What are the know your customer (KYC) requirements for parties involved in CIF trade?

Apr 12, 2024 ... CIF, or Cost, Insurance, and Freight, is an Incoterm that defines the seller's responsibilities and obligations in an international sales transaction. Jan 16, 2020 ... To make sure goods are correctly insured, they use the formula of CIF value x 110%. CIF value is the commercial invoice value + insurance costs ... If the Incoterm used was CIF, the responsibility to pay for insurance and freight charges falls on the seller. The seller should have also provided all shipping ... Nov 23, 2022 ... So i am learning about trading and i'm on Incoterms now. What does this line mean? USD 5000 CIF [name port] So according to CIF, i, ... May 26, 2022 ... A recent and potentially confusing shift in standard overseas shipping arrangements with your solar module suppliers toward CIF Incoterms and away from more ... Apr 22, 2024 ... CIF Incoterms stands for Cost, Insurance, and Freight. It is a set of rules made and published by the International Chamber of Commerce (ICC). CIF belongs to Incoterms® group 2 and can therefore only be used for sea freight. Any insurance is the responsibility of the seller. According to CIF Incoterms, what is each party responsible for? ... Under CIF, the seller is responsible for transport up to the port of destination, export ... Nov 11, 2024 ... Cost, Insurance, and Freight (CIF) is one of the most widely used Incoterms (International Commercial Terms) for shipping, especially for ... Mar 26, 2025 ... CIF is an Incoterm specifically meant for shipping across oceans or international waters. There are other internationally recognized Incoterm ...