Ex-Im Bank adopts new best practice guidelines

US Export-Import Bank launches KYC guidelines to combat financial crime

WASHINGTON, DC – The Export-Import Bank of the United States (Ex-Im Bank) has applied new transaction guidelines as part of its Know Your Customer (KYC) initiative to identify financial crime exposure, and improve transparency and best practices of due diligence policies.

Ex-Im Bank – chartered by Congress to finance high-risk export transactions – claims the guidelines will increase speed and efficiency and lessen exposure to crime-related or legal losses. Ex-Im Bank said the growing complexity of transactions in the global market-place, with increasing third-party involvement, had created additional risk exposure to its transactions.

“Our experience has helped us identify due diligence best practices. These guidelines are intended to provide a framework for effective due diligence by our transaction partners, which, when undertaken, should decrease Ex-Im Bank’s transaction processing time and increase likelihood of approval,” says James H Lambright, chairman and president of Ex-Im Bank.

Ex-Im Bank says its guidelines were developed through co-operation with the United States Department of Justice lenders, exporters and public interest groups.