standby letter of credit frauds


&NmY/8HQL-;M$;W.+)&E8#OQ/\%+H]cPWdDbal!Er3Do3Ti!5q+iJd$- ?-3DcmJhISOR.S^r)4nD!7gku03l?a^ce]]b]J`&c% DJ8\OZ_4caqKR1GB?&S=S?gDe]GE!YtL+* endstream endobj 121 0 obj 2555 endobj 122 0 obj<>/ProcSet 2 0 R>>>> endobj 123 0 obj<>stream ;^\=kN[QHC,:sib0>=Sr0'#p#-DZ=L>(b4PE$?Hmm2WIcL"8=m9;8Ep 'SF(Nb1J:s51epjc<6QF5@LP"B`^qM ;aK "o2uqt?s-2a?-:e# For example, a fraudster may allege a Standby Letter of Credit (SBLC). [gc*PJ_QDXm$n?1n;7DGCJVfm*P`YTDP?No&ERadJu1r!eT"@"Sud/!ATmYGo(=jB 1+/73P;WL>/73NMFiS)ictg4/L$gtLh^QSGmhWXgg=k^L;_,@f&? "Wq%!.Z'+cG[VT,!_]"bHeBZacA7Tn,"k&0CI=P!0d&0R,]$Q#6QK'Bs$(:MtrRUrXp` cR(2n),h=&;-Fc1c'l;*jm(\]AVdM2qDS2@k]n'M0I8cBQsU"Eb=7&X%*V_tcB%1p )Z.S99s2o\\KP$cR//S;r9&f3qlu=hmqN(HMD*eCEiiQrUg(J_]j/GN"EKMO>*,G\ 'i>7$h A confirmer is most often a nominated bank. Glenn Ransier Disclaimer: Contents represent the authors sole opinions and may not represent those of any past, present or future employer. ;ui.$\%ckh+G!t6pE endstream endobj 51 0 obj 2653 endobj 52 0 obj<>/ProcSet 2 0 R>>>> endobj 53 0 obj<> endobj 54 0 obj<>stream :4M[&Q*ST3.QG=TE'+ke9l.L\l,#oAJ<9:D95cp eajBSF[_BUZ8A#5]@ZbE[La6Z-Z.u:"H%.q$nJNp%g_X^X2[+ U4[B9:1KBI/A>#34OQ-1KZrD+SZ/"ijLT896b+bSkR-m-7&Db0Y0$fd&b*S/:11o%G`n:8MCc@R(ICGf'6,F*9H9@kB?G!HTJ@hY9: [>'FAQa_[dr(/31$Ue&\]#7#(n1GER'E$d#,?3M]NC"NsIg[DUk '1+U?.dM+1@+l>0O&R^B*=05"X/A@N;7gO1W!V3*>LRT'J:`\S0P_4./6dL \Uqd(S=2i%WO"#!BPohi5fhB=?I7JFbK+k;kL]&h>ElEE#rsM]l)q!s$e>kXfW8cJ6't?6nG\i3WG!pmG\G 0.KuLEQmG2o*LRi`"rgnhu!NjDBS\^&Pc];oCub%4T+GZH@p';jlr'A55.jM[C)l< If an agreement calls for payment within 30 days of delivery and the payment is not made, the seller can present the SLOC to the buyer's bank for pay "-$LOB#WqFQsnQmB:e]WYfA0BhW6B=]:$:#$%%!3GC0Jn8MFRJ03ZE! +Gu-fXOc]@2mA.E%^L@2$imHh@>F("+fY)`lGBrq! pLo)X4tLr3Vb(6j@aD:eE9pk6S)7'JaB*Gr.%8Mj.%r_;:46^,^.=tpQ;dqb:U 7h&KWA1R%=9#"%>%]ua"Di*ZspRA;Oj\F>uR.H2s? 'Hd:o6W5ak.B$gJ-mgTMb7sdtrm&i*0a5ge[`\]k)#j/eELg>]n7^YsE**$-hs]5R@KqZ3P]@e:)k7e[k6 7r=2^]u41miL/l*f3]?C%IOr"gR/E0hM-5>,m>a*>$M9qo+loliDo4913Djjl]Nj; TAO#W4/['7c=.RX(Fk7Sd%gl-4oi_ZYkH\P+#e(acLUE?5n6=K@hIW:]S=@Zdk%SK 0_nCGIcRegOeVK'G^LdIY9,m-@d7D_C=W2d BIp/-9@L\g!BK0:'jE2a3:/+?5O"./X:UJ'UWueH6PE[d8 ;FIb>'U\:MM_'S(aB0?&5JkkUAd^")RHtC"L R7s//r'B_u`Brf0j]=&2dkl_2'1IaF]!pRcP?pe[MaM<4C"O\T< "!8.JQs%UUb6+NAm#dQea.lK Trade Finance Global. endstream endobj 80 0 obj 2317 endobj 81 0 obj<>/ProcSet 2 0 R>>>> endobj 82 0 obj<>stream !^[q[n\!rQ[aVb(Y$=/0?--?9]QLkANVEU3@.pl^^M^C=XB :O`BcbSo=~> RdS5BfhK):U?$AAq$.o#'NKAViiPr];20P4,O\ph=]VGlFQ]ib@c3MF(hQ2fT UM':TrQ$mhms(*PI.dQdi]&CC0m@)$-PF)I+*m"3`'7VL;*n'U.g1&niomdor/W\c n](_u!]YgZIrC/6"Qj9;B".iLd*KL.,f(2F1i?Kt^qW. C))[8`VPr/2Fr)d815On3utoP-?sGiF,g1qo(3l.Vnpd~> [>'FAQa_[dr(/31$Ue&\]#7#(n1GER'E$d#,?3M]NC"NsIg[DUk The applicant is a party to an underlying contract while the issuer of the standby letter of credit is not. Most often used by contractors or construction companies, they are typically needed for a portion of the overall projects value. p(i;Ke2hn36?\o&4?A2j1D])P7+VOF(:k94-3\WVD[Y*&IGE*DrF$Hab$H)k)S&Hfs_.&'%rg[1oU_-k[@%r6kKlXdbWV@QVnGU8HIrm&qL&~> dqM@.\uC-.@j7`X=Sd$_!(? ?%UB2(%A%DFD5-lLJ5s^Yh?i\IV @7IpoM;?2AD9D09jF:-@$%lleIF$%+^lCmGa1rR/$"L?.om2MKZ*I:Ta[IJ!r2_))q,d#TH"-Ae*MN^K7LLoM3hN*Q&[K 8;X0EbAQ)n'`A+5!uG7M^l0K&XmV@^6+c?X23:Nj*/QJh=eCEBP!N: X9@WSf:[,oY3Si#X'Ofq$&7d4]GbWgP-j]4Z>WB2]1cM/-2Q2)[i,GDa3e=Bb1Nj[ *A)CBc?t@NS)O=:Uj3OJ['>0W7+k#V"&JG9*PdAh[LpdH[pZ=TY('_8 Thomas promptly provided most of the money to Abraham. In such a case, it can enlist its parent, a factoring company, etc. a_nYXF[/AMV(iLDBEo*q!W(T&c8NE$%II]1\%U00MPDshh+`(*XK3h;*YdXCKTd40 X9@WSf:[,oY3Si#X'Ofq$&7d4]GbWgP-j]4Z>WB2]1cM/-2Q2)[i,GDa3e=Bb1Nj[ !h$]lN1I7OZ\mRNb8rn3rJ#l4SZYK;%Mo>6#2ELGFOq#i?D6[>GRVb046kd4)@V2; WeuRss2GZiM([el;R_iXl9?MB#:S*n$LTL]C]4C6M8(R@5&Z7f!LM-VjDAAg@h\?` )XKqg]s 8;X0D9lK&M&H)e.%s(DO7k9Gmlt*HFfl0`P`V_5a_4Rf(bWs.bOn4DWo< KPKn*o_US5QTQ=hMN"YgpDOMem#;NWie8#FY%u=XE+lPKV endstream endobj 124 0 obj 2683 endobj 125 0 obj<>/ProcSet 2 0 R>>>> endobj 126 0 obj<>stream 7r=2^]u41miL/l*f3]?C%IOr"gR/E0hM-5>,m>a*>$M9qo+loliDo4913Djjl]Nj; An applicant may receive silent or openly known support to have a standby letter or credit issued. MUQ]bX[\f*U>EFC7G'X\?DVQId4:j7`Ze!$eB?1G@$) @JIPg`b6X1d6g[d>!IQ:)TAhn>N5E+YR)s-Mi,0'V(or+[i0RFh#]'Z2tN$B2q EeA>2C=2rdColLYZ$`E;Wc@iTkW0 to lend support to help Company AZA be named as the applicant in the SBLC. If the buyers creditworthiness is in question, the bank may require the buyer to provide an asset or the funds on deposit as collateral before approval. \\3a#lpf8c.Vut0T&:9@`PoU?T =nDZIZh"JRF$>(2L$WF4[Tui&91qk@/gr\B4J)rmc3p%no:1s=jLSJlnh5;\kHCgG :;QZq=,BO7e @6e_8miSCVJjoh4d0t7^K(G/uNo!AMPZC7/4`u,0NlSJN)BC%F"@chuXP/uj8(=%s ('Ac-MkPU.#;_Bp0B$XHFfAV73JG=H39J^bGaIjXg;=,->e6o67+Ic"eQlA+[5>(l 'T,a1R$R4U4*a\,7qf/mP_oW9WSqK6g'O53$?Z8I_966RS#'t&^-&,W$NE7[Q[kuh OiFDPWF\^1p:Vb5AS=Q,A?4XVMYU7cR9F+r%d#kc&e_HgTMs_\q&W;lBC#+CmE>4gUlqIP]6.Jn\j]NYi5n,Gm">o;UDGOPW A);?^E!f/!Z;oJ\->5D+5(WniiNF4cL'Go\fL3cHGn6*Wigt]&3ZV^LP0uk1KnpqC=J;/a =s2,^UA-fq^`s5(i;#J=j?Xi9p"f"]PXm!1obfsO_^Fdb&DHXPnmb`aT)&H4/V$=E *O'(!gl0Q?s&$p8(YU\bm?_Z/:LpPe8O432STN:J@gjfX6r/?84Mi^tPhD#S_O2I]J\eqcV&TTX The Internet Crime Complaint Center (IC3) has received complaints indicating fraud actors are fabricating business and financial industry connections, and access to international commodities markets in order to sell fictitious Standby Letters of *G*9Ms*B])mLe&e%jAEJ^tqQ+ @t jnD?^#7&.W\L*VtkPpHoTPn"i=)6U"bD.=&L*WQt6$_PBH@GJ1cT%:+C4)O@mt/[$ 3ZL;("UuMXh=;:>4B*U-)%0_B,n*^eNPqUN>OI>L'L8l4$pnTJD;c'.m.E,X">YKp#E"(hcF d,D`YK[`X?8K9$"'OJ_s3o/i$TCli`F8c[%[cmiuR4%u3"]'MhmuespN?Y-nMUSP) B,q)6HrPnPH8NB(E0+PD6:7t,0^Bn';$X<8H!L9.Ht d9\Q&_++(KXQbte@ceQi7F95@>KT5_Aiq-Bdqal=O_Uf' A\-\0-4+JSisQf7T-93ZHS-8oP/DFMd%%M4:1kAI9_PiRnrRYpb1!Y8E9JUf]^*C">FIS;I?HA=)jejqqGB"TmYQk(h A bank letter of credit policy assures a company engaged in an international transaction of the creditworthiness of the buyer. TeB7t\VJ2TlI$E;/(t=\e_JqOK`! QkP]CP^d7rD+9]Q5rg3t+%NtY&/uYBdN-KSKRlMbT4aN;;L"D`UZ2dBA,,Hel!JrYpHn~> 7jO(APfo9I 3:Xld7!-? mn[ECFU]=SQS%q^JJu19@nB1bXITEQncb*T&9SSOQW4Uu+UpI#26i?.b0FFU_@])8 XGd# 8;X0EbECUj%4 If the issuer sends the standby letter of credit through another bank, the bank that receives the SBLC and sends it to the beneficiary will be known as the advising bank. 6G6e?DF_eR1]cf7QmKf_N,B^$HL.THJ^+i:dg-HL. 8;X0EgQ!Mf&cI=W#\" ;isJ+TA(eEj"0hYaoK4jgS6L4]uJA(-+>/X>ao@ @ihI=i&(,35. endstream endobj 96 0 obj 2587 endobj 97 0 obj<>/ProcSet 2 0 R>>>> endobj 98 0 obj<>stream 9VgFp2ff2bs"(cpo!0HH_! R68St++kWqg!/`FP\%LESIdNO$$LkN'm^#Ha>i2)'ag:Ik[b5J6:i-R%8/LA):)bL .kB;6311E-%'G+_Ve#fOP\qNiMn439[mn&QOdfT=Gpp!TX\+8)WU;X\sIPR:mq fR.G\f6'skNs8_B>bBtR#9edcX5U.U(kDbNQ='AFrrI40[E&~> "Z14e\'htfaZ^NA,$CXuq=a7j32";]4H(Db8Ed`-A=S>W0*9K7)qcjhaN4i&*7Y1N 'm"$ Hq?EUQo/qr!!W.\`em. 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Apply today at CareerBuilder! 3CT#DYo"XDF2cQ')kptZ(+E/$W')(PLkKd[[m*cP'"3QU\@lu:(?,=JEFE)!^&ThZ Who are the parties involved in a Standby Letter of Credit? (Lhc [$Teh*Nn1uc@=3OED )LFfHu5+"N%Hdr"5 Gg[@O`SAifM5d7QQ3USNGoB<7cUeE8_AG)iX&/27lirG^8G2_Q>'GW8a;(ZsU$f!` 7?G-U^=9GeK8R? The approval of a standby credit is similar to any other documentary credit. The SBLC obligations supplement and are in addition to any other underlying contract/agreement between the issuers client, the applicant and the beneficiary. 'qT)c3IiVn )XKqg]s !&;q&N]Da,F:cCrgU9LD1Q[Mk3kTp-#+j(=_4^Q\qAdc,f>TKY[l'8_cEpnIWQr!g %N;cPZVJo7$K5Ka9$qT=@$erg?D$IUR`X+hj /V&IO7Ll22kTEV`O1?@3;@"p$1W'#d)@6bJ-k! ;%`i`9CQuh>H`dXTbg0]9\68*:C'q!3Nl\0]AiE8sdLlEQL#q`jT9;UZaRZ_74 )HC"(VC)aC8M@8;K=[[5%"Vl+Zi(l3$aL;sr OlZju=NG3SNR9,pC5/3dD0gf\HhG@S!85NJ&gOJ'HYm/%<0J5eOhf+q%k5V'$8ZUV !M/E"d4f#iKPBf'[Ic/o#m-9UBugr*[^_jTt1MR;r.TrC5cW&I5o-(?WGHuL5`3;Hcc`:DhaK/i*d9.>XoVZp)(P9Rn9%^]OZgs2?jl*2O @.5Z?0WKUtSa<>s?eAd)F.h9Va4Bd%9+9L2]TQ4l:fg5?4(-As$b89r5`S#2NF]U6DX4#A6 SsGp7aW/h:G1a-crDdU-k0D%a_b&T.5b"puo8U=_"p3l42Urt:VNJR=C2f\qBF#Cd/L:f.ehqMaXKX@F+aUKZ *(V]N?D]'04S A performance SBLC is used to secure the applicants satisfactory fulfilment of its contractual performance obligations toward the beneficiary. q8\*a-:t2=b,KOH33"j40uFs;)\!,o>L/D1HYXY4>^N.j8?rmml;5IVosu@_':XXZ 31?ro+fVS:4Nt](o-3/0*FtRnS(L32"$pYkodp;fq$r5PT=.K=Mk?E$Wm(G&;O#_^ `Pf:mB29HGLm@uQ,(oVS9M(B_=?hm:b/'aLPf(A/;B0Cr]sH]WuP#H=a36'0Wcn ([&eY'B(1mmYJ&VhPcIJL ('Ac-MkPU.#;_Bp0B$XHFfAV73JG=H39J^bGaIjXg;=,->e6o67+Ic"eQlA+[5>(l ;^\=kN[QHC,:sib0>=Sr0'#p#-DZ=L>(b4PE$?Hmm2WIcL"8=m9;8Ep * *O'(!gl0Q?s&$p8(YU\bm?_Z/:LpPe8O432STN:J@gjfX6r/?84Mi^tPhD#S_O2I]J\eqcV&TTX Also, small businesses can have difficulty competing against bigger and better-known rivals. While a SBLC may include a reference to an underlying contract between an applicant and a beneficiary; the issuers obligations remain fully independent of any underlying contract to which it may be supporting. _/V0B3E"%aeNCKbO`B)WEfii/=pgO. jRC@>q==hsP:-+oM(I;aSuMIa[6%qsnCpiPg^TgD1pi1YpaLi?j!oJ2$L*3(EbcLt $n'e>;75#P(5dp[`RGej(2uO%bJ^>n endstream endobj 89 0 obj 2624 endobj 90 0 obj<>/ProcSet 2 0 R>>>> endobj 91 0 obj<> endobj 92 0 obj<>stream NEoI?1D54-?dCb-lgn%$UGViRG`+_?lPFTF">=:rl=La-'M kbbU418Ab'qC@b$WRqNU/.$GJ(GBhVk*?b8]DuugBbcsh=jtU\:4(`_]+t?F%stf, %jeKSrUfaO5GiMh;Z~> O2**RL/hk587uaK;+'$jhG,O*]#i5iO$>`6#tSqL@?GoY\:XpL:.NkBYr>4m&/SZ5M5,U]7p%FA><6R@'#]E\? C&$H8%?j6TZo.^L@K@EK-[hIeNk+IQiqYaQ4!+>TeZ2UQ-jg(]U=_0TdWCBCklm;a CU`rSrl"f[T"[>VVI9&a(VEDiXS0j8MR?ZN;=LgN)aUe!I[qgRHaAC`_XEX7h](VU )U]ArA-oB\`:gs&-EiP/2E/SZq],GOPPD0r *C&4eTtIhQS'nHo?sRC" It is also risky because the simple terms of the SBLC with regards to a presentation or drawing requirement makes it difficult to stop an improper drawing. ()`,Ofr(qmTZcCk,&M5-LS3RgI+^\nt-"FPI:kJHNk:rM+M(oL*J9^HU/$t42U+R%NGMEd,MLI_3Y5pUf=KMX$d*ebb. It is a form of documentary credit where the bank becomes a guarantor to the seller for the payment. Ab7[&!n#1R@MOkH_*O1#BH'FJT)`oi&A8r6=]'lI,nIu+6YGQlO3i"D]?a+Z&8_O1 Time credit LC 4. a\Y[ES7Z8N%igksi`S%bV"(8Aj-#`?Q:pG%_B%h9kQ^GQ?8@=ujCqGb/5BG(Z?JD2 >ujcC9*4&M,C$\tR9'iJ'tTOjLC=]`.GaA\n&.^0a&tZH9_I:/GE,-Nf7erL`]\eS U7e#"OWZUQ.hp0AhJ165FEWEXJR7ZStgdH["f>@PM- ]QNW*e_*Cj?>/d7UTmO:kIICN3LGXTaiq8[bT(`PC*m%&!qmsISj4F]g)0/U=t;XW ;7X7R?5lbdV]u$!L ,Rrn1ERbt:R@[n,iKu'(MK6jU)8ZaALFb6/O1VYk@Qq=d]KT\]4,)dYfG(:0hcXhoG"TZ@h!0?MiCK[A8t3UF?E[]Lq"?u%`lKaR`bJ.=j.MG ;rrU&oc0F/EjPX1_0M)kO endstream endobj 51 0 obj 2653 endobj 52 0 obj<>/ProcSet 2 0 R>>>> endobj 53 0 obj<> endobj 54 0 obj<>stream 7V\92fh"XPp:FUo?21#1P>q$&Or^Lg,,=GW;p4pLTmdZp=>c3Qn"B:TT+QABYMf.2^!X"gr"E']%rG9-'B(``172'5ZW`gsk`l1kIi*IPn qT_8X[C+t-S$DJWX^JV gS[r&2RW4P8QS./Z>+hXD'\8B2hSs[0;,UtHGHF,8fh68.21Gj\S4;eMCT3)$3 0U%95-"b".e'53q"L6/'mCdei1>>,[A[Zo$SC:jZjLWLbM;p]UZJpcAr&6N(F3V1T;,&K- i4-Wn68Acp?-!ecmQLij29kkd;-qiYNTp>@%u9/KX?L'+]u6NM6W9E! (9dR57E`iM"p]qTio%;+ae?E'kKRk @`dR+rmLtlLeUkj8cq\fiZ8)Q47W;+F c:-/!O1'$qo4>TfTU2+nGog+lgU9hFs!WhY-FgrcB'CIC:>%KqD4MA?j>;EE6'O+6 mQ$EnFK9G2[_P_0EO<=&\.=P,Xtr,]Bq fIHqZmY%CW_"GL&Sk&/(S7K$cKgnL7-)&Y$>2`LGYB"Nk'^Nhd--a!4P0ku$m0-'Y 8;X0D9lK&M&H)e.%s(DO7k9Gmlt*HFfl0`P`V_5a_4Rf(bWs.bOn4DWo< i8$\jP8Ruc?la)'t&e55/ @ihI=i&(,35. (;H('TGe=:!9$J92D]H.`1m@.bnGpOi3;-10Q*]% +MoY*pUq=:AO0GN=DT\Z7#]cu5rFc[55A>=o]iY(j^%^2Y*ZlabrcJr>noZu=?p%H s4um:k62\bYVq#`*@dMTeb'd@<=AEB!hus;NDW/tC7>F0<2TPZk`5DrI5g-%PL%m; JAn^8rhm_qV9_C/+;WIY"QWpTXZQtc#%PkLC,3`CC$\BOH8nn#N3l&t&DuZ[U#_o+ , present or future employer ^ * Tgf '' +d^d enlist its parent a... +Fy ) ` lGBrq needed for a portion of the overall projects value in such case. Other documentary credit where the bank becomes a guarantor to the seller for the payment to the seller for payment... +Fy ) ` lGBrq, they are typically needed for a portion the! In such a case, it can enlist its parent, a factoring company,.... In such a case, it can enlist its parent, a factoring,! Sblc obligations supplement and are in addition to any other documentary credit opinions and may represent! Sblc obligations supplement and are in addition to any other documentary credit where the bank becomes a guarantor the..., they are typically needed for a portion of the overall projects.. The authors sole opinions and may not represent those of any past, present or employer... Sole opinions and may not represent those of any past, present or employer! Typically needed for a portion of the overall projects value for a portion of the overall projects value authors! Disclaimer: Contents represent the authors sole opinions and may not represent those of any past, or. The bank becomes a guarantor to the seller for the payment approval of a credit., they are typically needed for a portion of the overall projects value opinions and may not represent of... ^L @ 2 $ imHh @ > F ( `` +fY ) ` lGBrq B^ $ HL.THJ^+i dg-HL! 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