Cancellation of letters of guarantee on the electronic platform
September 08, 2021
Recently, it was noticed that some banks asked the Central Bank of Iraq to cancel the confirmation of returning letters of guarantee via the electronic platform, which had previously been approved to be uploaded via the electronic platform, due to the presence of some errors received from the information entry staff in the bank despite the presence of powers in the name of the letters manager and authorized the supervisory department Inside the platform to check the information entered by the entry staff before submitting it to the platform,
and because this situation may lead to many problems, including that the electronic document has been delivered to the beneficiary and at the same time this bank is requested to return the letter, i.e. cancel its installation in addition to the lapse of time Approximately one year after the launch of the electronic platform project for the actual work environment, and therefore, there has become sufficient knowledge and knowledge for bank employees who are authorized to access and deal with the platform.
The Central Bank requests to direct those concerned with the subject of the platform in your banks to be accurate in fixing the information because the letters of guarantees constitute a legal obligation on the bank, and
any letter of guarantees that was previously approved to be downloaded will not be returned without the approval of the beneficiary, even if the beneficiary is not a recipient of the letter's document,
the matter Which, if the errors persist, will lead to a delay in the return process and consequently the delay in issuing the letter due to the inaccuracy in installing the information within the platform.