Financial sanctions
2010-12-16 Nordea introduces new sanction text
Due to numerous new sanctions imposed by e.g. the UN Security Council, EU and US, Nordea is taking the following clause into use.
"Due to sanctions decided upon by UN Security Council and USA, and regulations imposed by EU and local law, Nordea disclaims liability for any delay, non-return of documents, non-payment or other action or inaction compelled by law or regulation, a judicial order or a government regulation applicable to us."
As of 3 January 2011 the above clause will be included into selected parts of Nordea’s outgoing correspondence regarding Documentary Credits and Guarantees.
In respect of Direct Collections, before forwarding the documents to the collecting bank, you are compelled to ensure that the documents in no way violate any sanctions in force. The following text will be labeled to the TFNS transaction:
Due to sanctions decided upon by UN Security Council and USA, and regulation imposed by EU and local law, Nordea is not permitted to handle transactions that violate said sanctions. Before forwarding the documents under this collection, you are compelled to ensure that the documents in no way violate existing sanctions.
Nordea disclaims liability for any delay, non-return of documents, non-payment or other action or inaction compelled by law or regulation, a judicial order or a government regulation applicable to us.
This text will not be part of the collection instruction.
We strongly suggest that you get yourself acquainted with the sanctions in force and take appropriate measures. Read more...
If you have questions in this respect you are welcome to contact your local Nordea Trade Finance department.
