SBLC Procedure Example
LETTERHEAD address and telephone numbers
From : Mr. ____________________________________________________________________
Date : ________________________________________________________________________
Transaction Code : __________________________________________________________
From: Mr. ____________________________________________________________________
I confirm my intention to enter into a Joint business venture/Private Placement upon the issue and delivery to your nominated company as the named beneficiary of a fully cash-backed Standby Letter of Credit to be issued by ____________________ bank located at xxx and I hereby confirm and acknowledge that the following procedures have my approval for this transaction, which is subject to contract, and my bankers will be instructed to comply where required :
- I shall complete and sign in blue ink a KYC in which will be exhibited a two-page Passport copy and an RWA Letter in the text set out in the APPENDIX below stamped by ________________________ bank and signed by two bank officers together with copies of the Bankers’ Business Cards.
- I will arrange for the RWA Bank Letter to be received by me at the Email address stated in my KYC and upon receipt will forward the Email and the RWA letter to your Intake Officer/Private banker whose Email address will be given to me at that time.
- Following receipt by your Intake Officer/Private banker of the Email and RWA Letter, I will make arrangements for the Email and RWA Letter to be verified by fixing a window time when a call can be made via the __________________________ Bank switchboard when your Private Banker can speak directly to one of the bank officers who issued the Email and RWA Letter.
- After a successful verification, a conditional Joint Venture Agreement will be issued, the terms of which will require me to cause my bank to issue and deliver the SBLC according to the terms of the Agreement. Upon receipt of the said Agreement, if it has my approval, I shall sign it and return it and instruct my bankers to issue the SBLC.
- Following receipt by the trading company of the SWIFT MT760/MT542 and its verification the trading company shall commence trading in accordance with the terms of the trading Agreement.
Passport No: ___________________________________________________