a collection document received by us in the normal course of business on behalf of our clients in India. The invoice is in USD. The payment terms was at sight. Basis the instructions of the beneficiary, we have released the documents to the client against authorisation by debiting the client account.
The beneficiary's account is in UK and their entity name is hotlisted by US authority. While they trade normally in other countries. A payment was initiated by us in USD was blocked by US embargo filtering indicating that the company name is hot listed from US authority side. Though we pleaded that other countries have not hotlisted the client and the payment is getting credited in UK and in UK the client is not hotlisted... the US authority not yielded to our request. In the bargain, the payment that we made was frozen.
How do we go about this case
documentary collection
-
narasimha
- Posts: 5
- Joined: Sat Oct 26, 2013 12:10 am
- First Name: narasimha
- Last Name: manja
- Organization: deutsche bank
- Filter: Two Plus Two =: 4
- Location: India
-
picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
A part....
Hi Pal,
it was common in trasferring USD to an UK account to make a payment directly to UK and cover the UK bank in its USD correspondent, in that case, a part that the US Authorities may have a MT400 or MT103 record, the true beneficiary was not disclosed to the US Dept.
Other comments appreciated
Ciao
it was common in trasferring USD to an UK account to make a payment directly to UK and cover the UK bank in its USD correspondent, in that case, a part that the US Authorities may have a MT400 or MT103 record, the true beneficiary was not disclosed to the US Dept.
Other comments appreciated
Ciao