29 tháng 10 2012

TYPES OF COLLECTION (URC522)


This post is copied from Mr.OldMan

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QUESTION

Dear Mr. Old Man,

I am confusing about some matters concerning to URC522. Would you pls explain me about the matter as follows:
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1. As Article 14(b) URC522 stated: ‘’Banks will not be aliable or responsible for any delays resulting from the need to obtain clarification of any instructions received’’
Because the collecting bank/presenting bank is large knowledge about international terms, which causes to the delay in payment. Which party will be aliable or responsible for any delays resulting from the need to obtain clarification of any instructions received?
Examle: Collection letter stated: ‘’Deliver docs against acceptance of the bill of exchange payable at 60 days from shipment date, hold for collection at maturity and advise us of the due date’’.
The bill of exchange was accepted and the goods released. However, the collecting has not clearly understood the collection instructions. Hence, there is a delay in making payment.
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R499 ICC opionions explain the words ‘’hold for collection at maturity’’ that the bill of exchange be retained within the portfolio of thecollecting bank and for it to seek payment on the due date’’.
Must the collecting bank bear the responsibility for the delay in making payment?
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2. Why is art7 URC522 only mention bill of lading while art 2(a)(iii) indicate ‘’deliver docs on other terms and conditons’’?
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3. Case 1: collection docs not contain bill of exhange
Collection schedule (not mention any tenor) states as follows:
+ maturity date: 30 OCT 2012
+ delivery documents against the drawee’s letter of undertaking/promissory note
(not stating that docs are to be released to the drawee against acceptance/ payment as art 7)
This collection instruction means that:
 a. Delivery docs against the drawee’s letter of undertaking, and the payment is effected at maturity date 30 OCT 2012?
As the request’s drawee, can the collecting effect payment before 30 OCT 2012 without advice their action to the remitting bank?

b. Delivery docs against payment and the drawee’s letter of undertaking?

4. Case 2: collection docs contain bill of exhange stated maturity date: 30 OCT2012
Collection schedule (not mention any tenor) states as follows:
+ maturity date: 30 OCT 2012
+ delivery documents against acceptance
This collection instruction means that: Delivery docs against acceptance, and the payment is effected at maturity date 30 OCT 2012 (equivalent to D/A)?
As the request’s drawee, can the collecting effect payment before 30 OCT 2012 without advice their action to the remitting bank?
Must  bill of exchange be accepted by drawee?
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5. Case 3: collection docs contain bill of exhange stated maturity date: 30 OCT2012
Collection schedule (not mention any tenor) states as follows:
+ maturity date: 30 OCT 2012
+ delivery documents against payment
This collection instruction means that: Delivery docs against payment, and the payment is effected at maturity date 30 OCT 2012?
As the request’s drawee, can the collecting effect payment before 30 OCT 2012 without advice their action to the remitting bank?
Must  bill of exchange be accepted by drawee?
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 6. Case 3: Is 7(c)URC522 request that bill of exchange is accepted by drawee?

I hope the reply at yr earliest convenience.

Thank you so much!!!
Wish you all best in your life!
Warm regards,
HML
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ANSWER
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Dear HML,
  1. Collecting bank’s liability in D/A collection:
Banks in sub-article 14(b) URC 522 may imply the remitting bank or the collecting bank/presenting bank. If the instructions given by the principal (exporter) to the remitting bank are not clear, the remitting bank is not responsible for  any delays resulting from the need to obtain clarification of any instructions  received by the remitting bank.  Similarly, if the instructions given by the remitting bank to the collecting bank/presenting bank are not clear, the collecting bank/presenting bank is not responsible for  any delays resulting from the need to obtain clarification of any instructions  received by the collecting bank/presenting bank. I would like to note you the phrase “any delays resulting from the need to obtain clarification of any instructions  received” which is quite different from the delays in making payment.
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I think the instructions given by the remitting bank are clear enough, i.e., the collecting bank is instructed to deliver the documents against acceptance of the draft and hold it for collecion at maturity. Sub-article 14(b) URC 522 has nothing to do with your case.
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Like in L/C transaction, in collection transactions, unless otherwise instructed, the drafts accepted by the drawee (importer) would be retained in the collecting bank’s porfolio until the payment is made. However, this does not mean that the collecting bank must be responsible for any delay in payment or non- payment. If no payment is made or if  the payment is delayed, the accepted draft would serve as an evidence for the principal to insist on late payment interest or to sue the importer.
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2. Deliver of  documents on other terms and conditions:
Delivery of documents against payment or acceptance are common instructions. In reality there are types of collections other than D/P and DA which means delivery  of documents on other terms and conditions. These types may include:
(i)                Delivery of  documents against promissory notes.
(ii)              Delivery of  documents against a letter of undertaking to pay.
(iii)            Delivery of  documents against a trust receipt
(iv)            Delivery of  documents against partial payments

3. Case 1 is one of the types mentioned in my answer to Question no. 2.  Some countries may levy stamp duties on financial instruments like drafts, so buyers and sellers may agree to use  letters of undertaking to pay or promissory notes. The maturity in this case is pre-determined. Upon delivery of the documents against a letter of undertaking to pay or promissory note, the collecting bank should advise the principal/remitting bank of the same effect.

4. Case 2 is is much the same as D/A collection where the maturity date is pre-determined. Upon delivery of the documents against acceptance, the collecting bank should advise the principal/remitting bank of the same effect.

5. Case 3: Correct. Documents are delivered against payment, and the payment is effected at pre-determined maturity date 30 OCT 2012. It depends. The collecting bank may advise the principal/remitting bank of the same effect.

6. Yes.

Best regards,
Mr. Old Man

28 tháng 10 2012

Luật Phòng, Chống Rửa Tiền / Law on Anti-Money Laudering



Luật Phòng chống rửa tiền của Quốc hội, số 07/2012/QH13

Ngày 18/06/2012, Quốc hội đã chính thức thông qua Luật Phòng, chống rửa tiền số 07/2012/QH13.

Theo quy định tại Luật này, các tổ chức tài chính và các tổ chức, cá nhân kinh doanh ngành nghề phi tài chính có liên quan (như kinh doanh trò chơi có thưởng, casino; sàn giao dịch bất động sản; tổ chức hành nghề luật sư…) có trách nhiệm báo cáo Ngân hàng Nhà nước (NHNN) khi thực hiện các giao dịch có giá trị lớn. Mức giá trị của giao dịch phải báo cáo do Thủ tướng Chính phủ quy định theo đề nghị của NHNN, phù hợp với tình hình phát triển kinh tế - xã hội của đất nước trong từng thời kỳ.

Ngoài ra, các tổ chức và cá nhân nêu trên còn có trách nhiệm báo cáo NHNN khi nghi ngờ hoặc có cơ sở hợp lý để nghi ngờ tài sản trong giao dịch có nguồn gốc do phạm tội mà có hoặc liên quan tới rửa tiền. Các dấu hiệu đáng ngờ bao gồm: Khách hàng cung cấp thông tin nhận biết khách hàng không chính xác, không đầy đủ, nhất quán; có sự thay đổi đột biến trong doanh số giao dịch trên tài khoản; tiền gửi vào và rút ra nhanh khỏi tài khoản; khách hàng thường xuyên đổi tiền có mệnh giá nhỏ sang mệnh giá lớn…

Luật này có hiệu lực thi hành kể từ ngày 01/01/2013.

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