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At the outset, well deserving complements to ICC for their continued efforts in bringing industry-wide perspective to Financial Crime Risk Controls through their working papers.

Next ICC Global Banking Commission Meeting and UK Electronic Trade Documents Act

The country editors have been discussing the following issue. The below answers are excerpts of the discussion.

Beginning September Last week, the ICC circulated 4 New Draft Opinions (TA9321-934), that will be discussed at the October 2023 Banking Commission meeting (held virtually and in Paris).

Standby LCs mimic independent guarantees and were mainly issued by US banks predominantly during the time when issuance of guarantees seldom occurred in the US. Although US banks were never prohibited from issuing independent guarantees, in 1996 the US Office of the Comptroller of the Currency1 expressly permitted them to do so.

During 3 ICC Banking Commission Meetings, Draft ICC Opinion TA927 has been on the agenda. The “case” is now closed – by the withdrawl of the Draft Opinion. However, the issue has not been solved. The purpose of this blog post is threefold: 1) To provide the background and explain the issue of TA927, 2) to provide a personal perspective of TA927 and finally 2) to offer some thoughts and reflection on how to solve the issue going forward.

As we have mentioned previously, whilst majority support was communicated in favour of the content of the draft Opinion, an alternate minority viewpoint was also expressed.

Almost all documents presented under documentary credits bear a "title". This "title" may be exactly the same title as required by the L/C or a "similar”title. Sometimes, documents are also "untitled". ISBP 821 encompasses all the eventualities in paragraph A39: