Summary
The Letter of Credit Specialist is responsible for maintaining and processing the Banks letters of credit portfolio, including the issuance, confirmation, and advising of Standby/Guarantees and Import/Export letters of credit.
Key Responsibilities
Ensure transactions conform to client instructions, UCP Publication 600/ISP98, and the Banks credit and compliance procedures. Review draft Letters of Credit and coordinate issues with clients. Ensure timely processing of transactions and report unusual or complex cases to management. Assist clients and corporate groups with technical aspects of letters of credit. Prepare and execute letter of credit documents using LCMS, Microsoft Word, or ACBS. Review daily maturity reports and ensure actions are taken on maturing transactions. Record activity in ACBS, LCMS, and Swift Alliance accurately. Monitor inquiries, discrepancies, and document resolution, following up until transactions are finalized. Ensure amendment notices and confirmations are sent to clients or groups. Coordinate reconciliation of open cash items and daily exceptions. Maintain relevant documentation in the Letter of Credit files. Ensure timely disbursement of funds for LC drawings and record transactions in the banks accounting system. Process SWIFT messages correctly. Ensure compliance of all documentation and escalate issues as needed. Review past due fee reports for accuracy and reporting. Management and Reporting
Key Internal Contacts
- Control & Reconciliation team
- IT support teams
- International Trade and Transaction Banking Front and Middle Offices
- Compliance
- Finance
Key External Contacts
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