Summary

The Letter of Credit Specialist is responsible for maintaining and processing the Bank’s 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 Bank’s credit/ compliance procedures.
• Review Draft Letters of Credit and coordinate any issues with clients
• 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 Bank’s 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 ensure accuracy and timely presentation for management reporting

Salary Range: $95k-$115k

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