Post by Sapphire Capital on Jul 24, 2008 23:19:29 GMT 4
MT 710 ‘Advice of a Third Bank's Documentary Credit’ and the MT 720 ‘Transfer of a Documentary Credit’
"If a message is used to advise or transfer a nonbank-issued letter of credit, the sender of this message is responsible for informing the receiver of the message about the nonbank status of the issuer. The sender should specify in free text form in field 52D, Issuing Bank, that the issuer is a nonbank and mention the name and address of the nonbank issuer in field 47A, Additional Conditions."
SWIFT users should be aware that all parties involved in the process of advising and transferring nonbank issued letters of credit are requested to apply extra diligence to clarify the nonbank nature of the issuer in order to avoid possible liabilities.
All users and application vendors have been informed about this temporary solution through a number of channels, including broadcast and other announcements.
"If a message is used to advise or transfer a nonbank-issued letter of credit, the sender of this message is responsible for informing the receiver of the message about the nonbank status of the issuer. The sender should specify in free text form in field 52D, Issuing Bank, that the issuer is a nonbank and mention the name and address of the nonbank issuer in field 47A, Additional Conditions."
SWIFT users should be aware that all parties involved in the process of advising and transferring nonbank issued letters of credit are requested to apply extra diligence to clarify the nonbank nature of the issuer in order to avoid possible liabilities.
All users and application vendors have been informed about this temporary solution through a number of channels, including broadcast and other announcements.