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03rd February 2013


Changes in Cheque Negotiation Policy

As a result of the increase in compliance requirements for cheque processing, our correspondent banks will no longer accept cheques for immediate credit, subject to final payment. Cheques issued for amounts exceeding EUR 300.00 or USD-equivalent, can be accepted for collection after final payment only (credit after receipt of funds from drawee bank). Please note that this method will result in higher fees and longer clearing periods associated with couriering each individual cheque to the drawee bank (estimated cost likely to be USD 150.00 per cheque).

 

Additionally, in line with international standards and recommendations related to the prevention of terrorism financing and money laundering activities, as issued by the Financial Action Task Force (FATF), cheques with multiple endorsements, will no longer be accepted by our correspondent banks for processing.

 

While these developments will impact the ability to transact with cheques, we remain available to discuss with you alternatives that may be able to meet your needs going forward.

 

Sincerely yours

 

Bank of Saint Lucia International
info@boslil.com