The IMB NVOCC Register
Reducing bills of lading risks
While there may be valid trading reasons that give rise to bill of lading difficulties, there is an unhealthy under-belly of criminal activity.
TT Talk canvassed some trading issues relating to bills of lading in the December 2018 edition. Reference within those articles was made to the English law position articulated in Motis Exports case1, explaining the risk exposure to bill of lading issuers and stakeholders relying on the documentation. This article applies to the industry vulnerability to fraudulent activity.
Banking scrutiny
The International Chamber of Commerce’s Commercial Crime Services division has a primary function of protect the integrity of international trade by seeking out fraud and malpractice and providing reports based on this activitiy to its members.
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Commercial banks commence thousands of investigations each year in relation to fraudulent bills of lading which are undertaken by the International Maritime Bureau (IMB), a division of CCS. Through the investigation process, IMB conducts due diligence on all trade documents, including bills of lading, and seeks independent third-party verification to provide an extra level of confidence in transactions. This supports banks in relation to their compliance procedures to prevent fraud, money laundering and sanctions breaches.
Suspect bills of lading are those which have false content including the wrong ship, dates, description of cargoes, container numbers or parties. Perpetrators present such bills of lading to banks to facilitate fraudulent activity including money laundering, fraud, illegal capital flight and to by-pass sanctions.
It is recognised that NVOCCs and freight forwarders play a vital role in international trade and whilst the majority operate to extremely high standards, there are inevitably those who for a variety of reasons may deliberately or recklessly issue bills of lading with false content. It is important that safeguards are in place to ensure the security of bills of lading and that there are systems in place to track any misuse.
As a result of recent trends involving bill of lading fraud and a growing concern of their stakeholders, the IMB developed a new initiative, unveiled at Enterprise, Singapore on 15 January 2019, during a panel discussion on the manipulation of bills of lading attended by over 100 delegates from banks, logistics companies and lawyers. The primary objective is to provide a common open platform from which to improve anti-fraud standards and to give due recognition to participating NVOCCs who adhere to the minimum standards established within the platform.
NVOCC vulnerability
"IMB estimates that over 95% of all improperly issued bills of lading are issued by NVOCCs."
From this work, IMB estimates that over 95% of all improperly issued bills of lading are issued by NVOCCs. This is a staggering finding, albeit relating to a small percentage of the total transactions, but a clear indicator of the vulnerability of some elements of the NVOCC sector.
Announcing IMB NVOCC register
“Maintaining the integrity of the bill of lading is of paramount importance to all stakeholders in global trade”
TT Club believes that this initiative to improve standards and reduce potential exposures to fraudulent activity through the supply chain is beneficial to the industry and would therefore encourage its NVOCC membership to evaluate the platform and consider participation in it.
We gratefully acknowledge the assistance in the preparation of this article of Pottengal Mukundan, Director, International Maritime Bureau, ICC-Commercial Crime Services
The initiative introduces an open source NVOCC register in conjunction with a new IMB Code of Conduct which all participating NVOCCs are required to adopt. The Code of Conduct is supported by an online training course which sets out minimum standards for the issuance of NVOCC bills of lading. Participating NVOCCs remain accountable where a document they have issued is found to be fraudulent, however it is anticipated that a wider knowledge of good practice will result in fewer cases of fraud being identified.
Maintaining the integrity of the bill of lading is of paramount importance to all stakeholders in global trade. Where fraudulent activity is allowed to continue, there is a real danger that key stakeholders de-value the worth of the bill of lading. Inevitably, should the industry not be able to address commercially the challenge presented by the use of fraudulent documents, there is a risk that regulations may be required. This initiative recognises and seeks to address this industry wide challenge, seeking to promote awareness and support compliance with acceptable trade practices.
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Right — been using this thing for about six months now and I keep coming back, so figured I’d chuck my thoughts in since someone asked me a few days back. Am UK based, generally stick to footie and the horses, nothing mad, so take it how you like.
The reason I started using it was genuinely a bit daft — I never could work out what an ew return actually was with 1/5 odds a place. Basically I’d eyeball it and moan when the payout landed. These days I stick my stake in before every slip, even the boring singles.
The single bet calculator is the one I use most — you drop in stake and odds and it shows the return instantly, fractions or decimals. Same tool covers the fiddly ones — acca and treble maths, lucky 15 and lucky 63, patents and yankees, honestly that’s where I’d always got it wrong. Have a go yourself, it lives at matched odds — free, no signup.
What genuinely shifted things for me is the more serious bits. They’ve got an odds-to-probability converter and it makes obvious what margin’s baked in, and a kelly criterion tool — I run quarter kelly since full stakes are far too aggressive. The dutching one is handy too for when I’m splitting a race.
Couple of gripes. Its design is a bit basic — no polish, looks like it was built by someone who cares more about maths than colours. On mobile it’s usable though the bigger tables need a bit of scrolling. And no proper app, it’s a website and that’s it — fine by me but worth saying.
So yeah. Doesn’t cost anything, not plastered in adverts, does what it says. If anyone even now adds it up in their head, have a look — saved me plenty of arguments with the bookie.
Right — have been messing about with this thing for maybe four months now and it’s stuck on my phone, so thought I’d write something up since a mate asked me a few days back. Am based in the UK, mainly do football and horses, small stakes, so take it how you like.
What got me on it was genuinely embarrassing — I could never get my head round what an e/w payout actually came to when the place terms changed. Basically I’d wing it and then be surprised. Now stick my stake in before I place anything, even a simple single bet.
The single bet calculator tool is the part I use most — type in stake and odds and you get returns with no faffing, fractions or decimals. Same tool covers the multiples — doubles and trebles maths, a lucky 15, yankees, and that’s where I’d always mess it up. Have a go yourself, it’s here how to calculate implied probability and it’s free with no account nonsense.
One thing that genuinely changed how I bet were the geekier tools. They’ve got an implied probability converter and it makes obvious what margin’s baked in, and there’s the kelly staking calculator — I stick to fractional kelly as the full version is a quick route to a dead bankroll. The dutch tool gets used a fair bit if I’m spreading across selections.
It’s not perfect mind. Its layout feels very functional, let’s say — not much polish, looks like it was built by someone who cares more about maths than colours. Phone-wise it’s usable though the bigger tables need a bit of scrolling. There’s nothing on the app store, just the site — fine by me but worth saying.
Anyway. Doesn’t cost anything, barely any ads, works. If you still works out returns on a calculator app, give it a go — it’s saved me a fair few dumb bets I’d have regretted.
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So — been on this thing for about five months now and it’s stuck on my phone, so figured I’d say something since someone asked me the other day. Am based in the UK, generally stick to footie and the horses, small stakes, for context.
The reason I started using it was genuinely a bit daft — I never could get my head round what an e/w payout actually was with 1/5 odds a place. I used to just guess and get a shock. Now I punch the numbers in first, every time, even the boring singles.
The single bet calculator is the one I open most — type in your stake, the odds and it shows profit and total return with no faffing, either odds format. It also handles the fiddly ones — doubles and trebles maths, a lucky 15, a yankee, honestly that’s where most people I know got it wrong. If you fancy a poke about, it lives at yankee calc and it’s free with no account nonsense.
The thing that really changed how I bet was the more serious bits. They’ve got an probability calculator which shows you what margin’s baked in, plus a kelly calculator — I run quarter kelly because full kelly is terrifying. The dutching one gets used a fair bit if I’m splitting a race.
Couple of gripes. The interface looks a bit basic — not much flash, which honestly I don’t mind but some will. On my phone it’s usable but the acca grid make you pinch and zoom. There’s nothing on the app store, it’s a website and that’s it — fine by me but you asked.
Right, that’s me. Free, no ads shoved in your face, does what it says. If anyone honestly adds it up in their head, give it a go — saved me plenty of dumb bets I’d have regretted.
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