Letters of Credit Specialist
Our client, a Global Investment Bank, is seeking a Letters of Credit Specialist in their midtown Manhattan location. Responsibilities:
Minimum required qualifications:
- Transaction processing of all Standby letter of credit, Guarantee and Documentary letter of credit trade finance products offered by our client's within the operational model in place at any given time:
- Issuance and maintenance of standby letters of credit
- Advising/Confirming and maintenance of standby letters of credit
- Examination of default drawing and direct pay presentations (includes first or second examination function)
- Processing of written correspondence and verbal communications with internal and external customers associated with the resolution of technical letter of credit construction subject matter and other associated extraordinary processes
- Calculating and tracking fees and commissions
- Issuance and maintenance of Documentary Letters of credit
- Drafting (redlining) technical terms and conditions language to ensure proper construction of standby letters of credit, guarantees and documentary letters of credit.
- Reviewing transactions for regulatory compliance and anti-boycott violations.
- Interacting with various parties of letter of credit transactions to resolve disputes, issuance construction, provide first and second level technical guidance, etc.
- Perform various administration functions related to the maintenance of letter of credit files.
- Resolution in a timely manner of inquiries received from internal and external clients. Includes escalating any potential problems or seeking clarification as appropriate.
- Ensure that all transactions are completed within the set timeframes/deadlines established by TFO management.
- Stay current on Trade Finance Guidelines and Regulatory/Legal requirements by reference to related publications if available, active participation in designated in house or external training, and on the job training.
- Perform Ad-Hoc tasks as directed by Team Leader / Management
Why Consider a Contract/Temp Role?
- Standby Letter of credit technical Letter of Credit experience (5-7 years) knowledge of Uniform Customs and Practices for Documentary Credits (UCP 600), International Standby Practices (ISP98), and familiarity with Uniform Commercial Code Article 5
- Working knowledge of AML, OFAC and U.S. Anti-boycott regulations
- Microsoft Office Suite
- Familiarity with bank accounting related to trade finance products
- Must have SWIFT
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