Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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SeanK
- Posts: 3
- Joined: Mon Jan 16, 2012 12:55 pm
- First Name: Sean
- Last Name: Karrim
- Organization: Standard Bank
- Filter: Two Plus Two =: 4
- Location: South Africa
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by SeanK » Sat Apr 13, 2013 11:50 pm
Hi
Just a question. Does a collecting bank have to KYC a remitting bank? If so, why?
Thank you
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
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by picant » Tue Apr 23, 2013 10:17 pm
Hi Pal,
I think you have to apply the Wolfsberg rule, and book the collec tion to the remitting bank, even if it is a sporadic event.
Other comments appreciated
Ciao
