- Identify; Verify; Document; Restrict — these are the four key steps.
- Insist on an MT760 + confirmation from a reputable bank.
- Draft the SBLC text precisely and with a focus on documentation (avoid ambiguous phrases).
- Use escrow and tripartite agreements in large transactions.
- In case of a suspicious payment, take immediate legal and inter-bank action and preserve the SWIFT network message as evidence.
- Training the legal/financial team and establishing direct channels with relationship managers at banks is the greatest deterrent to fraud.
D. Nader Salek
www.Ghlolo.com
