Dear Expert,
I represent "issuing bank". For a specific LC, I have yet not received MT730 (advising confirmation) from my advising bank but I received documents of the LC from another bank. Can I accept documents before I receive MT730? Please help.
Document Acceptance
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Siddhanjan
- Posts: 12
- Joined: Sat Jun 23, 2018 9:08 pm
- First Name: Siddhanjan
- Last Name: Mecwan
- Organization: XYZ Bank Ltd., Nepal
- Filter: Two Plus Two =: 4
- Location: Kathmandu
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
yes, but....
Hi Pal,
issuing bank must accept the presentation, but naturally it is the l/c wording that may dictate the behaviour of involved banks. MT730 is only an exchange of data to trace quickier the file in case of amendments etc.
So you have to verify documents, check the bank, the carrier, ports etc from KYC/AML poiint of view-
You may, also, inform your correspondent, specially if you authorize it, to pay or to claim a reimbursement.
Frauds exist too, so be cautious.
Other comments appreciated
Ciao
issuing bank must accept the presentation, but naturally it is the l/c wording that may dictate the behaviour of involved banks. MT730 is only an exchange of data to trace quickier the file in case of amendments etc.
So you have to verify documents, check the bank, the carrier, ports etc from KYC/AML poiint of view-
You may, also, inform your correspondent, specially if you authorize it, to pay or to claim a reimbursement.
Frauds exist too, so be cautious.
Other comments appreciated
Ciao
-
Siddhanjan
- Posts: 12
- Joined: Sat Jun 23, 2018 9:08 pm
- First Name: Siddhanjan
- Last Name: Mecwan
- Organization: XYZ Bank Ltd., Nepal
- Filter: Two Plus Two =: 4
- Location: Kathmandu