Description

Title: Standby Letter of Credit Specialist

Status: 12 Month Contract

Working hours: Mondays to Fridays (9am to 6pm, 40 hour workweek with 8 hours workday + 1 hour lunch)

Working from home: voluntary basis for up to 2 days per week *after* 3 months of joining, subject to manager’s discretion

Calendar/Holiday to follow: USA

Start Date: ASAP

Location: Downtown Montreal, Quebec

Our client is an international banking and financial institution with divisions located in the Americas, Europe, Asia,and the Middle East. They are establishing their first Canadian office and are expecting exponential growth.

The Letter of Credit / SBLC 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. Depending upon the requirement within the team, the candidate will also be responsible for accurately and efficiently managing the billing process, ensuring timely and accurate invoicing, processing payments, and resolving billing inquiries. This role is crucial in maintaining the financial health and integrity of the bank.

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 internal clients on technical aspects and practices of letters of credit.
  • Prepare and execute required letter of credit documents using TI+, Microsoft Word, or ACBS, as needed.
  • Respond to 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 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.
  • Billing through invoices for corporates and swift messages for banks are primarily for Standby Letter of Credit (SBLCs) transactions. Good understanding of SBLC product, workflow, parties involved, etc is essential for billing process. Maintain accurate records of invoices, payments, and outstanding balances.
  • Verify billing data and reconcile accounts. Process payments received from clients and banks in the wash & nostro accounts, ensuring accurate posting to the appropriate accounts. Prepare funds transfer memo & seek FX contracts (if needed) in order to effect payments out to CACIB branches or Third Party Banks.

Mandatory Qualifications:

  • Minimum of 3+ years of SBLC, Commercial Letter of Credit and/or Guarantees in Trade Finance.
  • Knowledge of UCP 600/ISP 98/URDG 758.
  • Knowledge of all regulatory guidelines i.e. sanctions, OFAC compliance, anti-boycott and others.
  • Knowledge of SWIFT.
  • Minimal education level required: High school / Secondary school / A levels / AS levels / IB
  • Required: English language. French language skills would be a plus.

Other Qualifications:

  • Knowledge of Syndications loans &/or Syndicated LCs would be an asset.
  • TI+ (Trade innovations) system knowledge would be an asset.
  • CDCS Certification.
  • ACBS system knowledge.
  • Experience in LC billing process (commission calculation, reconciliation of records, etc).
  • Attention to detail.
  • Problem-solving skills.
  • Effective written and verbal communication skills.
  • Adaptability.
  • Time Management skills.
  • Self-starter.
  • Accountability.

Thank you for your interest in this role. Please note only qualified candidates will be contacted.

For more information on our open roles please visit www.groomassocies.com