VP of Trade Finance

Company: Alliance Sourcing Network,Inc.
Location: New York
Posted on: April 23, 2025

Job Description:

Perm Opportunity

All candidates should make sure to read the following job description and information carefully before applying.

Location: Onsite in Midtown, NYC 10019

Interview Mode: Video and In-person interview required

Summary:
The VP Letter of Credit Specialist(managing a team) is responsible for maintaining and processing the Bank's letters of credit portfolio, specifically the issuance, confirmation, and advising Standby/Guarantees and Import/Export letters of credit.

Key Responsibilities:

Ensure that letter of credit transactions are in conformity with client instructions, UCP Publication 600/ISP98, and the Bank's credit/ compliance procedures.
Review Draft Letters of Credit and coordinate any issues with client
Ensure timely processing of sensitive transactions and report to management any unusual or intricate transactions requiring review, discussion and or approval.
Provide assistance/support to clients and corporate groups on technical aspects and practices of letters of credit.
Prepare and execute required letter of credit documents using LCMS, Microsoft Word, or ACBS, as needed.
Review daily maturity report to ensure action has been taken on applicable, for maturing transactions.
Properly record standby/commercial letters of credit activity in ACBS and LCMS, Swift Alliance as required.
Monitor pending inquiries, discrepancies and resolution of documents filed, ensure that all items are actively traced via correspondence with respective parties, tickler schedule and actively follow-up until payment is secured and transaction is finalized.
Ensure amendment notices/confirmations are completed and forwarded to clients or commercial group by the L/C Administrator.
Coordinate clearing/reconciling of open cash items and daily exceptions reported by the CBO Control Unit for L/C portfolio.
Ensure that Letters of Credit file contains relevant supporting documentation i.e. copy of executed letter of credit/ amendments and completed compliance checklist, when required.
Ensure timely disbursement of funds, as required for LC drawings, and record transaction through the Bank's accounting system (ACBS) for accurate accounting and reporting.
Ensure SWIFT messages for LC transactions are processed properly.
Ensure all documentation for Documentary and Standby Letter of Credits are compliant. Escalate any compliance matters to both Management and Compliance.

Mandatory Skills:

Minimum of 7 to 10 years commercial and standby letters of credit experience
Must have experience managing a team

Knowledge of UCP 600/ISP 98/URDG 758
Examination of all relevant trade finance documents
Knowledge of all regulatory guidelines i.e. sanctions, OFAC compliance, anti-boycott and others
Knowledge of SWIFT

Keywords: Alliance Sourcing Network,Inc., New York , VP of Trade Finance, Executive , New York, New York