4.2.3.3 Receipt of Response from Sanction Check System and Post Response Processing
You will receive response from sanction check system and post response processing.
- Sanction check system will provide a response for the request. This response will be updated as the contract's sanction check status. The response can be:
- A - Approved: This indicates that the contract passed sanction check.
- R - Rejected: This indicates that the contract failed sanction check
- If the contract's sanction check response status is approved and the contracts sanction check status is ‘P’, it can be authorized and processed further.
- If the contract's sanction check response status is approved and the contract's sanction check status is ‘X’, then the post sanction check process will automatically authorize the contract. Any override generated as part of this authorization will be logged.
- The last sanction check date will be updated with the response date.
- If the contract's sanction check response status is rejected, then irrespective of the contract's sanction check status (P or X), the contract remains unauthorized. The only option allowed for such contracts is modification or deletion.
- In case the contract is being modified, then a new sanction check request will be sent and the entire sanction check process will be repeated.
- Contract can be deleted if a new contract is saved and if existing contract is amended.
- In case the event for amendment is deleted, the contract's sanction check status should revert back to the status before the amendment was initiated.
- If sanction check is not required at transacting branch, counterparty or product level, then the contract's sanction check status will be updated to ‘N’ and information will not be placed in the sanction check queue. The last sanction check date will not be updated with the current date.
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