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August 2017

UN endorses ICC Uniform Rules for Forfaiting (URF 800)
23/08/2017
At its 50th plenary session held in Vienna on 14 July, the United Nations Commission on International Trade Law (UNCITRAL) officially endorsed the ICC publication 800 "Uniform Rules for Forfaiting" (URF 800)...

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Latest Question

UCP 600 sub-article 9 (b) states that: “By advising the credit or amendment, the advising bank signifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment received.” What do we mean by “satisfied itself as to the apparent authenticity? “By “authenticity”, besides the usual signature verification or establishing that the SWIFT authentication is correct, would this include red flags analysis to be performed on a SBLC? Granted, most banks do perform such analysis these days, but this is more driven from an AML /Fraud perspective. Is this the expectation of UCP for an advising bank’s role? What if the LC is later confirmed to be fraudulent even though it passed the SWIFT verification check, does the advising bank have any liability in having advised it to the beneficiary? Should the advising bank take necessary steps to inform the beneficiary of its discovery without delay? Are there any other actions that the advising bank should take? What is the minimum authentication standard that an advising should have followed?