Cross-Functional Process: International Bank Account Changes

Why is this process important?
Over the years, Advantus has been sent several fraudulent bank account-related requests over the years. Most of these requests wanted us to change how we paid a vendor. The emails looked legitimate and even included spoofed commercial invoices and packing lists. Advantus will not change any international vendor payment information unless the below process has been completed.

Process

• If any employee or department receives a request from an international vendor to change banking information, please forward the request to Product & Sourcing for initial approval.
  • Tracey Anderson for Jax vendors
  • Thomas Schwister for ISD and ADV II vendors
  • Christina Doose for Art101 vendors
• If an Advantus employee knows the owner:
  • The owner must confirm banking information via Skype, Zoom, or cell phone. Text messages are not acceptable.
    • If the owner speaks English and the Advantus employee knows their voice, a phone call is acceptable.
    • If an owner does not speak English and the Advantus employee does not speak Chinese:
      • A video call must be set up (Zoom/WeChat) with an Advantus employee who recognizes the owner from sight and an Advantus employee who speaks Chinese and can do the translation. We will not trust vendors and their employees to do the translation.
  • Product & Sourcing will confirm the change and email Charlie Frohman (copying Import) asking him to approve the changes.
  • Once Charlie has approved the changes, Import will update the vendor’s account.
• If any Advantus employee does not know the owner:
  • For inventory PO deposits
    • If a vendor requires a deposit, P&S will use this opportunity to arrange for new payment terms that get rid of deposits.
      • If P&S is successful in eliminating the deposit:
        • P&S will email Charlie (copying Import) and ask him to approve the new terms and payment information.
      • If P&S is unsuccessful in eliminating the deposit:
        • Due to extraordinarily high amounts of fraud from our Chinese and Taiwanese vendors, Advantus will not pay deposits to NEW BANK ACCOUNTS.
        • Payments will be sent to the old account.
  • For inventory PO final payments
    • We will only pay a new bank account upon receipt of shipping documents (commercial invoice, packing list, and an EXPRESS RELEASE or SEA WAYBILL OF LADING/GALAXY FREIGHT OR SML CONFIRMATION GOODS HAVE SHIPPED). Otherwise, we will continue to pay the old account.
  • Once shipping documents are received Import Accounting will answer the following questions and email Charlie for approval:
    • Did goods already ship to us that we need to pay for?
    • If so, was the new banking info on the paperwork submitted with the shipment to Galaxy?
  • For sample POs
    • Samples under $500 can be paid to a new bank account without approval from Charlie. If the samples are paid for to the new bank account and shipped satisfactorily, the NEW bank account info can be treated as approved bank account information.
    • Samples over $500 must be approved by Charlie. If the samples are paid for to the new bank account and shipped satisfactorily, the NEW bank account info can be treated as approved bank account information.