Updated: Feb 15
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Mt103/23 - The Sender Scam
Scammers con people into believing that there is such a thing as a "conditional" Mt103 named a Mt103/23. They claim that with a "conditional" Mt103/23 the beneficiaries bank will not release the funds to the beneficiaries account until the beneficiary completes specific documents or the sender has provided confirmation that the funds can be released by the Beneficiaries bank to the beneficiary.
The truth is..... The Mt103 is NOT designed for ANY type of conditional transaction and you CANNOT send a Mt103 or a Mt103/23 with any type of condition attached!
The Field 23 Instruction Code used to be used where the sending bank (at the request of the sender) puts a simple code instructing the beneficiaries bank how to effect payment. Field 23 is VERY LIMITED and is designed solely for basis short text like: "Telephone Beneficiary on Receipt" or "Credit Account Immediately". There was no space to enter "conditions". So there was NO POSSIBLE WAY to send a Mt103/23 or a Mt103 with any type of "condition"
Transactions that involve the conditional release of documents are administered by lawyers, escrow and trustees, NOT BY BANKS!
Today Field 23 is no longer used and any reference to a Mt103/23 is false. That field is now defunct and no longer used by ANY Bank. Today any person offering you a Mt103/23 transaction is committing fraud by offering an impossible transaction that has no technical way of ever being keyed into the SWIFT System.