A client ordered a licensing SBLC, we are ready to option No 3 and ready to make the deposit of the 2.5% in IOLTA escrow, for registration and send first the 799 Pre-advice.
RMG: Ok, is your bank going to receive the 799/760, and give you support and undertake to pay the balance?
Client: No, we have a funder/monetizer, kindly send directly to the funder Bank account.
RMG: Then you need to nominate a new Beneficiary, moreover, and that new Beneficiary needs to give respond with 799 undertake to pay the balance on your behalf, please provide their full CIS.
Client: we agree, send us the Term Sheet and Escrow agreement.
At this point, all going well, the client sign the term sheet and escrow agreement and do the wire deposit, and submitted the nominate a new Beneficiary agreement.
We have registered the transaction with HSBC UK as issuing bank with our investor's liquid assets, after the bank did their DD, the bank found out the...