Fraud & Verification check0 / 1 answered · 0 correct
Check 1
What should be verified separately from the SBLC itself?
Verify Before You Pay
A practical due-diligence workflow.
1. Identify every party
Legal names, registration, address, regulated status where applicable, ownership/authority and role in the transaction.
2. Verify each bank independently
Use official bank/regulator sources, not links supplied only by the counterparty.
3. Ask your own bank
Confirm whether your bank can receive, advise, issue, confirm or send the proposed message/undertaking and whether the procedure is acceptable.
4. Understand the contract
Know exactly what you pay, what you receive, the trigger for refund/payment, governing law, dispute forum and who is liable.
5. Verify the instrument through bank channels
Do not rely only on PDFs, screenshots or private “verification services.”
6. Verify the financing separately
Authenticity of an instrument does not prove a monetiser’s promise. Obtain the financier’s own approval/term sheet through verified channels.
Source / standards noteA warning sign is not proof of fraud. Verify independently and obtain professional advice before acting on a material transaction.
Remember thisVerify the parties, bank, instrument and financing as four separate things before money moves.
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