How New Bank Regulations Are Impacting International Trade with Kelly McCorkle

Banks play a crucial but often overlooked role in international trade. As Kelly McCorkle of Schulz Law Firm explains, "Financial institutions are uniquely situated in the transaction. They're assisting exporters in conducting business, but they also have access to a significant amount of documentation related to export transactions." This episode explores new regulations that expand banks' responsibilities to monitor for potential export control violations.

Main Points:
- New regulations require banks to scrutinize global export transactions for suspicious activity related to sanctions evasion
- Financial institutions must understand complex international trade documentation like letters of credit, bills of lading, and commercial invoices
- Banks are advised to look out for "red flags" such as lack of end user information, unrealistic delivery timelines, or requests to reroute shipments
- Over 333 reports of potential Russian sanctions violations were filed in the first year, helping authorities identify new evasion tactics

As international trade oversight increases, all parties must work together to ensure compliance. This episode provides valuable insights for exporters, importers, logistics firms, and financial institutions on navigating growing regulatory requirements. Understanding each other's roles and communicating openly is key to facilitating legitimate business while curbing sanctions abuse.

Enjoy the show!

Find us on YouTube: https://www.youtube.com/@SimplyTradePod 

Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ 
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/

Show references:

• Global Training Center - www.GlobalTrainingCenter.com

• Simply Trade Podcast - twitter.com/SimplyTradePod 

• Kelly McCorkle - https://www.linkedin.com/in/kelly-mccorkle-77738b8/ 

• Schulz Trade Law - https://www.schulztradelaw.com/

Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:

• Advertising and sponsoring on Simply Trade

• Requests to be on the show as guest

• Suggest any topics you would like to hear about

Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.