Latest news (Page 55)

Beneficial Ownership Reporting Guidance Released by FinCEN

This is the first installment of FinCEN's guidance materials to assist the public in understanding beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

ICC Prepares Alignments of ISBP745, eRules

Following its decision to initiate a six-month review of all 140 ICC Opinions issued since formulation of ISBP745 in

English Court Says Sanctions Did Not Prevent Bank from Paying under LCs

Further to previous reporting (“Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes”, April 2022 DCW 6), the

NAIC Valuation of Securities (E) Task Force

The NAIC proposed update to their guidelines for removal of an FI on the QUSFI list due to primary regulator announced or taken actions.

Euros Instead of Dollars Due to Force Majeure Clause?

Court of Appeal allows payment in Euros despite contract in US Dollars. Implications for LCs & guarantees? RTI vs. MUR case questions currency and force majeure clauses' role in trade finance.

ICC Re-Releases Guidance Papers on Aspects of UCP Use

ICC republished four guidance papers on recommended principles and usages around the UCP600 rules in February 2023. The collection of

UK Effort Aims to Expose Duplicate Financing Fraud by Year-End 2023

A collaborative initiative underway among the International Chamber of Commerce United Kingdom (ICC-UK), the Centre for Digital Trade and

CPI Reference in Counter LC Text: What’s the Ultimate Obligation?

In a recent group discussion, LC professionals took up the matter of guarantee text referencing a consumer price index (CPI)

Egyptian LC Policy Weakened Trader Confidence

At year-end 2022, the Central Bank of Egypt (CBE) announced cancellation of its mandate requiring use of letters of

Indian High Court Reverses Order, Denies Injunction

In Wellington Cantonment Board v. Gharpure Engineering & Constructions, the Madras High Court (India) set aside a District Judge order

AFP Guide Addresses Trade Finance and Ongoing Pursuit of Digitalization