New trade rules raise compliance worries for banks over cross-border payments
As of October first, banks will bear the new burden of overseeing cross-border payment transactions.
They are required to confirm the validity of service contracts and foreign entities involved.
Furthermore, banks will also be tasked with tracking export revenues and handling overdue export bills, creating a challenging landscape in service imports and exports aimed at curbing money laundering and suspicious trading practices.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on economictimes.indiatimes.com — the content belongs to The Economic Times.
