advising MT707 - no route - advising bank revoked their RMA

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Stas
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First Name: Standard Commer
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advising MT707 - no route - advising bank revoked their RMA

Post by Stas »

hello,
we need to send an MT707 but the Receiver Institution UBLDBDDHXXX that acted as an advising bank for our MT700 revoked their RMA.
How should we act in this case taking into account that according to UCP 600
UCP 600 - Article 9
Advising of Credits and Amendments
d. A bank utilizing the services of an advising bank or second advising bank to advise a credit MUST USE THE SAME BANK TO ADVISE ANY AMENDMENT THERETO.

How can we deliver the amendment in question?
What’s the best course of action?
Please kindly advise.

Thanks
Best,
Stas
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picant
Posts: 1962
Joined: Wed Aug 20, 2008 1:49 pm

Re: advising MT707 - no route - advising bank revoked their RMA

Post by picant »

Hi Pal,

in this case I will send a message MT707 to another correspondent instructing to forward a MT707 to the advising bank.
UCP do not prohibite to use a different itinerary.(probably causing extra costs)
Other comments appreciated
Ciao

PS IMHO MT7nn should not require RMA Messages inserted in SWIFT System are all authenticated. If receiving a message from a bank will cause AML, KYC problems, the same will happen if you receive it via a tuird party.
Stas
Posts: 3
Joined: Sat Oct 30, 2021 3:09 am
First Name: Standard Commer
Last Name: Standard Commer
Organization: Standard Commerce Ba
Filter: Two Plus Two =: 4
Location: DM

Re: advising MT707 - no route - advising bank revoked their RMA

Post by Stas »

thanks
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