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New Regulations starts with BASEL III.

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ImageNew Regulations: FROM 28TH AUGUST 2013

WARNING: If a Fraudulent FCO or LOI is issued, the Issuer will be held liable and will be referred to the FBI, ICC, SEC , CIA And INTERPOL for investigation and prosecution. 

 

Please be aware that from Midnight last night under the new Basel 3 banking laws for the top 100 world banks as issued by the Central Bank Europe, USA Federal Reserve, Bank of England, all in relation to Oil/Sugar/ Rubber/Certain Hard Woods etc.

All banks are now operating this new law, NO INSTRUMENTS CAN BE ISSUED UNTIL FULL AND PROPER VERIFICATION OF PRODUCT HAS BEEN PROVIDED BY THE SELLER, WHO MUST BE THE LEGITIMATE TITLE HOLDER AND MUST BE APPROVED BY THE BUYERS BANK.

This is in response to the International convention on INTERNATIONAL COMMODITY FRAUD in the above areas. Banks have 3 months to become FULLY COMPLIANT with the new regulations, should a bank fail to recognize the new legislation then the consequences are a fine of up to $10,000,000 (usd).

1) All offers NOW received by a buyer, its Directors/Mandates/Operational staff shall and will be REJECTED, that does not have fully verifiable POP in the form of Tank Receipts/ FULL SGS report and not just the back page. This will also include in the buying procedure the ability to perform a FULL DIP TEST on the product for bank verification.

2) Any offer received or presented that requires a NCNDA/IMFPA ahead of any POP shall and will be REJECTED

3) It is the responsibility of the receiver on behalf of a buyer to make sure that the offer fits the operating procedures of the buyer, THERE WILL BE NO EXCEPTIONS TO THIS PROCEDURE.

Reklamlar

1 Yorum

  1. Matthew dedi ki:

    This chestnut has been floating around the internet for months drafted by scammers looking to con POP out of Suppliers for unverified, uncapable Buyers needing to avoid issuing Tear Sheets let alone real banking instruments. I’m surprised you have posted this chain mail,. Basel III is a global, voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk. It has nothing to do with physical commodities. ABN AMRO did a great presentation … http://vimeo.com/59895335.

    If you have commodity banking relationships then they can easily confirm the fraudulent nature of that chain message. Be careful sending this out, let alone posting it on your website, as Suppliers will not take you seriously. But by all means call your bank.
    Matthew

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