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Job Ref: 14406
Salary: $0 – $
Been on the beach to long and looking to get back in the game? We have a European Bank client in MT NYC seeking a TEMP Standby LC specialist for a Hybrid 6 month assignment possibly longer If you or someone you know might be interested please email or call Dan McNichol dan@acgresources.com 646-442 2276
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. 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 insure accuracy and timely presentation for management reporting
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