Standby LCs
Standard Chartered, Truist Bank Form Trade Finance Partnership
Standard Chartered, Truist Bank Form Trade Finance Partnership to allow their customers to conduct global business more efficiently.
ICC & Swift Release API Standards for Guarantees & Standbys
The ICC announced on 13 August 2023 release of the first application programming interface (API) industry standards for bank guarantees
Investigations Expand into Vesttoo LC Fraud Allegations
The US Federal Bureau of Investigation’s (FBI) has reportedly begun its own probe into allegedly fraudulent letters of credit
Broadband Providers Push Back against US Gov LC Requirement
A coalition of internet service providers, broadband associations, and digital equity advocates in the US are challenging a requirement that applicants for federal broadband funding must furnish a letter of credit in order to receive funds.
Three Sentenced to Prison in Standby LC Scam
Roy Johannes Gillar of Las Vegas, Harold Mignott of Voorhees, New Jersey, and Jerrid Douglas, of Freehold, New Jersey received prison sentences of six years, three years, and 45 months respectively, for their actions in a USD 1 million “upfront-fee” scheme which defrauded victims.
Manatee County (Florida) Defrauded of USD 1.4 Million
A Georgia (USA) man was arrested by detectives of the Manatee County (Florida) Sheriff’s Office and charged with Scheme to Defraud and Money Laundering and detectives have issued an arrest warrant for another Georgia man on charges of Scheme to Defraud and Conspiracy.
The 2-in-1 Standby – a Sound Option or Specious Shortcut?
The 2-in-1 Standby: a Bid Standby that converts into a longer- term Performance Standby if certain conditions are met.
