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Description

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The spread of COVID-19 worldwide has caused serious disruptions to international trade. Many parties are involved in International Trade. Other than ourselves, they include customs and other government authorities, financial institutions, insurers, export services providers, international carriers (air & sea) and our customers.

What are the respective parties' obligations under letters of credit in circumstances like these?

This workshop will help you understand and mitigate the potential risks and fraud in international trade, and also provide practical insights on the recent developments and the essential documentary credits.

The four main aspects of international trade payments, the risks involved and potential fraud in the various payments, how payments are done and an introduction on the latest international trade terms will be discussed.

Programme Outline

Overview of International Trade

Definition of Customer

  • Who is the customer? (KYC & KYCC)
  • Know your contract

Impact of COVID-19 on businesses – PEST

  • P – Political (Country risks, Governmental Involvements, etc )
  • E – Economy (Businesses; credit, financial, etc)
  • S – Social (Behaviours of the people; cultural and religious)
  • T – Technology (Online and Social media, AI, etc)

Documents used in International Trade

  • Bills of Exchange (Drafts – sight/term)
  • Invoice – Proforma, Commercial, Consular etc
  • Transport Documents – Bill of Lading, Air waybill, Delivery order, Postal
  • Insurance – Marine Insurance (ICC Cargo Clauses), Export Credit Insurance
  • Others – Packing List, Weight List, Inspection Certificate, Health Certificate etc.

Managing four types of International Trade payments and the risks inherent in the different payment structures –

  • Prepayment/Cash in Advance
  • Documentary Collection
  • Documentary Credit (LC)
  • Open Account

Different types of Documentary Credits and the Risks

  • S.A.N.D
  • Back to Back
  • Front to Back
  • Transferable
  • Red Clause
  • Standby LC (SBLC)

General risk in Documentary Credit

  • Risks to Applicant
  • Risks to Beneficiary
  • Risks to Banks (Issuing, Advising, Negotiating, Transferring, Confirming)

Latest development in Trade – A Practical Overview

  • INCOTERMS 2020 –Common pitfalls in INCOTERMS
  • eURC
  • eUCP
  • eBL
  • COVID-19 : Force Majeure/impact on business contract

Q&As and Case Study

Target Audience

  • Accountants and Auditors who want to know how to manage the risks involved in international trade
  • Banking Professionals in Trade operations and Compliance
  • Managers and Executives in import and export functions

Expert Speaker

Richard Yeo

Richard is a highly respected veteran in the trade finance industry. He was formerly the Head of Commercial Group in JP Morgan, in charge of both Trade Finance and Funds Transfer. He moved on to The Asahi Bank Ltd, and subsequently assumed responsibility as a Deputy General Manager for the smooth operations of the various departments including those in Trade functions. During the tenure, he also headed the Compliance department of the bank.

Richard subsequently joined Kenwood Asia Ltd, where he was tasked to review the company’s risk management functions, amongst other commercial responsibilities. He was also previously a Consultant with Sapphire Corporation Ltd, a public listed company.

Richard is an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree.

This is a face-to-face event to be conducted on 9 April 2021. ACCA members will enjoy the members' fee of $400.18 (including GST). Kindly key in the promo code "ACCA21" during registration. You will be requested to furnish your ACCA membership number upon receipt of our confirmation.

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One-Connection-One-Fee

Our webinars operate on a 'one-connection-one-fee' basis, so you can have your whole team participate together in a boardroom setting for one cost effective price, using one registered log-in connection. The registered attendee will receive a CPD certificate.

Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! Recordings are provided for webinars with a duration of 3 hours and less.