LC Issue - Amendment Technician
- Standort: Newark, NJ, USA
- Gehalt: Negotiable
- Art des Jobangebots: Vollzeit
Please view Job Description for details.The LC Issue/Amendment Technician receives letter of credit issuance or amendment instructions from corporate/commodity customers or SWIFT series
700 messages, from correspondent banks and, after completing the credit, instruction authentication and regulatory compliance reviews, issues advises or makes amendments to SCB New York commercial or standby letter of credit commitments. Technician may, from time to time, be requested also by
Key Roles and Responsibilities
DIMENSIONS OF THE POSITION
Commercial/standby letter of credit obligations are, typically, short term substitutions of the issuing bank's creditworthiness for that of their
customer's (the applicant). Letter of credit commitments obligate the issuing bank to be financially responsible for part or all of the value of the obli-gation when conforming documents are presented. Issuing banks are also oblig-ated to make payments if it can be proved that errors in the issuance process harmed parties to the credit, that they overlooked discrepancies during the negotiation/payment step or even when the applicant is either unwilling or unable to fund the issuing bank at the time of payment.
The incumbent is also responsible, to review and edit unreleased draft of the LC for compliance purposes and to eliminate ambiguous terminology, misspellings, unworkable terms or other inconsistencies before the credit is released to a beneficiary or an dvising bank. Good decision making, excellent verbal and written communication skills and creativity are required from the Incumbent.
The average face value of an SCB New York's letter of credit commitment is $200M.
- The LC Issue/Amend technician is a single contributor position.
- The incumbent must have a good, working knowledge of ICC Publication Number 600, The Uniform Customs and Practice for Documentary Credits and Publication Number 590, International Standby Practices, ISP 98, The incumbent must have a good understanding of the U.S. Treasury and Commerce Department's regulat-ions governing OFAC, anti-boycott and other compliance requirements and must be able to properly apply those regulations during their work day.
- The incumbent must demonstrate strong transaction ownership instincts and and be capable of aggressively following up with RMs, customers and internal support areas to ensure that production and quality standards are met.
- The candidate/incumbent must be an effective verbal and written communicator. Imprecise or ambiguously worded communications can cause service problems or unnecessarily expose the Bank to financial penalties or legal action.
- The incumbent is expected to work overtime hours and can be called on to per-form assignments not mentioned in this description when, at the discretion of management, the activity is necessary to achieve production responsibilities.
- Letter of Credit issuing/amendment staff must conduct careful reviews of applications and amendments to ensure that they conform to the Bank's credit and operations policies and the guidelines and regulations of the U.S. Government statutes.
- The decisions made during these processes can be complex. Misinterpretations of intent or language or overlooked or imprecise terms or conditions have the potential to burden the Bank with unnecessary legal or financial risks. The incumbent must be able to work well against time pressures and be able to quickly and thoroughly analyze sometimes lengthy, complicated transactions and then be able to rapidly determine, analyze and make sound decision by applying technical skills, the appropriate ICC guidelines, U.S. government regulations, and Bank policies, etc., to a pending instruction.
The incumbent is required to work with the supervisor and other Managers to become totally familiar with the Bank's CDD(Customer Due Diligence) policies and requirements of the Bank and must work to apply these standards to the transactions they create.
Qualifications and Skills
- The qualified candidate/incumbent must be detailed oriented with analytical skills and have at least five years of recent, direct hands on experience in letter of credit operations to be considered for the position.
- Candidates/incumbents must demonstrate that they have a strong trade operations background, e.g., general trade accounting theory, SWIFT operations, anti boycott related languages, etc.
- Candidate must have a thorough knowledge of UCP 600, ISP98, and URDG.
- Should have experience in Standby and Commercial Letters of Credit including structuring the language of complex Standby Letters of Credit's and Guarantee language for Corporate and Financial Institution clients.
- Candidate is required to process SBLC/ BG text for workability, compliance with the governing rules and make sure it meets all the US Regulatory compliance requirements
- Must be familiar with Trade AML red flags, OFAC, HMT and EU Sanctions, and Anti-Boycott Laws.
- Individual must be able to operate in the highly demanding, very complex and time-sensitive environment.
- Must possess excellent written and verbal communication skills and be proficient in MS Word.
- CDCS accreditation is a plus.
How To Apply
You can search and view current opportunities across our organisation and apply immediately by visiting www.standardchartered.com and selecting Careers. To help speed up your application, please note the following:
- You will need to log in (or register if you are visiting our careers site for the first time) before you can apply for a specific role
- Some roles may require you to undertake an online talent assessment in addition to completing the application form (to facilitate this process it is preferable that you provide us with an email address as part of your contact information)
- We will ask you about your education, career history and skills and experience, it may be helpful to have this information at hand when completing your application
It usually takes 15 - 20 minutes to complete the application form; you can save your application at any time and return to complete it at your convenience.
The closing date for applications is 20/08/2017. Please note all closing dates are given in Hong Kong time (GMT + 8 hours). We aim to respond to successful applicants within four weeks and will keep a record or your application in our database so that we can contact you when suitable vacancies arise in future.
Diversity and Inclusion
Standard Chartered is committed to diversity and inclusion. We believe that a work environment which embraces diversity will enable us to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage. By building an inclusive culture, each employee can develop a sense of belonging, and have the opportunity to maximise their personal potential.
Equal Opportunity Employer
Standard Chartered is an equal opportunity employer. We have a meritocratic culture where each individual employee is valued and respected for who they are as a person and for what they bring to the organisation.