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ICC announces adoption of new DOCDEX rules

11/11/2014 At the ICC Banking Commission meeting held in Istanbul on 5 and 6 November, the national committees of the ICC unanimously agreed to the final draft of the revision of the DOCDEX rules. The scope of the DOCDEX rules has now been widened to transactions that are not subject to ICC rules. Gary Collyer was one of the members of the Drafting Group. The ICC will now start the process of creating a new list of experts who will be charged to review the cases submitted for a decision.

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

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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?