Procedures To Pass Compliance
Please Note: Below are two easy steps to pass compliance. For the seller to engage with the client these (2) steps must be completed. These are not the sellers rules! They are regulations that are now imposed by the banks. No seller can bring a buyers offer to any sort of bank transaction without the client first passing this compliance regulation.
Step 1 Pristine completely filled out CIS or KYC together with:
Full banking coordinates
Copy of the signatory’s passport
Step 2 Current (POF) Proof Of Funds:
On MTN & SBLC purchases POF only needs to show enough funds to cover the first tranche or 100M Euros or more.
Any one of these POF methods will be accepted: (3 days old or less)
BCL (Bank Comfort Letter) on banks letterhead signed by (2) bank officers
RWA (Ready Willing & Able) letter on banks letterhead signed by (2) bank officers
Tear Sheet- screen snapshot showing all of the deposit details, account numbers, etc. signed by (2) bank officers.
PPP Trade Programs you need to show POF (In above formats) of the full trade amount or if you are monetizing a bank instrument you need to show proof of ownership that is the same as the signatory on the CIS along with copies of the custodial pages.
METHOD OF POF DELIVERY
POF sent from your Bankers Email Server to Client
Then Client forwards POF directly the intake officers email address:
FYI: Compliance will immediately be able to confirm via IP Address Verification if clients bank actually sent the POF.
This now is a requirement of the banks.