SSUSA Job #1069: LETTER OF CREDIT SPECIALIST

Job Description

LETTER OF CREDIT SPECIALIST

One of our global banking clients is seeking a Letter of Credit Specialist to work 3 days a week in the office in New York City starting as a consultant which can turn into a permanent position.
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 a 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.
Description:
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 the transaction is finalized. Ensure amendment notices/confirmations are completed and forwarded to clients or commercial groups by the L/C Administrator. Coordinate clearing/reconciling of open cash items and daily exceptions reported by the CBO Control Unit for the L/C portfolio. Ensure that the Letters of Credit file contains relevant supporting documentation i.e. copy of the executed letter of credit/ amendments and completed compliance checklist when required. Ensure timely disbursement of funds, as required for LC drawings, and record transactions 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
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Job Location
New York City-HYBRID

Position Type
Permanent

Salary Range
$400-$525 per day