Credit Operations Specialist

2 weeks ago


New York, New York, United States Canon Solutions America Full time

Position Overview:

Letter of Credit Specialist


Canon Solutions America is seeking a dedicated Letter of Credit Specialist to manage and oversee critical transactions in the realm of international trade finance. This role is essential for ensuring compliance with established banking protocols and client requirements.


Key Responsibilities:


1. Validate that all letter of credit transactions align with client specifications, UCP Publication 600/ISP98, and the institution's credit and compliance standards.

2. Ensure the prompt processing of sensitive transactions, escalating any complex cases to management for further review and approval.

3. Provide expert guidance to clients and internal teams regarding the technical aspects and best practices related to letters of credit.

4. Prepare and manage necessary documentation for letters of credit utilizing LCMS, Microsoft Word, or ACBS as required.

5. Review daily maturity reports to confirm that appropriate actions are taken on maturing transactions.

6. Accurately record standby and commercial letters of credit activities in ACBS, LCMS, and Swift Alliance as necessary.

7. Monitor outstanding inquiries and discrepancies, ensuring all documents are tracked through effective communication and follow-up until transactions are finalized.

8. Guarantee that amendment notices and confirmations are accurately completed and sent to clients or relevant commercial teams.

9. Coordinate the reconciliation of open cash items and address daily exceptions as reported by the control unit for the letter of credit portfolio.

10. Maintain a comprehensive file for Letters of Credit, ensuring it includes all pertinent documentation, such as executed letters of credit, amendments, and compliance checklists.

11. Ensure timely fund disbursement for LC drawings and accurately record transactions in the accounting system (ACBS) for precise financial reporting.

12. Process SWIFT messages related to LC transactions with attention to detail.

13. Confirm that all documentation for Documentary and Standby Letters of Credit meets compliance standards.

14. Report any compliance issues to management and the compliance department.

15. Review the past due fee report for the letter of credit portfolio to ensure accuracy and timely reporting.


Application Instructions:
Interested candidates are encouraged to submit their resumes while referencing the specific job title in their correspondence.
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