September Roundup
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Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
In his article, “Banks Authenticating Beneficiaries’ Drawings: Advantageous or Unnecessary?”, Glenn Ransier makes a number of excellent points, querying whether hybrid solutions have actually resolved any potential fraud situations. Personally, I am not convinced that such hybrid approaches would definitively avoid potential legal intervention.
Accordingly, in view of the cost, resource, and time effort involved in such a process, Glenn is absolutely right to question the practicality. Market feedback will be very interesting on this specific issue.
I’m always pleased to see observations with regard to a Technical Advisory Briefing (TAB), as it promotes broader awareness of these helpful guidance topics.
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