CIR case studies
CIR · Put your knowledge to work in context.
The Certified International Representative (CIR) credential is aimed at bankers who manage cross-border interbank relationships and the transaction flows that sit behind them - correspondent banking managers, trade finance and payments specialists, and relationship officers serving foreign financial institutions. It tests whether you understand the commercial, operational and regulatory mechanics of international banking well enough to hold a counterparty conversation without escalating. The CIR case studies are 5 cases and about 3,903 words.
1Discrepant Documents, a Late Refusal and an Applicant Waiver
Northbridge Bank in Singapore issued irrevocable credit NB-4471 for USD 2,400,000, available with any bank by negotiation, 90 days after sight, subject to UCP 600. The credit required shipment by 15 March, presentation within 21 days, port of discharge Ningbo, and an insurance certificate covering Institute Cargo Clauses (A) for 110% of CIF value.
807 words, about 4 min2A USD Payment Against an Unfunded CLS Obligation
At 16:20 CET on Thursday 12 June, the treasurer of Rotterdam-based Trader Commodities BV instructs Van Dijk Bank to send USD 18,500,000 to a beneficiary at a Singapore bank for same-day value. The payment is the final leg of an FX swap; the bank's CLS pay-in for the swap is due by 06:30 CET on Friday.
813 words, about 4 min3Over-Hedged Forward After a Contract Reduction
On 10 January, Calder Engineering Ltd, a UK exporter, sold a machine to a US buyer for USD 6,000,000 payable in six months. Calder sold USD 6,000,000 forward at GBP/USD 1.2700 with its bank, value 10 July.
793 words, about 4 min4A Sanctions Hit on a Steel Cargo with a Dark Vessel
On 14 May, the trade finance desk of a Dubai bank receives documents under an irrevocable USD 3,100,000 credit for 2,000 mt of hot-rolled steel coils shipped from Iskenderun, Turkey to Alexandria, Egypt. The bill of lading names the vessel MV Ariadne and the shipper Bosphorus Metal Trading LLC.
791 words, about 4 min5A Correspondent Account Request with Nested Respondents
Andes Commercial Bank (ACB), a mid-sized bank in a jurisdiction with weak AML supervision, applies to Hudson Correspondent Bank in New York for a USD nostro and a USD 20,000,000 trade-finance line. ACB has 1,100 respondent banks in its home country and two offshore subsidiaries.
699 words, about 3 min