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US Tech Solutions · 1 day ago

Standby Letter of Credit Specialist

Jersey City, NJ

Contract

Onsite

Senior Level

$30/hr - $32/hr

5+ years exp

US Tech Solutions is a global staff augmentation firm providing a wide range of talent on-demand and total workforce solutions. The Standby Letter of Credit Specialist is responsible for transaction processing and management of trade finance products, ensuring compliance and effective risk management practices.

Information Technology

Growth Opportunities

Hiring Manager

Sapna .

Responsibilities

Transaction processing of all Standby letter of credit, Guarantee and Documentary letter of credit trade finance products offered by client within the operational model in place at any given time:

Issuance and maintenance of standby letters of credit

Advising/Confirming and maintenance of standby letters of credit

Examination of default drawing and direct pay presentations (includes first or second examination function)

Processing of written correspondence and verbal communications with internal and external customers associated with the resolution of technical letter of credit construction subject matter and other associated extraordinary processes

Calculating and tracking fees and commissions

Issuance and maintenance of Documentary Letters of credit

Drafting (redlining) technical terms and conditions language to ensure proper construction of standby letters of credit, guarantees and documentary letters of credit

Reviewing transactions for regulatory compliance and anti-boycott violations

Interacting with various parties of letter of credit transactions to resolve disputes, issuance construction, provide first and second level technical guidance, etc

Perform various administration functions related to the maintenance of letter of credit files

Resolution in a timely manner of inquiries received from internal and external clients. Includes escalating any potential problems or seeking clarification as appropriate

Ensure that all transactions are completed within the set timeframes/deadlines established by TFO management

Stay current on Trade Finance Guidelines and Regulatory/Legal requirements by reference to related publications if available, active participation in designated in house or external training, and on the job training

Perform Ad-Hoc tasks as directed by Team Leader / Management

Qualification

Standby Letter of Credit experienceUCP 600 knowledgeISP98 knowledgeAML knowledgeOFAC knowledgeMicrosoft Office SuiteDrafting technical termsCommunication skills

Required

Standby Letter of credit technical Letter of Credit experience (5-7 years) knowledge of Uniform Customs and Practices for Documentary Credits (UCP 600), International Standby Practices (ISP98), and familiarity with Uniform Commercial Code Article 5

Working knowledge of AML, OFAC and U.S. Anti-boycott regulations

Microsoft Office Suite

Familiarity with bank accounting related to trade finance products

Preferred

Standby and Documentary Letter of credit technical experience (10 years plus) superior knowledge of Uniform Customs and Practices for Documentary Credits (UCP 600), International Standby Practices (ISP98), and familiarity with Uniform Commercial Code Article 5

Exposure to an automated letter of credit processing environment

Good understanding of AML and OFAC Compliance regulations

Good understanding of Letter of credit contingent and fee accounting

Microsoft Office Suite

Good written and oral communications skills

Good understanding of drafting technical letter of credit terms and conditions for both standby/documentary credits