Quiz

The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
Post Reply
User avatar
picant
Posts: 1989
Joined: Wed Aug 20, 2008 1:49 pm

Quiz

Post by picant » Sun Jun 12, 2022 3:51 pm

Hi Pals,

received in availment of Documentary Credits, documents including a bill of lading showing containers on board a vessel XXXXX. Reserching the vessel name on OFAC List we found: Vessel XXXXX, bulk carrier, IMO 12345678, belonging to Iranian Company ....... The documentary credit is in USD, please indicate your action?
Thanks a lot(this is a true story).
Ciao

User avatar
SANUSILAMIN
Posts: 38
Joined: Mon Sep 11, 2017 2:47 pm
First Name: ALSUNOUSI
Last Name: LAMEEN
Organization: NOC, LIBYA
Filter: Two Plus Two =: 4
Location: LIBYA

Re: Quiz

Post by SANUSILAMIN » Sun Jun 12, 2022 11:19 pm

Dear PICANT
for me as a bunker I have to pay the LC value to the beneficiary when he submitted the required documents under approval basis
because banks deal with docs not Goods
also ,The applicant of the documentary credit should have indicated that the bill of lading should not have been issued by Iranian or North Korean shipping companies
another sellers and buyers' comments appreciated
thanks
libyan,

User avatar
picant
Posts: 1989
Joined: Wed Aug 20, 2008 1:49 pm

Re: Quiz

Post by picant » Mon Jun 13, 2022 3:21 am

Answer,

a bulk carrier has not container on board, so we made an inquiry on container trcking, the ship involved performed only the first leg of the voyage, transhipped twice before landing the goods. We discovered that another vessels has the same name but a different iMO, resulted not embargoed or sanctioned by OFAC. So the problem was that there is a difference between bulk carrier and container ship. My thought: should a bank make these investigations, we are not policemen!!!

dinesh2476
Posts: 704
Joined: Sat Oct 15, 2011 12:27 pm
First Name: Dinesh Kumar
Last Name: ...
Organization: Chrome
Filter: Two Plus Two =: 4
Location: PU

Re: Quiz

Post by dinesh2476 » Thu Jun 30, 2022 1:35 am

Hi picant,

We understand that you have a system in line with compliance(OFAC)and when screening the vessel name, the system has populated msg that the vessel has the involvement of an Iranian shipping company.

If we are able to make out that the International maritime number/Flag of the vessel is different then we can document the same in the system as an investigation performed to determine whether both vessels are different and whether goods shipped have not relevant to the vessel that triggers hit.

It requires subject matter experts who are specifically designed to deal with such matters.

Thanks & Regards
Dinesh Kumar

Post Reply