Details:
- Salary: £45,000 - 50,000 - Annum
- Location: London
- Date: 1 week ago
Description:
Candidates need to be available immediately as this is an urgent hire.
Our client, an International Bank, is looking for a Trade Finance LC Officer on a 12 month Fixed Term Contract.
The purpose of the role is the issuance, advising, documents examination, discounting and settlement of documentary letters of credit within the expected time frame. The role requires a thorough understanding of ICC Uniform Customs and Practice for Documentary Credits, Incoterms, International Standard Banking Practice and other related regulations to ensure compliance and mitigate risks associated with international trade transactions.
Key responsibilities / accountabilities
* Review customer applications and LCs received to ensure they are valid, workable, and meet ICC UCP and policies and procedures.
* Identify discrepancies and fraud risks in documents and transactions. Take appropriate actions to mitigate risks in accordance with bank policies and international trade practices.
* Ensure all trade transactions comply with internal policies, international trade regulations, anti-money laundering (AML) standards, and Know Your Customer (KYC) procedures.
* Ensure consistency of customer’s application and letter of credit against the department’s screening standards, existing financial crime controls and regulatory benchmarks.
* Coordinate with customers, issuing banks, advising banks, and other stakeholders to clarify, negotiate, and resolve discrepancies or issues related to documents and LC transactions.
* Protect the Bank from Money Laundering, Financial Crime and Terrorist Financing by following department manual and procedures.
* Prepare and submit reports on document checking activities, discrepancies identified.
* Investigate and respond to any enquiries received internally or externally.
* Co-operate with and assist other members of Team with the completion of the day’s work and any other tasks that could be associated with this role.
* Stay updated with the changes in trade finance regulations, UCP 600, ISBP, and other relevant guidelines.
* Clear understanding of operational risks and mitigation.
* Analytical and problem-solving skills sufficient to analyse problems.
Skills and Experience
* Strong knowledge of UCP 600, ISBP, and international trade practices.
* Clear understanding of trade-based money laundering and red flag activities to escalate when necessary.
* Minimum 3 years’ experience of working in Trade Finance Operations, particularly in LC issuance, advising and documents examination.
* College degree in finance, international business or relevant industry experience
* Professional Industry qualification (CDCS) preferred or agree to undertake within a year.
* Overall knowledge of Microsoft Office (Excel, Word and Outlook).
* Knowledge of using Sanction, PEP and adverse media screening tools/software.
* Knowledge of using trade finance processing systems.
For more information on this role please contact Judith Webb quoting ref (phone number removed)JW