I'm currently developing an audit program for our international letter of credit function. I know about the ICC's UCP 500 and having skimmed it, it seems like a general consitution for international trade.

Anyone know if there are any risks to an institution associated with non-compliance with UCP 500, say, in terms of fines or other civil penalties?

Many thanks.

I found your post while searching for info on the new UCP 600 that supposed to take place in July 2007. Our state bankers association is supposed to hold a class on it but I was checking to see if BOL was holding any training. You might check with your state bankers association to see if anything will be covered in your area on this subject.

Good advice, thanks.

I re-introduce this topic because I wasn't able to discover anything via the WA Banker's Assn.

Would anyone know if there are any civil or other penalty concerns with non-compliance with UCP 500 or is this something that's too broad and too removed from our bank level operations to have any direct consequence.