Avp Letters Of Credit

Leading Global European Banking group active in a broad range of financial products including banking, capital markets, asset management, insurance, and private equity seeks a “AVP of Letters of Credit” is responsible for the Timely and accurate processing of Letters of Credit to include drafts, issuances, amendments, drawings, bank to bank backstops to cover overseas Guarantee issuances, risk participations taken under Letters of Credits including associated changes and fees and billing. The selected candidate will ensure that timely, accurate records/information are provided/maintained, that all relevant controls & procedures are followed and Supervise L/C staff and relevant workload. On as needed basis, act as backup for processing of commercial loans.

Qualifications

The AVP of Letter of Credit will have 5 to 10 years “hands on” experience working with Letters of Credit issuances, amendments, drawings, assignments of proceeds & transfers, Risk participations under letters of credits, and Interest and Fees. Proficiency with products, systems and processes related to system input, maintaining files of related documents, and the follow up on pending items is necessary.

Primary Expectations include the following:

• Review customers’ L/C requests & texts for consistency, compliance with relevant rules & regulations

• Draft, review & issue Standby Letters of Credits & amendments

• Process L/C drawings- examine documents for approval to pay; Prepare payment instructions

• Prepare & enter transactions in Fusion Midas for L/C activities: issuances, amendments, cancellations, extensions, fees, CA’s

• Monitor Accounts receivable/payable and L/C Transit accounts

• Ability to Monitor L/C “Evergreen” report; process/send reminder & non-renewal notices and prepare and send out quarterly fee invoice for issued LCs.

Required Knowledge/Skills

• 5 to 10 years “hands on” experience working with Letters of Credit issuances, amendments, drawings, assignments of proceeds & transfers, Risk participations under letters of credits, and Interest and Fees. Proficiency with products, systems and processes related to system input, maintaining files of related documents, and the follow up on pending items is necessary.

• Knowledge of UCP 500, UCP 600, ISP 98, OFAC, & International Standard Banking Practice

• Fusion Midas (or comparable system), knowledge of Actimize (a plus), SWIFT, or Alliance preferred.

• Regulatory and compliance rules & regulations (OFAC, USA Patriot Act, AML, Anti-Boycott, Restrictive Trade Practices, etc.

• Commercial loans/loan participations processing knowledge a plus.

• Ability to multi-task & prioritize in a fast-paced environment, and when working under pressure.

• Perform responsibilities in accordance with BSA/AML guidelines and perform manual OFAC screening for (a) Letters Of Credit texts & requests for issuances/amendments, drawings; (b) assist in screening of P&R Items when needed.

• College Degree and ability to demonstrate accuracy & attention to detail, have above average skills in communication, analytical, organizational, math, and people skills and able to relate to people at all levels. Good PC skills (Excel & Word) desired.

This is an excellent opportunity to learn, intern, and grow in a professional working environment and growing global firm. Good communication, organizational and good system skills are necessary.

Excellent Salary, Benefits including Pension Plan, and Bonus