Crédit Agricole CIB
Base pay range
$95,000.00/yr - $115,000.00/yr
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, or approval.
Provide assistance and 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 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 and reconciling of open cash items and daily exceptions reported by the CBO Control Unit for the L/C portfolio.
Ensure that letters of credit file contains relevant supporting documentation such as copy of executed letter of credit/amendments and completed compliance checklist, when required.
Ensure timely disbursement of funds 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 letters of credit is compliant; elevate any compliance matters to management and compliance.
Review past due fee report for the LC portfolio to ensure accuracy and timely presentation for management reporting.
Management and Reporting Key Internal contacts
Control & Reconciliation team
International Trade and Transaction Banking (ITB) Front and Middle Offices
Compliance
Finance
Key External contacts Clients, as required
Qualifications/Education Required
Spanish language skills would be a plus
Experience Required
Minimum of 7 to 10 years commercial and standby letters of credit experience
Team player
Good and constructive interaction with clients and colleagues
Capacity to develop others
Capacity to delegate
Capacity to cooperate / work across disciplines
Capacity to take on board the strategy of Crédit Agricole CIB and participate in actions to deliver
Skills & Knowledge Requirements
Knowledge of UCP 600/ISP 98
Knowledge of URDG 758
Examination of all relevant trade finance documents
Knowledge of all regulatory guidelines i.e. sanctions, OFAC compliance, anti-boycott and others
Knowledge of SWIFT
Desired Skills & Knowledge
CDCS Certification
Knowledge of ACBS
Knowledge of Trade Innovations
Seniority level
Associate
Employment type
Full-time
Job function
Other
Industries
Investment Banking, Capital Markets, and Banking
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$95,000.00/yr - $115,000.00/yr
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, or approval.
Provide assistance and 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 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 and reconciling of open cash items and daily exceptions reported by the CBO Control Unit for the L/C portfolio.
Ensure that letters of credit file contains relevant supporting documentation such as copy of executed letter of credit/amendments and completed compliance checklist, when required.
Ensure timely disbursement of funds 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 letters of credit is compliant; elevate any compliance matters to management and compliance.
Review past due fee report for the LC portfolio to ensure accuracy and timely presentation for management reporting.
Management and Reporting Key Internal contacts
Control & Reconciliation team
International Trade and Transaction Banking (ITB) Front and Middle Offices
Compliance
Finance
Key External contacts Clients, as required
Qualifications/Education Required
Spanish language skills would be a plus
Experience Required
Minimum of 7 to 10 years commercial and standby letters of credit experience
Team player
Good and constructive interaction with clients and colleagues
Capacity to develop others
Capacity to delegate
Capacity to cooperate / work across disciplines
Capacity to take on board the strategy of Crédit Agricole CIB and participate in actions to deliver
Skills & Knowledge Requirements
Knowledge of UCP 600/ISP 98
Knowledge of URDG 758
Examination of all relevant trade finance documents
Knowledge of all regulatory guidelines i.e. sanctions, OFAC compliance, anti-boycott and others
Knowledge of SWIFT
Desired Skills & Knowledge
CDCS Certification
Knowledge of ACBS
Knowledge of Trade Innovations
Seniority level
Associate
Employment type
Full-time
Job function
Other
Industries
Investment Banking, Capital Markets, and Banking
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