Regulatory Alerts2013-04-16
Controls related to import operations carried out on the basis of collection documents received in the name of the customer
The chairman of the Board welcomed everyone and expressed his appreciation for the regulatory steps taken to enhance transparency in the importing process. He acknowledged that foreign suppliers have been importing goods from several sources, and consequently, there will be a temporary disruption in some imports due to the application of new regulations. The following three directives are being imposed: 1) Banks must obtain written commitments from traders stating they will not exchange transactions with other banks involved in these imports; 2) The banks shall guarantee that their customers do not exchange any proceeds derived from the import of goods without permission, and 3) Foreign suppliers should continue to perform their activities; however, they will be subjected to the supervision of authorized regulatory bodies, as no similar activities for traders or the bank are permitted. The chairman urged all involved parties to respect these new measures and expressed gratitude to the audience.