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Officer wanted immediately: APPLY NOW


Job ID:55866

Job Sector: Banking

Country: South Africa

Region/State/Province/District: Gauteng

Location: Johannesburg – 6 Simmonds Street

Job Details: Test Division Summary

Job Purpose

Responsible for the end to end processing of Export Letters of Credit to ensure that transactions are in accordance with international standard banking practice, rules and regulations with a view of avoiding reputational and financial risk for the Standard Bank Group.

Key Responsibilities/Accountabilities

Advising and Amendment of Export Letters of Credits

Conduct due diligence and workability checks on the incoming Letter of Credit this includes regulatory and compliance checks
Assess all requests for confirmation on Letters of Credit and submit requests to the relevant area for approval
Perform an intermediary role by re-issuing Letters of Credit received from the Issuing Bank to the Second Advising Bank
Advising of Export Letters of Credit to both domestic and foreign entities
Assign proceeds under Letter of Credit transactions where requested by the client/foreign banks
Identify opportunities to cross sell and submit these to the relevant Sales area

Document Checking of Export Letters of Credit

Perform checking of documents presented in accordance with the terms and conditions under the Letter of Credit and subject to International Standard Banking Practice (ISBP), ICC Uniform Customs and Practice for Documentary Credits (UCP) 600, International Standby Practice (ISP) 98 rulings where applicable
Performing the necessary 2nd and 3rd checks on documents for confirmed letters of credit and high value transactions
Disburse documents in accordance with client or foreign bank instructions
Arrange for collection and delivery of shipping documents with various courier companies
Handling and resolving all disputes related to discrepant documents with clients and banks and/or escalate to Team Leader/Manager and/or relevant stakeholders if needed.
Notify Bank Sector Confirmations on all drawings made under utilization of a confirmed Letter of Credit
Documents sent on approval basis to be queried for acceptance/payment
Process reimbursement claims in accordance with Uniform Rules for Reimbursement
Act in accordance with relevant client and foreign bank instructions
Escalation to Sales for client education on Export Letter of Credit processing
Ensure that all physical documents are securely stored and annotated in a locking away register

Payment of Export Letters of Credits

Process reimbursement claims/settlements in accordance with Uniform Rules for Reimbursement
Act in accordance with relevant client and foreign bank payment and standing instructions
Assess all requests for discounting on letters of credit and submit requests to the relevant area for approval
Apply for spot covers, deliver Forward Exchange Contracts and draw down/credit Customer Foreign Currency Accounts as per clients instructions
Request Bank Sector Operations to place funds for Cash Covered transactions.
Prepare cash entries and submit for processing to the relevant area
Effect discount payments on financed drawings
Escalate all outstanding requests for payment instructions to the relevant stakeholders
Advise clients upon receipt of funds and request relevant payment instructions
Diarise for repayment of discounted and/or refinanced drawings
Process all refinance requests received from the foreign bank and ensure that the beneficiary is paid accordingly
Provide mark- up details to Nostro on finalized drawings

Perform controls, administration and reporting duties across all Letter of Credit functions

Identify Combatting Terrorist Financing (CTF), Financial Intelligence Centre Act (FICA) and Anti Money Laundering (AML), Sanctioned affected transactions that would require additional approval to determine internal compliance regulations.
Refer all suspicious transaction as per Suspicious Transaction Reporting (STR)
Correctly report all transactions to the South African Reserve Bank (SARB) when performing Balance of Payment (BOP) across all functions
Scrutinize all reports timeously and thoroughly to ensure all appropriate action is taken in respect of exceptions and relevant comments are annotated on the report
Process all manual entries timeously to avoid unreconciled entries on a daily and monthly basis on the Forex Settlement Suspense Account and Rejected Transfers Account
Report all system issues and operational incidents to management
Look up of all outstanding entries on the relevant Nostro/Vostro accounts and be able to reconcile items on a daily basis
Complete and submit daily productivity sheets to Team Leader
Engage with client on a face to face basis by assisting with relevant requests and documentation
Capture and/or release all transactions on the relevant trade processing system in line with limits/levels of authority
Perform due diligence on all transactions received by adhering to checklists
Monitoring the relevant workflow system for all incoming work to be processed by continuously checking relevant queues and allocating work
Uploading supporting correspondence/approvals to the relevant workflow system
Apply correct pricing to all letters of credit by referring to relevant pricing schedules and SharePoint inclusive of concessionary pricing
Accurate processing of relevant SWIFT message types by adhering to SWIFT standards
Ensure no revenue leakage through accurate processing of commissions
Issue manual invoices for non-Standard Bank clients to recover outstanding charges
Perform signature verification in accordance with mandates held
Support change initiatives
Adhere to fax/email indemnity policy when processing all client instructions

Provide excellent customer service

Proactively keeping all internal and external clients and stakeholders informed
Provide excellent customer service through error-free processing in order to ensure that Customer Survey Index targets are achieved
Assist Service, Sales and Relationship Managers with operational requirements on Documentary Credits
Ensure Service Level Agreement is adhered to provide a high level of customer service
Adhere to International Standards of Organization (ISO) procedures, working instructions and policies

Preferred Qualification and Experience

Minimum qualification 1 Certified Documentary Credit Specialist (CDCS),
Minimum qualification 2 Certificate in International Trade Finance (CITF),
Minimum qualification 3
Preferred qualification 1 Senior Certificate
Preferred qualification 2 Bachelor’s Degree

Experience required 1 Job Function: Global Markets

Job Family: Foreign Exchange
Years: 3-4 Years

Experience Description: Experience with spot transactions, forward exchange contracts, options, swaps, foreign currency accounts, Nostro and Vostro accounts, exchange rates, balance of payments, exchange control, Nostro/Vostro reconciliation, SWIFT concepts, trade finance, have knowledge and experience of Trade products (Letters of Credits – Standby/Commercial/Revolving, Open Accounts), , Sanctions/compliance. Experience with all relevant publications governing Letters of Credit such as International Standard Banking Practice, Uniform Customers and Practice for Documentary Credits, International Standby Practices, Uniform Rules for Bank – Bank Reimbursements, International Commercial Terms (Incoterms) and ensure correct application of these rules

Experience required 2 Job Function: Risk Management

Job Family: Risk Mitigation
Years: 3-4 Years

Experience Description: Identify and understanding risk (financial, reputational, regulatory, credit and documentary risks)as it relates to Letters of Credit and understanding the reporting process
Experience required 3: Job Function: Personal and Business Banking

Job Family: Customer Service
Years: 3-4 Years

Experience Description: Experience in dealing with various stakeholders and managing their expectations. Customer service-oriented. Ability to understand customer needs and requirements. Ability to resolve client queries. Ability to deal with difficult and demanding customers. Apply Now


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