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 “Vice President of Letters of Credit” to be responsible for the timely and accurate processing of Letters of Credit to include drafts, issuances, amendments, drawings, risk participations taken under Letters of Credits including associated changes, fees and billing. The selected candidate will ensure that timely, accurate records/information are provided/maintained, that all relevant controls & procedures are followed and manage two L/C staff and workflow.

Qualifications

5 to 10 years “hands on” experience working with products, systems, and processes related to Standby Letters of Credit issuance, amendments, drawings, assignments of proceeds & transfers, Risk participations under letters of credits, and Interest and Fees
Strong knowledge of UCP 500, UCP 600, ISP 98, OFAC, & International Standard Banking Practice.
Experience working with Midas (or comparable system), knowledge of Actimize (a plus), SWIFT, or Alliance preferred.
Draft, review & issue Standby Letters of Credits & amendments.
Versed in Regulatory and compliance rules & regulations (OFAC, USA Patriot Act, AML, Anti-Boycott, Restrictive Trade Practices, etc.
Previous management experience desired with the ability to manage the L/C department workflow and a staff of two.
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 Letters of Credit texts & requests for issuances/amendments, drawings, transfers, and assist in screening of P&R Items when needed.
Ability to demonstrate accuracy & attention to detail, have above average skills in communication, possess analytical, organizational, math and people skills, be able to relate to people at all levels and have good PC skills (Excel & Word).
College Degree

Primary Responsibilities 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 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 received from agents
Monitor Accounts receivable/payable and L/C Transit accounts.
Process requests for L/C transfers.
Process increase and decrease activities for participation LCs as received from Agents
Monitor incoming participation LC fees paid by agent banks, compare to internal system accruals, reconcile and isolate differences, contact agent if necessary and manage the L/C department workflow and a staff of 2 reports.

This is an excellent opportunity to learn, intern, and grow in a professional working environment and growing global firm.

Excellent Salary, Bonus and Benefits including Pension Plan

Our client, a well-managed global Banking and Finance institution, has a history of rewarding employees with growth, opportunity, and stability. EOE.

Gibel & Associates Inc. jobs

Vice President - Letters of Credit