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11th June 2010

Misdirected Payments

Dear Clients,


On rare occasions, international payments in favour of client accounts with BOSLIL are misdirected and end up at Bank of Saint Lucia Limited, or vice versa. The error usually lies with the sending bank mistaking one entity for the other, resulting in payments being sent to the wrong institution.


International banking compliance rules prohibit us from settling these funds internally on behalf of each other, which would otherwise avoid further delays and fee deductions. As a result, such funds are returned to the sending bank.


To avoid this scenario, we ask you to reiterate to your debtors that payment instructions to their bank must contain BOSLIL’s most recent Wiring Instructions.


Please feel free to contact your Client Relations Officer or myself for further details. If required, we can individually tailor such payment instructions for the payer, once their bank details (sending bank and its correspondent bank) are known.


Please note that domestic transfers within St. Lucia and in East Caribbean dollars are not affected by this change.


Kind regards


Boslil Bank Limited