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Trade Finance Operations Officer Deutsche Bank Singapore

By
Ozgur Eker (CDCS)
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0

Published on 01.January.2015 – The Operations Officer may also be responsible for building and managing relationships with GTB front office and other internal and external parties in particular around the more time critical, complex or regulated Trade Finance structure and processing.

Deutsche Bank offers a challenging and rewarding career where your contribution is valued and rewarded.

We have an inclusive and friendly working environment coupled with excellent facilities and benefits.

Deutsche Bank is an equal opportunity employer who seeks to recruit and appoint the best available person for a job regardless of marital status, sex (including pregnancy), age, religion, belief, race, nationality and ethnic or national origin, colour, sexual orientation or disability.

Role Description – Summary

  • The Trade Finance Operations Officer is responsible for facilitating communication between functional teams to share knowledge and good practice, and to foster a focus on process and performance efficiency.
  • The Operations Officer may also be responsible for building and managing relationships with GTB front office and other internal and external parties in particular around the more time critical, complex or regulated Trade Finance structure and processing

Responsibilities

  • Responsible for ensuring timely, complete and accurate processing of transactions (including performing all relevant controls) within own area of responsibility.
  • Work closely with internal stakeholders including Product Management, Legal, Compliance, Sales colleagues in developing products, taking into consideration UCP, URC, ISBP, URDG and other technical and regulatory requirements.
  • Where appropriate, builds and maintains relationships with GTB front office clients to provide a point of contact within the GBS functional team for time critical, complex or regulated tasks in particular.
  • Applies GBS and Business strategies and objectives across product and business lines within all internal and external policies/guidelines and requirements of the regulators and to agreed SLAs, KRIs and/or KPIs.
  • Ensures the escalation of operational, regulatory and other risks to line manager and functional leads as appropriate; contributes to the development and implementation of mitigation or control solutions.

Please click here to apply for this job.

(Job postings may be out dated. Consider publishing date.)

Certified Anti-Money Laundering Specialist (CAMS)

By
Ozgur Eker (CDCS)
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0

Anti money laundering is one of the key aspects of international financial transactions.

It is becoming more and more important as governments and financial regulators tighten AML rules and regulations every year.

Nowadays banks and other financial institutions open managerial positions in the AML field such as “Anti-Money Laundering Compliance Testing Officer”, “Compliance Manager”, and “Chief AML Officer”.

Having a reputable certificate would be very beneficial when applying one of these jobs.

Certified Anti-Money Laundering Specialist is a financial certificate which is governed by the organization of Association of Certified Anti-Money Laundering Specialists (ACAMS).

CAMS certificate is very well respected within the industry. Some job positions require Certified Anti-Money Laundering Specialist Certificate.

Additionally ACAMS claim that the certificate holders earn 32% more than their colleagues who do the same job.

Who Can Enter CAMS Examination?

Unlike international trade and finance certificates issued by The London Institute of Banking & Finance such as CITF, CDCS and CSDG, you need to posses certain qualifications in order to take the CAM examination.

Who can enter CAMS examination?

You have to collect a minimum 40 qualifying credits based on education, other professional certification and professional experience in the field. All of these qualifications must be evidenced with an appropriate document.

  • Education: Associate Degree 10 credits, Bachelor’s Degree 20 credits and Masters Degree/PhD/JD or Equivalent 30 credits. You can select only one option which should be the highest level of education.
  • Professional Experience: Allowed period of professional experience is limited to the past 3 years. You will get 10 credits for each year of full-time experience in anti-money laundering or related duties in a financial institution.
  • Certification: You will get 10 credit from each acceptable professional certification financial related such as CPA, CPP, CRCM, CFE, CPE, CIA, CA/AML, NASD Series, etc. Any certification program must include a minimum of eight (8) hours of instruction and a certification exam.
  • Courses: You will get 1 credit for each hour of attendance at a course/seminar/web seminar/conference/educational and or training session on the topic of money laundering control and/or related subjects.

You can calculate your credit score online by using online CAMS Calculator.

You have to submit supporting documents for the requirements outlined above.

You have to provide three professional references.

What is the CAMS Examination Format?

The CAMS examination consists of 120 multiple choice and multiple selection questions. Examination period is 3 ½ hours. Also there is no penalty for guessing. In order to increase your chances of passing, you can guess the correct answer instead of leaving a question unanswered.

What is the CAMS Examination Format?

How to Register to the CAMS Examination?

First of all you have to buy CAMS examination package. Purchasing the CAMS Examination Package gives you all the necessary tools to successfully take the CAMS examination. The package includes:

  • Electronic and audio study materials
  • Study tips, flashcards and practice questions
  • Online CAMS Preparation Seminar
  • The CAMS examination

How Much Does It Cost to Take CAMS Examination?

CAMS examination fee is USD 1,595.00 for private sector members and USD1.145,00 for public sector members.

How to Schedule the CAMS Examination?

Once your payment is received and application approved, you will be sent an ID number and instructions to schedule your examination. CAMS examination centers are located across the globe at hundreds of locations.

Click here to find a testing center near you.

CAMS examination centers

What Should be the Main Considerations When Taking the CAMS Examination?

  • Early Arrival to the Test Center: Plan to arrive 15 minutes before the scheduled appointment to allow time for check-in. Candidates who are late may not be allowed to test.
  • Identification: Bring with you one form of a current and valid government-issued identification bearing a photograph and a signature. The name on the identification must match the name used for registration.
Valid forms of primary identification include:
  • Driver’s license
  • State-issued identification card
  • Military identification
  • Passport
  • Other government-issued identification
  • Forbidden Items: Purses, bags, and coats are not permitted in the testing room. If you wear a jacket/coat in the testing room, it must be worn at all times. Electronic devices are not permitted in the testing room including: telephones, digital watches, PDAs, signaling devices such as pagers and alarms and calculators etc.

Forbidden Items:

Examination Security Measures:

ACAMS has taken strict security measures to ensure the integrity of the CAMS Examination. These security measures include:

  • Proctors: There will be examination proctors present before, during, and after the examination to ensure that all rules and regulations are followed.
  • Video Cameras: There are high-tech video cameras surrounding the examination site of every testing center to ensure that no assistance is given during the examination.
  • Audio: There is a live audio recording of each examination session at every testing center to ensure that no assistance is given during the examination.

CAMS Examination Content Outline

I. RISKS AND METHODS OF MONEY LAUNDERING AND TERRORISM FINANCING

  • A. Money Laundering and Terrorism Financing Methods
  • B. Recognition of Risks

II. COMPLIANCE STANDARDS FOR ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT)

  • A. International
  • B. Regional

III. AML COMPLIANCE PROGRAM

  • A. AML / CFT Compliance Program Design in Different Industry Settings
  • B. Maintenance of an Effective AML / CFT Compliance Program

IV. CONDUCTING OR SUPPORTING THE INVESTIGATION PROCESS

  • A. SAR and STR Filing
  • B. Assistance of Institutional Investigations
  • C. Assistance of Legal and Government Inquiries Domestically and Internationally Within Parameters of the Law

Do you want to get more information about anti money laundering certification? Further details are available at “Tools to Become an AML Expert” section of the ACAMS website.

Case Study 1: Hong Kong investor Group vs New York branch of ABN Amro
A lawsuit filed by a Hong Kong investor group in 2004 accused the New York branch of ABN Amro of allowing First Merchant Bank, of the Turkish Republic of Northern Cyprus, to defraud the group.
According to the lawsuit, ABN Amro ignored several warnings on six correspondent accounts it opened for First Merchant Bank at its New York branch in 1998.
Soon after, the branch received two warning letters, including one from the Central Bank of Cyprus, which advised the bank of the financial and reputational risks of doing business with entities that included First Merchant. More warning letters came later, but the bank did not close the First Merchant accounts until spring 2000.
The lawsuit claimed that ABN Amro failed to conduct proper due diligence on First Merchant and its accounts and ignored a number of red flags, including:
  • First Merchant held only an offshore license from Northern Cyprus;
  • The bank had no physical offices except a small office in Northern Cyprus;
  • It had no banking or securities licenses in New York; and
  • its chairman and managing director, Hakki Yaman Namli, was sought by Italian authorities in connection with allegedly laundering $50 million.
The bank also entered into a written agreement with the Federal Reserve, which ordered it to tighten anti-money laundering controls in its New York correspondent account and clearing service divisions.
Case Study 2: Isaac Kattan and Hernan Botero Case
Isaac Kattan was a travel agent and businessman. Kattan allegedly laundered an estimated $500 million per year in drug money, all of it in cash.
Couriers from a number of cities would visit him in his apartment, leaving boxes and suitcases full of money. The bagmen were messengers from narcotics distributors.
The money was payment to their suppliers in Colombia. One of Kattan’s favorite places for making deposits was The Great American Bank of Dade County. Officials in the bank were bribed to accept his massive deposits without filing currency transaction reports (CTRs).
Hernan Botero, another individual, allegedly had a similar operation which was smaller than Kattan’s. He laundered only about $100 million per year out of his home near Palm Beach. The Botero group used offshore corporations to invest in Florida real estate as another way to launder money from cocaine deals. Botero was indicted in the United States and testimony in federal court showed he had bribed officers and employees of the Landmark Bank in Plantation, Florida, to accept his deposits.
The money was brought in almost daily by Botero front companies. From Landmark, the money was transferred to the Miami accounts of Colombian banks. From there, it was a simple matter to wire the money to banks in Colombia. By the early 1980s, the federal Operation Greenback had arrested Kattan, Botero, and others. Kattan and Botero were sentenced to 30-year terms in federal prison.

CITF (Certificate in International Trade and Finance)

By
Ozgur Eker (CDCS)
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0

What is CITF Certification (Certificate in International Trade and Finance)?

CITF is the abbreviation of the Certificate in International Trade and Finance.

Certificate in International Trade and Finance (CITF) is a title in international trade finance.

You have to pass a written examination that takes two hours in order to be qualified as a CITF.

CITF certificate has been designed for exporters and importers. Banking professionals may also be benefited from this internationally recognized certificate.

CITF certificate programme has been developed by The London Institute of Banking & Finance in consultation with trade finance experts from across the world.

CITF combines trade finance theory and practice.

By having this certificate you prove that you have enough technical knowledge in international trade finance with the skills to apply them in real life situations.

Scope of the CITF Certificate:

After studying CITF, you will understand:

  • The global trade dynamics and factors shaping the world economy as a whole,
  • The role of the ICC in international trade and the rules that have been created by ICC,
  • How to use ICC international model contracts in daily life,
  • The basics of trade terms and Incoterms rules,
  • The documents used in international trade such as financial documents, official documents and transport documents,
  • What are the risks associated with foreign currencies when exporting and importing?
  • How to mitigate foreign exchange risks in international trade finance?
  • What are the payment methods in international trade?
  • What are the differences between open account, documentary collections, documentary credits and bank payment obligations?
  • The fundamentals of guarantees and standby letters of credit.
  • Differences between short, medium and long term trade finance
  • Fundamentals of Islamic trade finance
  • How to handle disputes arising from international trade operations?
  • Basics of arbitration
  • Fraud prevention and anti-money laundering

Eligibility of the Examination:

CITF would be a highly valuable achievement for exporters, importers and banking professionals who would like to prove their knowledge in international trade and finance in a global scale.

There are no entry requirements for CITF certificate examination. Anyone who pays the submission fee may enter the CITF examination.

But please keep in mind that CITF examination has a moderate difficulty level. Well preparation is a must, experience on related fields is a good asset.

The examination takes place in English language only.

Examination Format:

Assessment for CITF consists of a 2 hour multiple-choice examination, designed to test knowledge and its application.

The examination paper consists of 100 multiple-choice questions, split in to two sections:

  • Section A – 80 multiple-choice questions
  • Section B – four case studies, each with 5 linked multiple-choice questions.

To pass you must achieve the required pass mark of 70%.

CITF is examined in over 30 countries each year and are given in paper format at designated international centres.

Important Note: Examination structure can be modified from one exam to another.

Organizer:

CITF examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CITF examination which is held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

The London Institute of Banking & Finance provides following learning materials to each candidate:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to KnowledgeBank (virtual library);
  • unit syllabuses;
  • study text;
  • specimen paper; and,
  • student-led forum.

Additionally, candidates can benefit from ICC publications as indicated below:

Assessment Criteria:

You can reach CITF examination learning outcomes and assessment criteria from this link.

How to Apply?

You should apply for a CITF certificate exam from The London Institute of Banking & Finance’s official website.

CSDG (Certificate for Specialists in Demand Guarantees)

By
Ozgur Eker (CDCS)
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0

What is CSDG Certification (Certificate for Specialists in Demand Guarantees)?

Certificate for Specialists in Demand Guarantees (CSDG) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CSDG.

By having a CSDG certificate you can prove your knowledge and application of the skills required for competent practice in demand guarantees and standby letters of credit in international trade finance.

CSDG certificate is endorsed by ICC so it is recognized in a global scale.

On this page you will find more information about CSDG certificate.

Scope of the CSDG Certificate:

CSDG will cover all of the key areas and aspects that demand guarantee specialists are expected to understand and practice.

CSDG will develop students’ knowledge and expertise in the use of guarantees, industry rules, legislation and the challenges relating to demand guarantees and standby credits.

  • Demand guarantees – including tender, performance and advance payment
  • Indemnities, Suretyships and standby letters of credit and how they compare
  • Scope of industry rules including URDG 758 and ISP98
  • Parties involved in demand guarantees and their roles and obligations
  • Risk issues, including types, control and mitigations
  • Impact of external factors including governing law and force majeure

Eligibility of the Examination:

There are no entry requirements for the CSDG examination. Anyone can enter CSDG examination.

However please keep in mind that it is not easy to pass the CSDG exam. You should prepare well for it.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years of demand guarantee and standby documentary credit experience for their benefit.

Examination Format:

Assessment for CSDG consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The content of the CSDG examination is based on the results of a job analysis study that identified key responsibilities of a demand guarantee and standby documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

CSDG is assessed through a 3-hour paper-based objective exam split into two sections:

  • Section A – 50 multiple-choice questions
  • Section B – 10 standalone multiple-choice questions, one case study with 6 linked multiple-choice questions and 6 simulation exercises

Organizer:

CSDG examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CSDG examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

You have to study by yourself to CSDG examination. Once registered a textbook was planning to send out to every candidate by post.

The textbook planning to send out was “Guide to ICC Uniform Rules for Demand Guarantees (URDG 758)” written by Dr. Georges Affaki, Sir Roy Goode.

According to the information provided by the official website textbook dispatched is not valid any more.

Instead the candidates reach online materials from MY LIBF website.

The candidates will be provided with the following learning resources:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to
    KnowledgeBank (virtual library);
  • unit syllabus;
  • study text;
  • specimen paper; and,
  • student-led forum.

Preparation for the examination usually takes six months with comprehensive learning materials provided.

How to Apply?

CSDG examination held by The London Institute of Banking & Finance. You should apply for a CSDG exam from official CSDG website by clicking here.

Examination:

CSDG Exam: Principles and Practices of Demand Guarantees

Learning Objectives:

The lecture focusing on the importance of rules, practices and guidelines for demand guarantees and standby letters of credit. After studying this lecture;

  • You should understand types, definitions, rules and processes of demand guarantees.
  • You will be able understand terminology related to draft, issue and claim on demand guarantees and standby letters of credit.
  • You will be able to identify the roles, obligations and relationship between parties to demand guarantee transactions.
  • You should be able to identify the risks involved in demand guarantee transactions and be able to manage those risks.
  • You should be able to identify the external factors that can affect demand guarantees and standby credits.

CSDG Syllabus

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.		Assessment Criteria:
*Distinguish between the different types of demand guarantees, standby letters of credit and suretyships and the requirements, role of the parties involved and the life-cycle of each.
*Identify the problems, risks, rules and external factors associated with demand guarantees and standby letters of credit and explain the effect these factors have
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.		Assessment Criteria:
*Apply appropriate rules and trade terms that govern demand guarantees and standby letters of credit to the management of demand guarantees and standby letters of credit.
*Check accuracy of demand guarantee and standby letter of credit documents.

CSDG Certificate Content Outline

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.		Assessment Criteria:
•Demand guarantee definitions
• What is a demand guarantee?
• What is a standby letter of credit?
•Key features of guarantees, suretyships, and standby letters of credit, including:
• What they are
• Documents required
• Comparison with demand guarantees and with each other
•Rules, standards and guidelines that govern demand guarantees and standby letters of credit:
• Scope and application of the rules
• URDG 758
• ISP98 where these rules differ from URDG 758
•Capacity of different types of guarantee and standby letter of credit and when they are used:
• Scope of a guarantee or standby letter of credit
• Advantages to all parties
• Scenarios where one type of guarantee or standby is preferred over another
•Relationship between parties to the demand guarantee (including advantages to each party)
• Instructing party
• Applicant
• Guarantor
• Beneficiary
•Process, life cycle and challenges of a demand guarantee or standby letter of credit
• Draft
• Issue
• Amendments
• Presentation
• Examination
• Payment
• Termination and reduction Including:
• Rejection (including non-complying demand, waiver, notice)
• Transmission and translation
•The ways in which the rules for demand guarantees or standby letters of credit can be affected by external factors and the implications of these effects, including:
• Indemnity for foreign laws and usages
• Governing / national law
• Jurisdiction
• Force majeure
• URDG and other ICC rules
• Courts
•The risks involved in demand guarantees and standby letters of credit:
• Risks and consequences
• Fraud
• Money laundering
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.		Assessment Criteria:
• Practitioner element, putting theory in to practice.

Exam Centers:

CSDG examinations will take place in the following locations, subject to demand. The London Institute of Banking & Finance reserve the right to withdraw centres.

The London Institute of Banking & Finance may be able to offer other exam venues, subject to demand.

  • Australia (Sydney)
  • Bahrain (Manama)
  • Bangladesh (Dhaka)
  • Belgium (Brussels)
  • Canada (Montreal, Toronto)
  • China (Anhui, Beijing, Chengdu, Changsha, Jinan, Dalian, Guangzhou, Shanghai)
  • Cyprus (Nicosia)
  • Egypt (Cairo)
  • Germany (Frankfurt)
  • Hong Kong
  • India (Bangalore, Chennai, New Delhi, Mumbai)
  • Indonesia (Jakarta)
  • Jordan (Amman)
  • Kenya (Nairobi)
  • Lebanon (Beirut)
  • Malaysia (Kuala Lumpur)
  • Malta (Valletta)
  • Mauritius (Reduit)
  • New Zealand (Auckland)
  • Nigeria (Lagos)
  • Qatar (Doha)
  • Romania (Bucharest)
  • Russia (Moscow)
  • Saudi Arabia (Jeddah, Riyadh)
  • Singapore
  • South Africa (Johannesburg)
  • South Korea (Seoul)
  • Spain (Madrid)
  • Sri Lanka (Colombo)
  • Sweden (Stockholm)
  • Switzerland (Basel)
  • Taiwan, Taipei
  • Thailand (Bangkok)
  • Turkey (Ankara, Istanbul)
  • United Arab Emirates (Dubai, Sharjah)
  • United Kingdom (Birmingham, London, Manchester)
  • United States of America (New York)
  • Vietnam (Ho Chi Minh City)
  • Zambia (Lusaka)
  • Zimbabwe (Harare)

The list of current venues is reviewed regularly and venues may be changed without notice.

Please contact Customer and Student Services on +44 (0)12 2781 8609 or email [email protected] if you would like us to consider setting up a venue that is not on this list.

How to Prepare CDCS Examination?

By
Ozgur Eker (CDCS)
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0

Question 1: This question comes from Siddharth, India.

Please advice where can I get different case studies to prepare for my Apr 2014 CDCS examination, please advice if sample test paper can be brought separately.

Question 2: This question comes from Sunil, India.

I want to do CDCS course, request to please guide me. I am working in an export import documentation department of a company in India to provide logistics services to our clients. Along with logistics services we will prepare export documentation as requested by LC.

Answer 1: You should prepare CDCS examination by yourself. Once you are registered to the examination, exam organizers, The London Institute of Banking & Finance and BAFT, supplies you exam preparation materials. These exam preparation materials can be classified under two groups:

  1. Study Text Book: This is the main study material for the CDCS exam preparation. This book covers all subjects of CDCS examination and it is labeled as “The Guide to Documentary Credits” which is written by Gary Collyer.
  2. Online Material: Once you are registered to the CDCS examination The London Institute of Banking & Finance supplies you a password with which you can reach their online resources. On their website you can find one sample CDCS examination.

Answer 2: I can suggest you Coastline Solutions online courses, despite the fact that these course are not intended for the exam preparation.

The good thing with Coastline Solutions courses is that if you will take them after you have been rewarded with the CDCS certificate, you can earn PDUs, which means that you may not need to enter re-examination after 3 years of certificate expiry date.

Coastline Solutions online training cover below topics:

  • UCP 600 Training
  • ISBP 745 Training
  • URC 522 Training
  • URDG 758 Training
  • ISP98 Training
  • URBPO 750 Online Training
  • Incoterms® 2010 Online training
  • ICC Opinions
  • DC Insight
  • ICC Court of Arbitration

CDCS (Certified Documentary Credit Specialist)

By
Ozgur Eker (CDCS)
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0

What is a CDCS (Certified Documentary Credit Specialist)?

CDCS (Certified Documentary Credit Specialist) is an international title in trade finance.

In order to get the CDCS title, participants must pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking & Finance.

CDCS ( Certified Documentary Credit Specialist ) is the professional certification which will enable letter of credit practitioners to prove their specialist knowledge and application of the skills required for competent practice in a global scale.

The CDCS certification has been developed in consultation with industry experts to ensure that the certification reflects best practice.

The London Institute of Banking & Finance and BAFT (The Bankers Association for Finance and Trade) jointly developed the CDCS certification programme. CDCS is also endorsed by the International Chamber of Commerce.

It is the only certificate which is approved by ICC on documentary credit field.

The CDCS is the international standard for documentary credit specialists.

Banks prefer CDCS entitled practitioners for their trade departments in order to reduce their own risks by working with professionals who approved their competence from the institution that is creator and governor of the documentary credit rules.

cdcs certificate
Ozgur Eker’s CDCS Certificate from 2009.

Scope of the CDCS Certificate:

  • Documentary credits – an overview, types, characteristics and uses, including standby credits
  • The sales agreement
  • Rules and trade terms, including UCP 600, ISP 98, ISBP 745, Incoterms 2010® and URR 725
  • Parties to documentary credit transactions and their roles and obligations
  • Types and methods of payment / credit used in documentary credit transactions, including the concept of autonomy
  • Types of transport, commercial and financial documents used in documentary credit transactions
  • Risk issues, including types of risks, control and possible mitigations
  • Related products, including letters of indemnity, Air Way Releases and Steamship Guarantees
  • Implications of breaching rules including money laundering and terrorist financing

Eligibility of the Examination:

There are no entry requirements for the CDCS examination. Anyone, who pays the exam fees, can enter the examination.

However please keep in mind that it is not easy to pass the CDCS exam. You should prepare well for the examination.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years’ documentary credit experience for their own benefit.

Examination Format:

Assessment for CDCS consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The examination paper consists of 70 multiple-choice questions, 3 in-basket case studies and 3 document checking simulations.

The content of the CDCS examination is based on the results of a job analysis study that identified key responsibilities of a documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

The examination consists of multiple choice knowledge and application questions as well as sample in-baskets and simulations that test for analysis skills.

Organizers:

  1. USA, Canada and Mexico CDCS examination held by BAFT-IFSA. You can reach their website from this link.
  2. All other countries CDCS examination held by IFS University College. You can reach their website from this link.

Costs:

  • USA, Canada and South America CDCS examination which is held by BAFT-IFSA cost you around 800USD. (2019 fees)
  • All other countries CDCS examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official websites.

How to Prepare?

You have to study by yourself to the CDCS examination. Once registered a textbook is sent to every candidate by post.

As of 2014, this text book is “The Guide to Documentary Credits” written by Gary Collyer. This book will be your main textbook.

Also you can enter libf.ac.uk website with your password to reach online materials. Preparation for the examination usually takes six months with comprehensive learning materials provided.

Assessment Criteria:

You can reach CDCS examination learning outcomes and assessment criteria from this link.

CDCS Content Outline

Learning OutcomeSyllabus
Learning Outcome:
1. Understand the main types, characteristics and uses of documentary credits.		Syllabus:
• Understanding of the term documentary credit
• A basic documentary credit transaction (including generic flow
chart of this process)
• Types of documentary credit
• Primary characteristics of documentary credits
• Secondary characteristics of documentary credits:
- Revolving credits
- Instalment
- Advance payments
- Transferable
- Evergreen
- Clean
- Direct pay
• Categorisation of documentary credit by type and characteristic
• Commercial documentary credits
• Standby letters of credit
Learning Outcome:
2. Know the industry rules, standards, guidelines and trade terms that govern the delivery of documentary credit transactions.		Syllabus:
• Incoterms 2010®
• UCP 600 – Uniform Customs and Practice for Documentary
Credits
• ISP98 – International Standby Practices
• URR 725 – Uniform Rules for bank-to-bank reimbursement
under documentary credits
• ICC decision on original documents (Appendix to ICC
publication 645 – ISBP)
• ISBP 681
• eUCP
Learning Outcome:
3. Understand the ways in which documentary credit transaction rules and regulations can be breached and the implications of such breaches.		Syllabus:
• Money Laundering
• Sanctions
• Terrorist Financing
Learning Outcome:
4. Understand the roles and obligations of the parties to documentary credit transactions and the relationships between them.		Syllabus:
• Parties to documentary credits roles and responsibilities:
- Issuing bank
- Beneficiary
- Applicant
- Non-bank issuers
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
• Banks roles and obligations:
- Issuing bank
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
- Beneficiary
• Relationship of parties in respect of payment of conforming
documents and non-payment of non-conforming documents
• Roles and responsibilities in reimbursement
Learning Outcome:
5. Understand the types and methods of payment and credit used in documentary credit transactions.		Syllabus:
• Types of payment:
- Sight
- Deferred
- Negotiation
- Acceptance
• Transmission of proceeds
• Types of credit
• With and without recourse
• The autonomy of a documentary credit as a payment
mechanism
Learning Outcome:
6. Understand the types of transport, commercial and financial documents used in documentary credit transactions and their requirements under ICC rules.		Syllabus:
• Characteristics, processing and rules that apply to transport
documents:
- Bill of Lading
- Charter Party Bill of Lading
- Non-negotiable Seaway Bill
- Multimodal Transport Document
- Air Transport Document
- Road, Rail or Inland Waterway Transport Document
- Forwarder’s Cargo receipt, Mate’s Receipt and
Consolidator’s Receipt
- Post Receipt or Certificate of Posting
- Courier or Expedited Delivery Service Document
• Financial and Commercial documents:
- Draft / bill of exchange
- Commercial Invoice
- Insurance Document
- Weight Certificate
- Certificate of Origin
- Packing Lists
- Inspection Certificate
• Documents for official purposes and checking mechanisms
Learning Outcome:
7. Understand the processes and challenges involved in documentary credit transactions.		Syllabus:
• Processes and activities associated with:
- Sales agreement / contract of sale
- Issue
- Pre-advise
- Advise
- Confirm
- Amend
- Transfer
- Present
- Examine
- Pay / Reject
- Claim
- Reimburse Funds
- Cancel
• Presentation, Examination and Settlement / Rejection
• Identifying and handling discrepant documents
Syllabus
• Electronic presentations
• Problems that can arise during the documentary credit
transaction process
Learning Outcome:
8. Understand and manage the risks involved in documentary credit transactions.		Syllabus:
• Types of Risk
- Operational / UCP 600
- Credit
- Foreign Exchange
- Fraud
- Legal
- Political
• Other risks / considerations
- Money Laundering
- Sanctions
- Terrorist Financing
- Credit Risk Assessment / Management
• Risks to the parties to documentary credits:
- applicant
- issuing bank
- beneficiary
- advising bank
- nominated bank
- confirming bank
- reimbursing bank
• How risks can be controlled
Learning Outcome:
9. Understand the related products used in documentary credit transactions.		Syllabus:
• Letter of Indemnity
• Air Way Release
• Steamship Guarantee
• Assignment of Proceeds
• Participation and Syndication
• Refinance Credits
• Reimbursement undertaking
Learning Outcome:
10. Be able to manage the transport, commercial and financial documents used in documentary credit transactions.		Syllabus:
• Apply and analyse the transport, commercial and financial
documents used in documentary credit transactions in order to
recommend appropriate courses of action and manage
documentary credit transactions.

How to Apply?

  • USA, Canada and Mexico CDCS examination held by BAFT. You should apply for a cdcs certificate exam from their official website from this link.
  • All other countries CDCS examination held by The London Institute of Banking & Finance. You should apply for a cdcs certificate exam from their official website from this link.

UK Export Finance (UKEF) Launched Direct Lending Facility

By
Ozgur Eker (CDCS)
-
0

Published on October 2014 – Under the Direct Lending Facility, UKEF will provide loans to overseas importers in order to finance the purchase of goods and services from UK exporters.

Loans are available to cover new international sales by any business exporting from the UK, to any country where UKEF medium term cover is available.

Direct Lending Facility loans are available in Sterling, US Dollars, Euro or Japanese Yen.

Overview

Under the Direct Lending Facility UKEF provides loans up to £3 billion in aggregate to overseas buyers to finance the purchase of capital goods and/or services, from exporters carrying on business in the UK. Loans can be made in Sterling, US Dollars, Euro or Japanese Yen.

Upper or Lower Loan Value Limit

Although the Direct Lending Facility has no upper or lower loan value limit, UKEF advices to look for an alternative product that may be more appropriate for loans below £5 million.

Direct Lending Facility Partner Banks

  • Australia and New Zealand Banking Group
  • Banco Santander
  • Bank of China
  • Barclays Bank Group
  • Cargill Inc/Cargill Financial Services International
  • Citibank NA
  • Crown Agents Bank
  • Deutsche Bank
  • Ecobank Nigeria
  • HSBC Bank Group
  • Investec Bank
  • JPMorgan Chase Bank Group
  • Lloyds Banking Group
  • Natixis
  • NorthstarTrade Finance/Sovereign Star Trade Finance
  • Societe Generale
  • Standard Chartered Bank
  • T. Garanti Bankasi
  • The Bank of Tokyo-Mitsubishi UFJ
  • The Royal Bank of Scotland Group

Direct Lending Facility Example

A US$110 million buyer credit loan under the Direct Lending Facility has helped Carillion to secure a significant contract with Dubai World Trade Centre LLC in Dubai.

The loan has been arranged by Deutsche Bank who are also providing 50% of the lending.

Deutsche Bank is a member of the Direct Lending Facility partner banks that will help UKEF deliver the £3 billion facility.

Finnvera to Guarantee Financing for New Vessel Orders Placed at Meyer Turku Oy

By
Ozgur Eker (CDCS)
-
0

Published in September 2014 – Shipowner companies usually make advance payments to the shipyards when giving a new vessel order. These advance payments could reach up to 80% of the project amount.

In order to cover non-delivery risks, shipowners demand advance payment bank guarantee from the shipyards against the upfront payment that they have made.

Finnvera to guarantee financing for new vessel orders placed at Meyer Turku Oy.

Finnvera will take part in the pre-delivery financing of the cruise ships ordered by TUI Cruises GmbH from the Turku shipyard.

The ships will be delivered in 2015-2017. Finnvera will guarantee between 50 and 80 per cent of the pre-delivery financing granted to the shipyard. With the new orders, Finnvera’s maximum exposure for Meyer Turku Oy will reach about EUR 300 million.

Finnvera will also guarantee 95 per cent of the post-delivery buyer credits of the ships ordered by TUI Cruises GmbH.

The credit period is 12 years. With the two new ships and the two ships ordered already earlier, Finnvera’s exposure for TUI Cruises GmbH will reach a maximum of about EUR 1.3 billion. Finnvera’s subsidiary Finnish Export Credit Ltd will provide the financing for the buyer credits arranged by commercial banks.

Further information:
Topi Vesteri, Executive Vice President, tel. +358 400 702 002
Pauli Heikkilä, CEO, tel. +358 29 460 2400

About Finnvera:

Finnvera provides financing for the start, growth and internationalization of enterprises and guarantees against risks arising from exports.

Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, domestic guarantees, venture capital investments, export credit guarantees and other services associated with the financing of exports.

The risks included in financing are shared between Finnvera and other providers of financing.

Finnvera is a specialized financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland.

Finnvera gives guarantees against political or commercial risks associated with the financing of exports.

Political risks are risks that arise from the economic or political situation in a country where a Finnish export company has customers. Commercial risks pertain either to the buyer or to the buyer’s bank.

Finnvera’s operations are steered by the industrial and ownership policy goals laid down by the State.

Among these goals are: increasing the number of starting enterprises; enabling financing for changes encountered by SMEs; and promotion of enterprise growth, internationalization and exports.

In its operations, Finnvera is expected to adhere to the principle of economic self-sustainability.

Doing Business in Nigeria 2014

By
Ozgur Eker (CDCS)
-
0

The Doing Business project is supported by World Bank.

Doing Business reports not only let you compare countries, but also let you compare certain cities within a specific country in terms of Doing Business criteria.

Doing Business in Nigeria 2014—the third sub-national report of the Doing Business series in Nigeria— compares business regulations in 35 states and Abuja, FCT.

The report focuses on federal and state regulations that affect 4 stages in the life of a small to medium-size domestic firm: starting a business, dealing with construction permits, registering property, and enforcing contracts.

The report finds that 22 states improved in at least one of the benchmarked areas, making it easier for local entrepreneurs to start and operate a business.

The report also compares gender-specific employment data from the main public agencies in charge of administering the benchmarked areas:

  • land registries,
  • building authorities and
  • Corporate Affairs Commission branches in each state.

Main Findings

  • This year’s report recorded 34 improvements, of which 13 focused on starting a business, 8 on dealing with construction permits, 10 on registering property, and 3 on enforcing contracts.
  • The states of Cross River, Ekiti, Niger, Ogun, and Rivers made the biggest strides towards the national frontier of good practices.
  • While most reform efforts focused on reducing the complexity and cost of regulatory processes—including improvements in internal processes of federal and state agencies—several states also focused on longer-term judicial reforms to strengthen the legal institutions for contract enforcement.
  • Despite improvements, challenges persist: no single state ranks at the top in all the areas measured.
  • Sharing local good practices and coordinating better between federal and state governments are critical to improving the business environment for all Nigerians.
  • For the first time, the Doing Business in Nigeria series recorded reforms that make it easier to start a business: 13 states introduced reforms improving the internal processes of federal or state agencies, such as the Corporate Affairs Commission and state ministries of commerce.
  • Less burdensome requirements and faster approvals of construction permits, like in Adamawa and Jigawa, would make Nigeria one of the best performers in this area, more efficient than the OECD average of 13 procedures and 147 days.
  • Uneven implementation of federal legislation and differences in state fees drive the large variation in the cost to register property—from 7.7% of the property value in Yobe to 26.4% in Edo.
  • Katsina remains the easiest place to enforce a contract within Nigeria: resolving a standardized commercial dispute takes 314 days and 41 procedures and costs 26% of the claim value.

World Risk Developments October 2014

By
Ozgur Eker (CDCS)
-
0

According to EFIC most challenging global risks for the October 2014 are Chinese economic slowdown, political uncertainty in Thailand, ore export ban in the Philippines, minimum wage demands in Cambodia and Ebola spread in Africa.

China — Economic slowdown continues to deepen

Industrial production growth slowed to a five-year low of 6.9% (y/y) in August from 9% in July. Growth in fixed asset investment also slowed, though retail sales held up better.

The housing correction continues to be a serious drag, even as local governments continue to ease their housing restrictions and banks increase mortgage availability to home-buyers.

Thailand — When putsch comes to shove

Interim Prime Minister General Prayuth Cha-Ocha said on September 4 that he expects it will take at least a year to draft a new constitution – Thailand’s ‘own version of democracy’.

He also said he might not hold to the original timetable of elections in October 2015.

Philippines — Shock at ore export ban

A proposed ban on Philippine exports of unprocessed metal ores has caught the market unawares. The nickel price rose 7% in the four days after the announcement, and is up 22% since the start of the year, when Indonesia announced its own ban on nickel ore exports.

Cambodia — Pay demands not only economic challenge

Thousands of clothing industry workers from around 300 factories staged a Global Day of Action on September 18 to campaign for an increase in the minimum wage from US$100 to US$177 a month.

All parties – workers, foreign fashion buyers and the government – appear to be taking a more conciliatory approach to the current campaign than to a previous one in 2013, in which police shot dead four striking workers.

West Africa — Ebola economic cost could go either way

A World Bank analysis of the Ebola epidemic released last month finds that the economic costs could be limited if containment is swift.

Then again, if the virus continues to surge in the three worst-affected countries – Guinea, Liberia, and Sierra Leone – its economic impact could grow eight-fold, dealing a ‘potentially catastrophic blow’ to the already fragile states.

In Liberia, the hardest hit country, the GDP hit could be almost 12 percentage points in 2015. The analysis finds that the direct costs of the crisis – death, sickness,
nursing, and associated lost working days – aren’t the largest ones.

The largest cost is rather fear.

This leads people to shun one another and withhold their labour, which closes businesses and disrupts transport, including through sea and airports.

80-90% of the total economic impact of epidemics comes from fear, the Bank concludes after studying previous epidemics such as SARS in 2002-2004 and H1N1 flu in 2009.

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