Location: New York,NY, USA
Summary
The Letter of Credit Specialist is responsible for maintaining and processing the Banks letters of credit portfolio, specifically the issuance, confirmation, and advising Standby/Guarantees and Import/Export letters of credit.
Key Responsibilities
Ensure that letter of credit transactions are in conformity with client instructions, UCP Publication 600/ISP98, and the Banks credit/ compliance procedures.
Review Draft Letters of Credit and coordinate any issues with client
Ensure timely processing of sensitive transactions and report to management any unusual or intricate transactions requiring review, discussion and or approval.
Provide assistance/support to clients and corporate groups on technical aspects and practices of letters of credit.
Prepare and execute required letter of credit documents using LCMS, Microsoft Word, or ACBS, as needed.
Review daily maturity report to ensure action has been taken on applicable, for maturing transactions.
Properly record standby/commercial letters of credit activity in ACBS and LCMS, Swift Alliance as required.
Monitor pending inquiries, discrepancies and resolution of documents filed, ensure that all items are actively traced via correspondence with respective parties, tickler schedule and actively follow-up until payment is secured and transaction is finalized.
Ensure amendment notices/confirmations are completed and forwarded to clients or commercial group by the L/C Administrator.
Coordinate clearing/reconciling of open cash items and daily exceptions reported by the CBO Control Unit for L/C portfolio.
Ensure that Letters of Credit file contains relevant supporting documentation i.e. copy of executed letter of credit/ amendments and completed compliance checklist, when required.
Ensure timely disbursement of funds, as required for LC drawings, and record transaction through the Banks accounting system (ACBS) for accurate accounting and reporting.
Ensure SWIFT messages for LC transactions are processed properly.
Ensure all documentation for Documentary and Standby Letter of Credits are compliant. Escalate any compliance matters to both Management and Compliance.
Review past due fee report for LC portfolio to insure accuracy and timely presentation for management reporting
Management and Reporting
Key Internal contacts
Control & Reconciliation team
Various IT supports
International Trade and Transaction Banking (ITB) Front and Middle Offices
Compliance
Finance
Key External contacts
Clients, as required
Salary Range: $85k - $95k
#LI-DNI
Team player
Good presentation skills
Good writing skills
Good time management skills
Good and constructive interaction with clients and colleagues
Knowledge of UCP 600/ISP 98/
URDG 758
Examination of all relevant trade finance documents
Knowledge of all regulatory guidelines i.e. sanctions, OFAC compliance, anti-boycott and others
Knowledge of SWIFT
Word/Excel proficiency
Capacity to develop others
Capacity to delegate
Capacity to cooperate / work across discipline
Capacity to take on board the strategy of Credit Agricole CIB and participate in actions to deliver
CDCS Certification
Knowledge of ACBS
Knowledge of Trade Innovations