Hi everyone,
I need to issue 1 LC with credit available by payment. The bank requires for the LC to be restricted to a nominated bank. Is this true. Can the lc be available by payment and at the same time available with any bank. Can anyone pls explain ?
lc by payment
-
har6007
- Posts: 1
- Joined: Sun Jun 24, 2018 8:58 am
- First Name: harrie
- Last Name: Sam
- Organization: corporate
- Filter: Two Plus Two =: 4
- Location: Malaysia
-
picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Art 2 Nominated Bank
Hi Pal,
UCP 600 allow availability of payment, deferred payment or acceptance with any bank too.
AML/KYC hampers this possibility, so a bank prefers to issue credits handled by banks that resulted
compliant with Money laundering and Know your customers rules.
Other comments appreciated
Ciao
UCP 600 allow availability of payment, deferred payment or acceptance with any bank too.
AML/KYC hampers this possibility, so a bank prefers to issue credits handled by banks that resulted
compliant with Money laundering and Know your customers rules.
Other comments appreciated
Ciao