2024 Americas LC Law Summit: Executive Summary

Trends in Trade and Capital

The opening panel began with discussion of the matter of digital presentations. For banks, the chief risk is paying a fraudulent beneficiary. How are documents presented: as attachments via email or password-controlled data? If an email presentation is misdirected, what would be the presentation date and when would the period for examination start? One panelist said legal regimes have determined a presentation “counts”, even if sent to a former address, thus shifting risk to the applicant. If the wrong party is paid, then the bank would need to pay again in most cases.