News

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...
Read more

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...
Read more

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...
Read more

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 overlooke is their...
Read more

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 ICC Banking...

Read more

Banks: Get Your House in Order to Meet Compliance Challenges

Bank Compliance Challenges

Banks Compliance Challenges

When coping with compliance quandaries, banks can create inadvertent and unnecessary
pressures on themselves. Shifting external threats and evolving regulatory requirements are unsettling enough. Banks should not compound these problems by neglecting matters they can...
Read more