News

Venezuelan Oil Awaits LC

Venezuelan Oil Awaits LC

Venezuelan Oil Sits, Waits for LC

Further to coverage in DCW’s Jul/Aug issue (“Venezuelan Oil Sits, Waits for LC”), Reuters reports that the Karvounis tanker which had been moored in the US Gulf for over one month discharged...
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ICC Releases Draft Opinions for London Meeting

ICC Draft Opinions

ICC Releases Draft Opinions for London Meeting 

In advance of its next meeting, the ICC Banking Commission released in early September 2017 a set of ten Draft Opinions and urged National Committees to comment (or otherwise respond with agreement) on or...
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The Most Challenging Aspect of Standbys?

Standbys Challenging Aspects

The Most Challenging Aspect of Standbys?

One LC expert considers it to be auto-extension. In formulating terms for giving notice of non-extension, one major problem is that the beneficiary wants to receive notice and the issuing bank just wants to...
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Held to a Higher Standard

Compliance Hong Kong

Held to a Higher Compliance Standard

Banks operating in Hong Kong not only need to determine the source of funds, but also the legitimacy of funds. This is a stricter standard than what is required by US regulators. There have been instances...
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SWIFT Changes Coming

SWIFT MT 700

SWIFT MT 700

Significant changes are coming to SWIFT MT 700 series for commercial LCs (in November 2018) and the MT 760 series for guarantees & standbys (in November 2019). Will bankers and bank systems be ready? One facet possibly overlooked is their...
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Invest in UCP600

Invest in UCP600

Despite an outpouring of suggestions for a UCP revision in the form of the “UCP700 Wishlist” conducted over the last two years at IIBLP events as well as in polls produced by Documentary Credit World, the decision reached at the...

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