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Posted: Sun Jun 12, 2022 3:51 pm
by picant
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).

Re: Quiz

Posted: Sun Jun 12, 2022 11:19 pm
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

Re: Quiz

Posted: Mon Jun 13, 2022 3:21 am
by picant

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!!!

Re: Quiz

Posted: Thu Jun 30, 2022 1:35 am
by dinesh2476
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