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Financial Crime Risk Controls   - How to effectively manage the challenge of goods’ price checking in trade transactions by Financial Institutions(“FIs”) in light of recent ICC paper of 2023 on this subject
Articles
Oct/Nov/Dec
2023

Financial Crime Risk Controls - How to effectively manage the challenge of goods’ price checking in trade transactions by Financial Institutions(“FIs”) in light of recent ICC paper of 2023 on this subject

At the outset, well deserving complements to ICC for their continued efforts in bringing industry-wide perspective to Financial Crime Risk Controls through their working papers.
Sohail Hussain
News from the Trade World: ICC and UK Electronic Trade Documents Act
News
Jul/Aug/Sept
2023

News from the Trade World: ICC and UK Electronic Trade Documents Act

Next ICC Global Banking Commission Meeting and UK Electronic Trade Documents Act
Discussion Corner: UCP 600 Sub-article 6(a)
Jul/Aug/Sept
2023

Discussion Corner: UCP 600 Sub-article 6(a)

The country editors have been discussing the following issue. The below answers are excerpts of the discussion.
Draft ICC Opinions for the October 2023 Banking Commission Meeting
Articles
Jul/Aug/Sept
2023

Draft ICC Opinions for the October 2023 Banking Commission Meeting

Beginning September Last week, the ICC circulated 4 New Draft Opinions (TA9321-934), that will be discussed at the October 2023 Banking Commission meeting (held virtually and in Paris).
Kim Sindberg
UCP and Standbys
Articles
Jul/Aug/Sept
2023

UCP and Standbys

Standby LCs mimic independent guarantees and were mainly issued by US banks predominantly during the time when issuance of guarantees seldom occurred in the US. Although US banks were never prohibited from issuing independent guarantees, in 1996 the US Office of the Comptroller of the Currency1 expressly permitted them to do so.
The journey through Draft ICC Opinion TA927
Articles
Jul/Aug/Sept
2023

The journey through Draft ICC Opinion TA927

During 3 ICC Banking Commission Meetings, Draft ICC Opinion TA927 has been on the agenda. The “case” is now closed – by the withdrawl of the Draft Opinion. However, the issue has not been solved. The purpose of this blog post is threefold: 1) To provide the background and explain the issue of TA927, 2) to provide a personal perspective of TA927 and finally 2) to offer some thoughts and reflection on how to solve the issue going forward.
Kim Sindberg
ICC opinion ta927rev withdrawn – a personal perspective
Articles
Jul/Aug/Sept
2023

ICC opinion ta927rev withdrawn – a personal perspective

As we have mentioned previously, whilst majority support was communicated in favour of the content of the draft Opinion, an alternate minority viewpoint was also expressed.
David Meynell
Title of the Invoice
Articles
Jul/Aug/Sept
2023

Title of the Invoice

Almost all documents presented under documentary credits bear a "title". This "title" may be exactly the same title as required by the L/C or a "similar”title. Sometimes, documents are also "untitled". ISBP 821 encompasses all the eventualities in paragraph A39: 
Nesarul Hoque