⛔Blocked Funds
We can issue Blocked Funds Letter on behalf of our Clients
Issuance Procedure For BFL:
Client will send us the filled in BLOCK FUND LETTER Application form. We will prepare and send the Final draft of BLOCK FUND LETTER to the Client.
Client should conclude with their Beneficiary using the final draft provided by us. Once the draft is concluded, Client should send us the following:
Final BLOCK FUND LETTER draft with their sign and stamp;
Letter of Interest confirming acceptance for the draft and advising us to proceed further;
Their Bank statement evidencing the availability of funds to cover the issuing Cost.
Mode of delivery - Physical or through SWIFT.
Upon receiving the above stated documents, client should send us the filled in Offshore Account opening form, as its mandatory for the client to open account with us to obtain a BLOCK FUND LETTER. Also, the standard Indemnity Documents of the bank will be provided to the Client for signing. The Client has to submit the KYC documents as per the list we will provide as a part of KYC and AML compliances including Transaction documents. Also an eKYC declaration letter will be given to Client, which needs to signed and sealed and sent back to us. Once we receive the Signed eKYC declaration letter, we will issue an invoice of 1,500 USD for eKYC which client needs to pay. Upon receipt of this payment we will release a eKYC link to client
Client should upload the filled, signed and stamped documents, on the eKYC link
Our compliance team will confirm if the submitted documents are in order and then we will send two invoices from the Bank, one towards the BFL issuance cost and the second invoice towards account opening fee.
After Client transfers the BFL issuance cost as well as the account opening fee, within 10 working days we will set up the account and will issue the BFL which will be delivered to the Beneficiary / Beneficiary bank.
End of transaction
Above described is the BFL (Blocked Fund Letter) issuance process / procedure
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