 Event Name: FIBA Letters of Credit Training Seminar/Workshop: |
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Click here for this event's web page. |
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Date: |
Monday, March 15, 2010 |
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| Time: | 07:30
- 12:30 |
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| Location: |
FIBA Training Room - 80 SW 8th Street, Suite 2170, Miami, FL 33130
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| RSVP: |
Click on event link above.
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| Price: |
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| Details: |
FIBA Letters of Credit Training Seminar/Workshop: Documentary Discrepancies & Determining Documentary Compliance UCP600 v. UCP500, ICC Opinions & Other Resources and BSA/AML Related Issues to Letters of Credit 7:30 a.m. - 8:00 a.m. Registration & Breakfast 8:00 a.m. - 12:00 p.m. Training Seminar Agenda Documentary Discrepancies & Determining Documentary Compliance UCP600 v. UCP500, ICC Opinions & Other Resources and BSA/AML Related Isuues to Letters of Credit • Welcome Remarks & Introductions 8:00 - 9:00 a.m. BSA/AML Letter of Credit related issues - Andres Fernandez, Shareholder - Gunster Yoakley & Stewart, PA. 9:00 - 12:00 p.m Documentary Discrepancies & Determining Documentary - Don H. Mattox, Vice President, Wholesale Lending Services Internal Operations - SunTrust Banks, Inc. UCP600 v. UCP500, ICC Opinions & Other Resources • General group discussion topics o The Question of documentary compliance * Standards developed among courts • strict compliance • flexible strict compliance • substantial compliance • reasonable compliance * UCP600 v. UCP500 o Banks’ roles in managing discrepancies o Understanding the impact of deleting and/or modifying UCP600 articles * “…are nominated banks allowed to make judgment calls to offset the silence created by the outright deletion” of a UCP600 article or sub- article? [1] [emphasis added] o LC content and structure o Roles and responsibilities • Team breakout – small group study & interaction o Team 1: * Case Study: “How do we handle documents that are received after a steamship indemnity has already been issued?” * Official ICC Opinion TA638rev, Query 4 (excerpted): “Deletion of UCP 600 sub-article 14 (f)…” o Team 2: Official ICC Opinion TA638rev * Query No. 2: Deletion of UCP 600 sub-articles 28 (h) and (i) * Query No. 3: Deletion of UCP 600 sub-article 16 (c) (iii) (d) o Team 3: * Official ICC Opinion TA665 rev: “If there is a place of receipt shown on the bill of lading and it is different from the port of loading stated in the credit, is there a need for a separate on board notation? If the place of receipt is the same as that of the port of loading stated in the credit, can the on board notation only be dated?” * Official ICC Opinion TA680rev: “When reference to a clause on the reverse side of a bill of lading appears, is a bank required to read the terms and conditions of carriage which appear on the reverse of the transport document in order to understand the information contained in the received for shipment of shipped on board area?” o Team 4: * Official ICC Opinion TA638rev, Query No. 5: Acceptance of Amendments - UCP 600 sub-article 10 (c) * Official ICC Opinion TA651rev: “When a credit requires or allows the presentation of a “house” bill of lading or air waybill, what are the requirements for signing and compliance with the terms and conditions of the credit and the respective transport article, particularly as regards freight forwarders?” • Reconvene - Group Discussion: * Teams Report Their Findings * Questions & Comments • Adjourn Speakers Andres A. Fernandez, ESQ. Shareholder, Gunster, Yoakley & Stewart, P.A. (2005-Present). Specializing in Banking andInternational Law, including Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control compliance-related matters. Chairman, Gunster’s Diversity Committee. Mr. Fernandez has developed substantial expertise in counseling international and domestic banking clients in the development and implementation of policies, procedures and internal controls to comply with BSA/AML/OFAC laws and regulations. In his capacity as banking counsel, Mr. Fernandez has represented banking clients in such diverse matters as the establishment of U.S. presences of foreign banks, the de novo formation of banks, the resolution of regulatory enforcement actions against banks, the representation of banks before various regulatory or enforcement agencies as well as the resolution of potential civil and criminal monetary penalties, fines and forfeitures before U.S. banking regulations, OFAC and the U.S. Department of Justice. Member of the U.S. Department of the Treasury’s Steering Committee for the U.S.-Latin American Private Sector Dialogues. Member of FIBA’s AML Compliance Officers Committee and Legal and Regulatory Affairs Committee. Mr. Fernandez is a frequent speaker at banks and international/domestic conferences on BSA/AML/OFAC compliance-related matters. Don Mattox In international banking since 1986, Mr. Mattox has worked both as an import/export LC manager and also as an international banking corporate trainer. In the mid-1990s he served as regional executive manager in S.E. Asia for a global trade finance software vendor. In that capacity his work took him to Europe, Australia, East and Southeast Asia and the Middle East and afforded him a unique view of international banking practices in a variety of cultures. He is currently a Vice President in the International Division at SunTrust Bank in Atlanta, where among other roles, he oversees training. Prior to his career in international banking, Don lived in Asia for more than twenty years where, as an educator, he taught at the university level, in international private schools and worked as a bi-lingual radio broadcaster for the Korea Broadcasting System. In addition to being educated in the United States, Don attended Yonsei University in Seoul, Korea, and later earned BA and MASDS degrees from the University of the Philippines. Mr. Mattox is currently Chair of the IFSA S.E. Region Commercial Letter of Credit Committee. He earned his CDCS certification in 2002. |
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