Job Description
We are inviting applications for Trade Finance Office strong in documentation checking and for settlements documents and CDCS qualified:
The role is within the Trade Finance Department and may be interchangeably responsible for processing, initiation, document checking or the settlement stage of trade finance operations products. The role will be processing Letters of Credit (Back to Back, transferrable etc.); IRUs; amendments; assignment of proceeds; LC settlements; discounts; acceptances; documents on approval; collections; IRU claims; Guarantees; SBLC; loan tickets; file maintenance. Processing all transactions are in accordance with FBNUK Trade Finance, i-flex and SWIFT procedures; relevant ICC (UCP 600) (ISBP) (URC) (URR)(ISP) (URDG) INCOTERMS
Primary Responsibilities of Role:
The job holder will be processing trade finance operations transactions within the required service level agreements (SLAs) and to the required standards.
INITIATION
Review instructions received to ensure they are valid, workable, and meet ICC and FBNUK guidelines and procedures
Carrying out Trade Finance Compliance and due diligence checks and reference made to Red Flags, in accordance with procedures
Processing transactions timely and accuratelyand within agreed SLAs
Liaising with Issuing banks, beneficiaries, correspondents, business development, treasury, credit, compliance on transactions.
Initiating all types of LCs (Export /Import / Back to Back)
Processing Amendments to LCs
Processing IRUs, assignment of proceeds
Processing Guarantees and Standby LCs
Creating MT700, 710, 799, 999 as required
Investigate and respond to any enquiries received (internal / external)
Prepare reports as and when required
Close expired / fully utilized LCs and refund any cashcover remaining
Create Electronic File at the time of Initiation
Scanning of all transactions processed to FBNL
Completing EOD
Expired LCs
keep abreast of developments in Trade Finance including but not limited to ICC rules Money Laundering/Financial Crime when related to Trade Finance ProductsSETTLEMENTS/DOCUMENTS
Register Documents received under LCs
Scan documents presentedand save to electronic file
Carry out Compliance and due diligence checks on parties and Vessel
1st or 2nd Check documents as required against LC terms
Liaise with presenter regarding any discrepancies
Contact issuing Bank requesting authority to pay and/or send documents on approval diarizing to chase for authority to pay
Review instructions received for workability and liaise with customers regarding requirements if
Handle documents on Collection (inward / Outward)
Process Payments under Export/Import LCs, IRU claims, Collection
Process Acceptance or Deferred payment under Usance LCs diarizing any items for future payments
Raise instructions to Loans Agency for LCs being refinanced
Close expired / fully utilized LCs and refund of any cashcover remaining
Prepare documentation for dispatch by mail and courier
Maintain department archive register
Maintain Electronic version of file on departmental S drive
Investigate and respond to any enquiries received (internal/external)COMPLIANCE
Identify and investigate potential red flags taking into consideration Compliance requirements/AML/Sanctions and escalating/obtaining approvals where required.General Duties
Where required, provide support to colleagues across the Trade Finance function
Ensure that risks incidents are reported as per policies and procedure to the Operational Risk Function of the Bank.
Ensure that customer queries and enquires are handled in accordance with the internal policies and procedures
Suggest and implement improvements and enhancements to the current processes, systems, and workflows
Contribute to the improvements of internal systems, processes, and procedures, as
Share knowledge and skill with the other Keep abreast of the development and advancements in the Trade Finance area
Other related duties asProfessional/Academic Qualifications:
A degree in Business, Banking, Finance, Economics or a related discipline is preferable CDCS is highly desirable
Experience/Knowledge
Strong analytical reasoning skills
Strong attention to detail
Strong Trade Finance technical knowledge understanding and interpretation