Trade Finance Officer _ Documentations

Job Description

The role is within the Trade Finance Department and may be interchangeably responsible for processing, initiation, document checking or the settlement stage of trade finance operations products. The role will be processing Letters of Credit (Back to Back, transferrable etc.); IRUs; amendments; assignment of proceeds; LC settlements; discounts; acceptances; documents on approval; collections; IRU claims; Guarantees; SBLC; loan tickets; file maintenance. Processing all transactions are in accordance with FBNUK Trade Finance, i-flex and SWIFT procedures; relevant ICC (UCP 600) (ISBP) (URC) (URR)(ISP) (URDG) INCOTERMS

Primary Responsibilities of Role:

The job holder will be processing trade finance operations transactions within the required service level agreements (SLAs) and to the required standards.

INITIATION

• Review instructions received to ensure they are valid, workable, and meet ICC and FBNUK guidelines and procedures
• Carrying out Trade Finance Compliance and due diligence checks and reference made to Red Flags, in accordance with procedures
• Processing transactions timely and accuratelyand within agreed SLAs
• Liaising with Issuing banks, beneficiaries, correspondents, business development, treasury, credit, compliance on transactions.
• Initiating all types of LCs (Export /Import / Back to Back)
• Processing Amendments to LCs
• Processing IRUs, assignment of proceeds
• Processing Guarantees and Standby LCs
• Creating MT700, 710, 799, 999 as required
• Investigate and respond to any enquiries received (internal / external)
• Prepare reports as and when required
• Close expired / fully utilized LCs and refund any cashcover remaining
• Create Electronic File at the time of Initiation
• Scanning of all transactions processed to FBNL
• Completing EOD
• Expired LCs

• keep abreast of developments in Trade Finance including but not limited to ICC rules Money Laundering/Financial Crime when related to Trade Finance Products

SETTLEMENTS/DOCUMENTS

• Register Documents received under LCs
• Scan documents presentedand save to electronic file
• Carry out Compliance and due diligence checks on parties and Vessel
• 1st or 2nd Check documents as required against LC terms
• Liaise with presenter regarding any discrepancies
• Contact issuing Bank requesting authority to pay and/or send documents on approval diarizing to chase for authority to pay
• Review instructions received for workability and liaise with customers regarding requirements if
• Handle documents on Collection (inward / Outward)
• Process Payments under Export/Import LCs, IRU claims, Collection
• Process Acceptance or Deferred payment under Usance LCs diarizing any items for future payments
• Raise instructions to Loans Agency for LCs being refinanced
• Close expired / fully utilized LCs and refund of any cashcover remaining
• Prepare documentation for dispatch by mail and courier
• Maintain department archive register
• Maintain Electronic version of file on departmental S drive
• Investigate and respond to any enquiries received (internal/external)

COMPLIANCE

• Identify and investigate potential red flags taking into consideration Compliance requirements/AML/Sanctions and escalating/obtaining approvals where required.

General Duties

• Where required, provide support to colleagues across the Trade Finance function
• Ensure that risks incidents are reported as per policies and procedure to the Operational Risk Function of the Bank.
• Ensure that customer queries and enquires are handled in accordance with the internal policies and procedures
• Suggest and implement improvements and enhancements to the current processes, systems, and workflows
• Contribute to the improvements of internal systems, processes, and procedures, as
• Share knowledge and skill with the other Keep abreast of the development and advancements in the Trade Finance area
• Other related duties as

Professional/Academic Qualifications:

A degree in Business, Banking, Finance, Economics or a related discipline is preferable CDCS is highly desirable

Experience/Knowledge

• Strong analytical reasoning skills
• Strong attention to detail
• Strong Trade Finance technical knowledge understanding and interpretation