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A long-term decline in the use of letters of credit in overseas commerce has left compliance officers less insight into suspected sanctions-evasion and trade-based money laundering schemes, sources told ACAMS moneylaundering.com. In lieu of bank-issued letters of credit, which guarantee exporters will receive payment for the goods they ship to importers, most international trade now relies on open accounts, an often cheaper arrangement where assurances are made directly between buyers and sellers, the Wolfsburg Group and other industry organizations reported in March. Payments in both open-account and letter-of-credit arrangements are made via wire transfers that show only basic details of...