How to verify an ICPO
By the Vanguard Verify desk · Published 2026-10-23 · Updated 2026-10-27
Short answer: an ICPO is a buyer’s letter of intent to purchase on stated terms. It is not a bank instrument and does not prove the buyer can pay. Verify the company, the signatory and the buyer’s bank before your seller issues an FCO.
Checks
- Company exists: find the buyer’s legal name in the official registry of its country and in the Global LEI Index. Match the address on the ICPO.
- Signatory: confirm the signer is a director or holds a written authority you can confirm via the company’s official phone number.
- Email domain: the ICPO should come from the company’s own domain, not a free email.
- Bank details: the buyer’s bank, account name and BIC must match the company name exactly.
- Terms make sense: product spec, quantity, port and payment instrument (e.g. irrevocable LC at sight) must be realistic for that buyer’s size.
- POF on request: the buyer provides proof of funds when the seller asks; the seller provides proof of product.
Red flags
- One ICPO sent to dozens of sellers for huge volumes.
- Buyer company with no registry record or a very new domain.
- Demands that the seller pay for “procedures” or send POP first.
Related: How to verify a commodity supplier or buyer.
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FAQ
Is an ICPO legally binding?
Usually it is a letter of intent. The binding contract is normally the SPA signed by both parties.
Vanguard Verify is run by Vanguard Trade Capital Goods Wholesalers DWC-LLC, Dubai South, Licence 14282. This answer is general information, not legal or financial advice.