Letter Of Credit

1.    Receive LCs sent by our correspondent, checks signature and prepares the required advices.  Log and check LCs into Suspicious Activity Report.  Stamp and initial once background checks are completed. Check for Boycott Issues on issuance of letters of credit.

 2.  Receive documents drawn under LCs a second checker, check documents and set up worksheet for negotiation, along with communications with the beneficiaries and/or freight forwarders.  Also performs investigation on vessels stated in Transport Documents.  Perform investigation of beneficiary and applicant of Documentary Credit into Suspicious Activities Report.

 3.    Prepares offering tickets and SWIFT messages for issuance of guarantees through our Head Office and Riyadh Branch.  Logs and checks guarantees into Suspicious Activities Report.

 4.    Input SWIFT messages for payments, claims and inquiries.

 5.    Maintain and reconcile all excel sheets.

 6.    Internal processing of guarantee commissions due on quarterly and annual basis.

 7.    Filing

 8.    Attend to other functions assigned by the Department Head.

 MANAGE’S ROLE:

 1.    Manage all complex LC related referrals from colleagues, stakeholders and clients.

2.    Ability to review legal documentation and ensure it meets operational Standby LC requirements.

 3.    Ensure Facility Letter documentation and necessary security documentation is completed in a timely manner and drawdown/issuance is achieved within client’s expected timescales. 

 4.    Ensure that the Bank’s KYC and Sanctions polices are strictly adhered to. 

 5.    Review/prepare LC Applications with the client for submission to LC department for processing.

 6.    Review/negotiate LC Language with the client, taking into consideration the terms of the applicable credit agreement.

 7.    Interact with the client, deal teams and LC teams from start to close to final execution of product.

 8.    Communicate the invoicing of LC Fees to client.

BASIC QUALIFICATIONS/SKILLS:

 1.    Bachelor’s Degree

2.    5 years LC experience including a strong knowledge of the Letter of Credit product, particularly bank guarantees and ability to review loan documentation

 3.    3 years of experience in loan operations

 4.    3 years of banking/finance industry experience

 5.    Basic knowledge of blockcheck cd distributed ledger technologies