Letters of Credit Associate

2 weeks ago

New York, New York, United States I.N.G. Group, LLC Full time
About the Role

The Letters of Credit Specialist will be responsible for the timely handling of all aspects of Trade Commodity Finance Operations and for the review, vetting and drafting of Standby and Commercial Letters of Credits.

Key Responsibilities:
  • Issuance/Advising/Amending and Confirming of Letters of Credit
  • Process Transfers and/or Assignment requests
  • Reporting
  • Fee reconciliation and billing
  • Preparation, negotiation, and settlement of all Letters of Credit
  • Coordinate internal operational support including Risk Management, P&R, Treasury, and security settlement
  • Processing of payments on conforming documents
  • Maintenance of pending documentary presentation
  • Review and identify discrepancies in documents presented under Letters of Credit
Requirements:
  • Bachelor's degree in Finance, Accounting, Business, Economics, Mathematics, or closely-related quantitative field from an accredited U.S. school (or equivalent)
  • 4+ years of relevant Letters of Credit experience
Desirable Skills:
  • Banking Experience
  • Experience in Trade Commodity Finance Transactions
  • Proficiency with systems including SWIFT (particularly messages in the 700 series)
  • Working knowledge of AML and OFAC Compliance regulations
  • Working knowledge of International Chamber of Commerce (ICC) rules, Uniform Customs and Practice for Documentary Credits (UCP600) and international Standby Practices (ISP98)
  • Familiarity with Uniform Commercial Code Article 5
  • OPU (Oil Payment Undertaking) a plus
  • Knowledge of LOAN IQ/ALOC/KOMGO applications a plus
Personal Competencies:
  • Strong problem solving and analytical skills
  • Strong focus on controls, procedures, quality, accuracy, and detail oriented
  • Self-motivated, confident, and committed to the company goals
  • Able to use MS-Office with advanced knowledge in Word, Excel, and Power Point
  • Capable to function under stressful conditions
  • Ability to multi-task
  • Flexible and learning capacity to adapt to ongoing changes
  • Client service oriented
About ING

ING is a committed equal opportunity employer. We welcome applicants of diverse backgrounds and hire without regard to color, gender, religion, national origin, citizenship, disability, age, sexual orientation, or any other characteristic protected by law. We celebrate these differences and rely upon your unique perspective to innovate and seize new opportunities.

ING Bank does not have a commercial banking license in the U.S. and therefore not permitted to conduct a commercial banking business in the U.S. Through its wholly owned subsidiary ING Financial Services LLC, and its affiliates, it offers a full array of wholesale products such as commercial lending and a full range of FM products and services.

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