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Job Description:
Your background
- At least 10 years’ working experience in area of Trade Finance Operations in a bank Specializing in Bankers Guarantees and Letters of Credit issuance, in addition to knowledge and experience in other Trade products.
- Knowledge of Trade and non-Trade Loans and Credit Operations will be a benefit.
- Ability to communicate effectively both orally and in writing.
- Ability to plan and prioritize the daily work to achieve efficient and effective management of time.
- Be able to work well with all associates and actively promote a cohesive working environment.
- Be client focused in providing a high level or customer service and conscientiously aware of the quick turnaround time on the checking of documents.
- Excellent presentations, communication, time management, problem solving, interpersonal and teamwork skills.
- Basic PC skills (Words, Excel, PowerPoint is minimum).
- Innovative and open minded, maintaining a professional & positive attitude at all times.
- Able to work under pressure & challenges.
- Good understanding and application of the UCP600, ISBP, URC 522, URDG 758 and bank guideline and policies, compliance and audit requirements.
- Good understanding and knowledge of OFAC/Anti-boycott/Anti-Money Laundering/High Risks Transaction.
What you can expect
The Guarantees & Import Letters of Credit desk forms part of the Singapore Trade operations team and it reports to a team lead who also oversees the Registration and Distribution (R&D) team. The Guarantees & Import Letters of Credit desk handles the vetting and review of all Bankers Guarantees (BGs), Letters of Credits and Standby Letters of Credits (SBLCs) to be issued out of the Bank of America Singapore Branch. The Guarantees & Import Letters of Credit desk liaises with various parties such Clients and Internal parties (Bankers, Sales, Legal, other branches as well as the Global Business Services (GBS) Team in India). The incumbent in the Guarantees desk is also expected to be able to explain and advise clauses and the acceptability/unacceptability of clauses to any party regarding the LCs, BGs or SBLCs.
What you will do
Banker’s Guarantees, SBLC Issuance / Amendments / Renewal (Primary Duties):
- Reviewing of guarantee and SBLC format in accordance to the guideline laid down by legal and product team.
- Escalate and obtain approval from Trade Control and Credit Department when necessary.
- Scanning of required documents for GBS’ processing.
- Attending to GBS and customers queries/clarifications via emails in a timely manner.
- Ensure all transactions are accurately processed (by GBS) / verified in accordance with customer’s instructions and according to the bank’s operational procedure and policies.
- Print out completed BG, obtain Officer’s signature as per delegation of authority (For Mail Guarantee / Amendment).
- Daily check in the Trade E-Banking platform system with which clients may submit the guarantee/SBLC applications online.
- Ensuring timely review of daily report to ensure prompt actions to be taken for expired guarantee/SBLC.
- Updating of guarantee daily tracker and follow up with clients for status.
- Daily reconciliation between GBS and end of day email to ensure item scanned are duly processed.
- Follow up with correspondent bank for guarantee issuance and charges.
- Follow up with client on all outstanding charges.
- Ensure amortization of issuance commission is done by GBS by 15th of every month.
Import Letters of Credit
- Manage Issuance of Letters of Credit with clients and the processing team.
- Attach negotiation advice with copy of invoice and Bills of Lading (B/L) for release to customers over counter.
- Fax or email customer and photo-copy covering schedule.
- Record the Negotiation advice for customer to collect.
Import LC Payments:
- Print Notice of Arrival of document covers.
- Fax or email covers to customers.
- Receive customers’ signed payment instructions.
- Prepare for release of documents with B/Ls or Airway Bills (AWB) duly endorsed to the counter.
Acceptance of Usance bills:
- Print Notice of Arrival of document covers and prepare for release of documents to applicant with B/Ls or AWBs duly endorsed upon receipt of the Acceptance advice.
- Receive customers’ signed acceptances.
- Affix the acceptance stamp on the draft drawn by the beneficiary and calculate and determine the maturity date of the bills.
- Sign on accepted drafts and scan drafts and notification of customer’s acceptance with maturity date for the GBS team’s processing.
- Reflect the loan number in bank schedule.
- File usance drafts - according to maturity dates.
Processing of Usance Bills at maturity:
- Receive processing team’s email notification of due date maturities and ensure that the GBS team processes the payments on due date.
- Stamp “PAID’ at maturity and close file
Registration and Distribution (R&D) (Coverage duties)
- Attend to clients at the Trade Counter.
- Receipt of transactions documents via Mailroom, Fax Machine and Counter and record in trackers.
- Daily check in Trade E-Banking platform and 3rd party doc prep system with which clients may submit documents online.
- Perform document count to reconcile with client’s presentation and prepare Index Sheet for scanning.
- Scan Index Sheet and documents to GBS checking teams.
- Prepare of DHL courier receipt for documents to be dispatched.
- Sending of daily EOD reconciliation email to GBS of documents scanned.
Additional Duties – as a senior AVP the associate will also be expected to assist with:
- Deputy team lead duties such as providing guidance and support for teammates.
- Governance activities such and reviewing of Controls, procedures and reporting
- Projects and initiatives such as process improvement projects for the team and department.
