Intermedia Group has an opening for the following position for one of our clients:
title: Senior Specialist - Letter of Credit
location: Jersey City, NJ
type: full time employee hire
salary: $60k - 66K
Responsible to effectively process all types of SBLC, DPLOC and Confirmation related products. This includes timely LC draft reviews of various types of SBLCs, technical support and manages Direct Pay LC transactions on behalf of branches within US. Expected to: understand and apply the internal and external guidelines/regulations governing LC and trade finance transactions; exercise ‘due care’ when executing each operation, which includes: Standby LC issuance, amendments, fee administration, technical and product guidance and workflow management priorities; supervise, review and guide junior and senior staff of workflow priorities, processed work ready to be approved and released, and make independent decisions in the interpretation of draft review issues and technical guidance to the front office and relationship managers (RMs) and as a technical team leader lead the SBLC Section staff on all technical issues; Support other areas of the Department on Letter of Credit products/issues and UCP/ISP and other guidelines of the Industry; ensure compliance procedures are adhered to in all SBLC/trade finance transactions.
Detailed Job Description
Technical and Product Support:
Draft Reviews, Support of DPLOC, Project Finance, Commodity trade, CME LCs, Confirmations, fronting LCs and team leadership of technical support unit
- Prioritize draft reviews and respond quickly to front offices, RMs and Legal in highlighting operational and technical concerns and issues. Interpret UCP and ISP guidelines and applicability in LC draft reviews. Offer alternatives consistent with the internal, HO procedures and industry guidelines and practices. Review, monitor, manage and control DPLOCs LC-issuance, amendments, proper booking, drawing claims, monthly interest draws, inquiries, billing and technical support to the RMs. Ensure compliance and implementation of all department and HO procedures and policies.
- Check terms and conditions of L/C/Amend applications or documents ensuring compliance with: (a) OFAC/AML/BSA/JFEL and Anti-Boycott regulations, (b) UCP/ISP guidelines and practices, and (c) SBLC Section/Dept. procedures and Bank policies and procedures. Contact customers and/or account officers, obtaining instructions for the timely resolution of identified issued related to L/C or amendment applications. Perform L/C and amendment entries accurately in accordance with the standard procedures and instructions under various types of LCs including, (a) Issuance; (b) Commercial Paper, (c) Confirmations, (d) Transfers/Assignments, and (e) Commissions on IMMS, Word, and/or BESS systems, where applicable. Prepare and send Standby L/C bills to the customers (EDDS/Special Manual billing). (f) Support and monitor Fronting Bank LC transactions, bookings, investigations and fee reconciliation (g) monitor and close review of evergreen LC transactions/cancellations
- Verify and release LCs/Amendments/payments, cables, and sign cover letters in timely manner in accordance with the authorization limits established by the Executive Management.
- Monitor and trace pending transactions, reporting results in accordance with governing internal regulations.
Register L/C’s and Amendments, ensuring that all: (a) L/Cs are issued in sequence and (b) amendments are processed, as requested. Perform reconciliation of commission received against the accrued amount in the system, ensuring that commissions are properly received. Report and resolve identified irregularities, in accordance with established procedures. Maintain L/C folders and various transaction reports, as per the department’s safekeeping practices, including computer reports of the Section. Check L/C documents and payments for compliance and perform payment entry on the IMMS and/or BESS systems in accordance with the negotiating bank’s or beneficiary’s payment instructions or A/C Officers’ instructions. Follow-ups on unpaid bills and commissions within prescribed time frames. Monitor all incoming faxes. Identify, reconcile and confirm receipts as designated by the Analyst
Minimum 3 to 5 years of business experience with knowledge of LC issuance relating to Project Finance, Public Finance, Commodity Trade Financing, CME and Fronting Bank.
Bachelor’s Degree preferred. CDCS (Certified Documentary Credit Specialist) is a plus. Technical skills and analytical abilities of ISP and UCP relating to SBLCs
If you are interested in pursuing this opportunity, please respond back and include the following:
- Full MS WORD Resume
- Current and required compensation
- Current contact information
Upon receipt, one of our managers will contact you to discuss the position in full detail.