Description:
Allows acceptance of very high-value or unlimited-value payments.
Appears in:
Addressed by:
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Account Limits Set in Agreement or Contract: A product or service requires entering into a legally binding agreement or contract between specified parties, which sets account limits (payments in or payments out).
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Currency Reporting Requirements: Reporting of transactions exceeding EUR 10,000.
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Documentary Evidence to Identity Parties and Details of Transaction: Agreement supported by underlying documentation (i.e., bills of lading, invoices, shipping documents, warehouse receipts, and warrants) that contains details of all parties to the transaction, currency, value, all countries involved, and the purpose of the transaction.
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Documentary Evidence to Support Conditions of Agreement Met: Agreement supported by underlying documentation (bills of lading, invoices, shipping documents, warehouse receipts, and warrants) containing details of all parties involved in the transaction, currency, value, all countries involved, the purpose of the transaction, and allowing payment only when all conditions outlined in the terms of the instrument have been met.
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Payment Terms Defined in Agreement or Contract: A product or service requires entering into a legally binding agreement or contract between specified parties that outlines the drawdown and repayment terms.