Cook Islands


New Countries



South Korea

BAFT Members by Region North America Latin America Europe Africa

24% 50% 10%

MENA 10%


2% 4%

BAFT Members by Type Banks


Solution Providers








Get the Most of Your Membership Get the most of your membership is a quick and easy way to review: •

Industry guidance papers and best practices

Upcoming conferences and events

Industry news

Educational services and webinars

Contacts at BAFT members and Solution Providers

HELPFUL TIPS FOR: Setup your BAFT Account at •

When registering, use your company email address as your USER ID

Use the Company LookUp Feature to select your correct company name to ensure you are set up as a BAFT member.

Be sure to select your marketing preferences and be the first to hear about upcoming events and member updates.

Check out the Web Tutorial at to navigate the BAFT site with ease!

A Closer Look inside Update your preference for the latest on industry and BAFT initiatives, plus be alerted when conference registration is open.



The Policy section, holds our library of comment letters, whitepapers, industry tools and best practices.

Looking to connect? Check out the Member Directory for contact details of colleagues, providers, clients and prospects!

The Education portal provides users valuable information on programs such as CDCS and CertPAY, and access to past webinars.

DID YOU KNOW? BAFT is an institutional membership. All employees of BAFT Member Institutions/Companies worldwide are eligible to access all BAFT member benefits. Questions? Contact

BAFT Appreciation Awards While the BAFT staff and board worked hard to achieve the association goals, BAFT thrives largely through the efforts of our volunteers. For the second year, BAFT presented Appreciation Awards during the Global Annual Meeting - The Americas in San Diego, CA. This year, BAFT presented Appreciation Awards to members who exemplified community leadership through their volunteerism, support and ambassadorship for the association over the past year. Our appreciation again goes out to Vugar Sadig (Kapital Bank), Radish Singh (Deloitte) and Geoffrey Wynne (Sullivan & Worcester).

Vugar Sadig

Radish Singh

Geoffrey Wynne

Kapital Bank


Sullivan & Worcester



BAFT Members New Members

Arvest Bank

Company (BB&T)

First Abu Dhabi Bank (FAB)

Associated Bank N.A.

Bridge Bank

First Citizens Bank & Trust

Banco Bradesco S.A.

British Arab Commercial Bank

First Hawaiian Bank

Banco de Credito del Peru (BCP) – Miami Agency

Brown Brothers Harriman & Company

First National Bank of Omaha

Banco de Sabadell, S.A.

Burgan Bank

First National Bank of Pennsylvania

Banco Mercantile del Norte S.A. - Banorte

Byblos Bank SAL

First Tennessee Bank N.A.

Caisse centrale Desjardins

Frost Bank

Capital Security Bank Limited

Banco Millennium Atlantico S.A.

Fulton Bank


CaixaBank – New York Representative Office

Banco Popolare S.C.

Citizens Bank Guyana

California Bank & Trust

Banco Santander

CLS International Bank

Capital One N.A.

Bank Audi SAL

Derivative PATH

Capital Security BankLimited

Habib Bank International (HBL)

Bank Leumi le-Israel

Cayman National Bank

Hancock Whitney Bank

Eastern & Southern Africa Trade & Development Bank (TDB)

Bank of America Merrill Lynch

Cedrus Bank SAL


Bank of Beirut

China Construction Bank

Huntington National Bank

Bank of China

CIBC - Canadian Imperial Bank of Commerce

ICICI Bank Limited

Bank of Hope Bank of Tampa

CIMB Group

Bank of the Bahamas

Citigroup Inc.

Industrial & Commercial Bank of China Ltd. (ICBC)

Bank of the West

Citizens Bank, N.A.

ING Group

Bankers Trust Company

Citizens Bank Guyana

Intesa Sanpaolo S.p.A.

Bankinter, S.A.

City National Bank



City National Bank of Florida

Investec Bank Limited


CoBank ACB

Jamuna Bank Limited

Shanghai Commercial Bank

Banner Bank

Columbia Bank

JPMorgan Chase & Co.

Sims Group Global Trade Corporation

Banque Bemo SAL

Comerica Bank

Kapital Bank

Banque Cantonale de Geneve

Commerce Bank N.A.

KBC Bank N.V.

TradeSun, Inc.

Banque Libano-Francaise SAL

Key Bank

USDA/Foreign Agricultural Service

Banque Misr SAE – Paris Branch

Commercial Bank of Africa Limited

Walsh College Willis Towers Watson Woori Bank, Los Angeles Branch

Bayerische Landesbank (BayernLB)

Banco Mercantile del Norte S.A. – Banorte Banque Bemo SAL Banque Cantonale de Geneve British Arab Commercial Bank CaixaBank – New York representative Office

Finance Montreal Financial Integrity Network GTLaw Infor Oracle Corporation Persistent Systems PT Bank Rakyat Indonesia (Persero) Tbk – New York Agency

Gulf International Bank B.S.C. (GIB)

ID Bank

Commerzbank AG

Lake Forest Bank & Trust Company

Barclays Africa Group

Commonwealth Bank Ltd.

Lloyds TSB Bank PLC

Barclays Bank PLC

Commonwealth Bank of Australia Limited

Mabrey Bank

Crédit Agricole

Manufacturers and Traders Trust Company Manufacturers Bank

BBVA - Banco Bilbao Vizcaya Argentaria S.A.

Crédit Industriel et Commercial (CIC) Credit Suisse

Manufacturers and Traders Trust Company

Abu Dhabi Islamic Bank

BLADEX - Banco Latinamericano de Exportaciones S.A.

CrossFirst Bank

MashreqBank Psc

Agricultural Bank of China


Danske Bank A/S

Mauritius Commercial Bank Limited

Al Salam Bank Bahrain

BMCE Bank of Africa


BMO Financial Group/BMO Bank Montreal

Financial Institutions Abu Dhabi Commercial Bank

ALTBANK Amsterdam Trade Bank

BNP Paribas/BNP Paribas Fortis

ANZ Banking Group Ltd.

BNY Mellon

Arab Bank PLC

BOK Financial Corporation/ Bank of Oklahoma N.A.

Amegy Bank of Texas

Arab Banking Corporation


Branch Banking & Trust


Deutsche Bank AG DNB BANK ASA DZ Bank AG - New York Branch East West Bank EBI/SA Ecobank Group Emirates NBD Enterprise Bank & Trust Fifth Third Bank

mBank MB Financial Millennium BCP (Banco Comercial Portugues SA) Mizuho Corporate Bank Ltd. MUFG Union Ban, N.A. Mutual Trust Bank Limited National Australia Bank Ltd.

National Bank of Canada

SVB Financial Group


TradeSun, Inc.

National Bank of Egypt – New York Office

Svenska Handelsbanken AB (publ)

Derivative PAATH

Tradeteq Limited


TransferMate Global Payments

National Bank of Kuwait


Ernst & Young

Visa Inc.


Synovus Bank

WebPort Global

NBAD Americas N.V.

TD Bank Financial Group

FCIA Management Company Incorporated


Texas Capital Bank NA


Western Union Business Solutions

NORD/LB - Norddeutsche Landesbank

The Bank of East Asia Limited

Financial Integrity Network

Willis Towers Watson

The Bank of Tokyo-Mitsubishi UFJ Ltd.



The National Bank of Ras AlKhaimah (RAKBANK)


North Shore Community Bank Northern Trust Company

The Provident Bank

Oversea-Chinese Banking Corporation (OCBC)

Turk Ekonomi Bankasi A.S.

Pacific Western Bank


People’s United Bank

UMB Bank

PlainsCapital Bank

Umpqua Holdings Corporation



PT Bank Central Asia TBK (BCA)

United Bank for Africa PLC New York Branch

PT Bank Negara Indonesia (Persero) Tbk – New York Office

Washington Trust Bank

Girozentrale Nordea Bank

PT Bank Rakyat Indoneisa (Persero) Tbk – New York Agency

U.S. Bancorp

Webster Bank Wells Fargo Bank N.A. Wintrust Financial Corporation Wirecard Bank AG

FIS Global Gene Neyer Global Advantage GPS Capital Markets GTB Insights LLC GTLaw Hogan & Lovells LLP

Export Development Canada Export-Import Bank of the United States

JLT Specialty King & Spaulding LLP Mayer Brown LLP McKinsey & Company Meridian Finance Group Moses & Singer LLP

RBC Financial Group/The Royal Bank of Canada

Zürcher Kantonalbank

Oracle Corporation

RBS - The Royal Bank of Scotland Group

Solution Providers

Regions Bank

Allen & Overy LLP

Republic Bank Ltd.

Arnold & Porter Kaye Scholer LLP

Morrison & Foerster LLP


Berkeley Research Group LLC

Delcredere l Ducroire

INLT FC Stone Inc.

Zions First National Bank

Saradar Bank

CDC Group


Rand Merchant Bank

Atrafin LLC

ATB Financial

IIG Trade Finance LLC

Woori Bank, Los Angeles Branch

Santander Bank, N.A.

African Export-Import Bank

Eastern & Southern Africa Trade & Development Bank (TDB)

IBM Corporation

Raiffeisen Bank International AG (RBI)

Rockland Trust Company

Government Agency Members

Persistent Systems Premium Technology Inc. PricewaterhouseCoopers LLP PrimeRevenue, Inc. Private Export Funding Corporation (PEFCO)

Federal Reserve Bank of Chicago Finance Montreal Global Coalition for Efficient Logistics (GCEL) International Islamic Trade Finance Corporation (ITFC) Nippon Export and Investment Insurance (NEXI) U.S. Department of the Treasury (OFAC) USDA/Foreign Agricultural Service

Associate Members

Broadridge Financial Solutions

R3 (Distributed ledger Group LLC)

Bunge Global Agribusiness


Cargill Incorporated

Sigma Ratings Inc.

SEB - Skandinaviska Enskilda Banken AB

CCRManager PTE Ltd.

Sims Group Global Trade Corporation

Whit Knapp


Shanghai Commercial Bank

Clifford Chance US LLP


Vincent Raniere

Société Générale

CLS International Bank

Sullivan & Cromwell

Donald Smith

Société Générale de Banque au Liban

Clyde & Co.

Sullivan & Worcester

John Taylor

Coastline Software Solutions


Standard Bank Group Limited

Barry Tooker

Copp Clark Limited


Standard Chartered Bank Ltd.

Create Trade Capital


State Bank of India

Currency Exchange International

Taylor Wessing LLP


TradeIX Limited

Saudi Investment Bank Scotiabank/The Bank of Nova Scotia

Sumitomo Mitsui Banking Corporation SunTrust Banks

Walsh College

Honorary Members Michael McKenzie

The Clearing House



FY2019 | BAFT Board of Directors EXECUTIVE COMMITTEE




President & CEO

Mark Garfield Zions Bancorporation

Raffaele Martino Intesa Sanpaolo

Stephanie Wolf Bank of America

Tod Burwell BAFT

Miriam Ratkovicova Deloitte

Patricia Gomes HSBC

Steven Lotito MUFG

Vivek Gupta ANZ




John Ahearn Citi

F. H. Ahlborn US Bank

Mark Borton National Australia Bank

Philip Bowkley Barclays

Kimberly Burdette PNC Bank (Past Chair)

Jonathan Elkins National Bank of Canada

Kai Fehr Wells Fargo Bank

Ziad Ghosn Bankmed

Patrick Gmür Credit Suisse

Tarik Muzaffar TD Bank

Ulf-Peter Noetzel Deutsche Bank

James Peterson Northern Trust

Amy Sahm Fulton Financial Corporation

Christian Stolcke UBS

Suresh Subramanian BNP Paribas

Bart Timmermans Santander CIB

Jan Willem-Sudmann BNP Paribas

Elena Whisler FIS





Tod Burwell President & Chief Executive Officer +1 (202) 663-5252

Arlene Sanchez Vice President Marketing & Events +1 (202) 663-5532

Stacey Facter Senior Vice President Trade Products +1 (202) 663-5254

Kathryn Hoch Director Programs & Events +1 (202) 663-5536

Samantha Pelosi Senior Vice President Payments & Innovation +1 (202) 663-5537

Nancy Monahan Director Business Development +1 (202) 663-5530

Diana Rodriguez Senior Director International Policy +1 (202) 663-5514

Gregory Kramer Director Marketing +1 (202) 663-5233

Shawn Haynes Vice President, Operations & Business Management +1 (202) 663-7534

Channing Daniel Director Membership +1 (202) 663-5534


Carleen Hadley Europe Representative +44 1306 621039

General Inquiries Membership Inquiries

Steve Nichols Asia Representative +65 9323 3336

Programs & Events CDCS Inquiries

Melissa Edwards Training and Education Representative +1 (617) 733-1984

More Ways to Stay Connected Twitter @BAFT_Global Linkedin



1120 Connecticut Avenue, NW, Washington, DC 20036, U.S. | Phone: +1 (202) 663-7575 | Fax: +1 (202) 663-5538