News

News by Month

CDCS examination April 2021

18/01/2021 The CDCS examination will be held on 16 & 17 April 2021, depending on your location.

Applications and payment must be received by the London Institute of Banking & Finance (LIBF) no later than 31 January 2021.

Back to recent news

Latest Question

Principal wants us to contact the collecting bank (Bank A in country X) to instruct them to remit the commercial documents and our collection instruction to another bank in country X (Bank B). Q1. Is the execution by the remitting bank of such instructions sound banking practice? In giving the above instructions, Principal wants / expects Bank A to effectively be removed from the transaction, whereby thereafter Bank B will correspond directly with the remitting bank. Q2. It is not clear to me in the context of URC 522 what role Bank B will have. Will it be that of a presenting bank or a ‘new’ collecting bank? From the viewpoint of Bank B, who is the instructing party, Bank A or the remitting bank? If Bank B considers Bank A to be their instructing party, they will correspond with Bank A (and presumably Bank A will not close their file). Q3. What is the correct way of fulfilling the request of the Principal? Is the only way for the commercial documents be returned by the collecting bank (Bank A) to the remitting bank so that the latter can make a subsequent, fresh remittance to Bank B, or is there another way involving less delay?

News

News by Month

CDCS examination April 2021

Recent News

Automated Document Examination and Financial Crime Risks managed by AI 28/02/2024

Winter 2023-2024 Newsletter added to the Members Trade Information section 01/02/2024

Latest Question