Transaction Banking Specialist II
Company: MUFG
Location: Jersey City
Posted on: May 14, 2022
Job Description:
Do you want your voice heard and your actions to count?Discover
your opportunity with Mitsubishi UFJ Financial Group (MUFG), the
5th largest financial group in the world. Across the globe, we're
180,000 colleagues, striving to make a difference for every client,
organization, and community we serve. We stand for our values,
building long-term relationships, serving society, and fostering
shared and sustainable growth for a better world.With a vision to
be the world's most trusted financial group, it's part of our
culture to put people first, listen to new and diverse ideas and
collaborate toward greater innovation, speed and agility. This
means investing in talent, technologies, and tools that empower you
to own your career.Join MUFG, where being inspired is expected and
making a meaningful impact is rewarded.Major Responsibilities:
- Drafting: Prepare/Review Standby LC Draft request received from
Front Office and customers, ensuring the text are in accordance
with Bank Internal operational procedures, as well as Industrial
practice, compliance and legal requirements.
- Issuing /Advising: Process/second check Standby l/c
transactions, strictly observing Head Office and front office
guidelines as well as applicable the l/c workflow; monitor pending
l/c transactions; review and release inquiry cables; assist
customers in preparing l/c application; and complete daily
reconciliation of l/c transactions. U.S. and Japanese laws and
regulations. Assist supervisor with:
- Document Checking: Check Standby L/C documents against L/C
terms and conditions, ensuring compliance with: (a) OFAC, EAR,
Anti-Boycott, BSA AML and JFEL; (b) UCP and ISBP; and (c)
organizational policies and procedures. Contact applicants,
beneficiaries or presenting parties to get instructions for the
timely resolution of identified discrepancies on documents. Endorse
Original L/C, where applicable, in accordance with standard
procedures.
- Transaction Processing in Trade 360 System: Prepare cables to
issuing or negotiation bank: (a) requesting a waiver for
discrepancies, or (b) notifying status of discrepant documents.
Perform required follow-up activities, ensuring identified issues
are resolved within prescribed timeframes. Prepare cover letters
for the documents, which are to be sent on remittance or approval
basis to the issuing bank. Verify and release L/Cs, amendments,
payments, and sign negotiable instruments in accordance with: (a)
prescribed time frames, and (b) the authorization limits
established by the Executive Management.
- Transaction Control: Contact the customers, obtaining the
required instructions for resolving pending discrepant documents.
Assist the supervisor in preparing various reports for the
department management.
- Investigation: Respond to inquiries received from customers and
issuing/negotiating banks regarding pending documents and/or
Letters of Credit.Additional Information:
- 2+ years of banking experience of Trade LC or One year of
Standby LC operational handling and processing.
- Operations and Business or Trade Finance is a plus.
- Internship in Trade Finance or International Operations of
Standby Letter of Credit area is a plus.
- Excellent and effective Word processing and Excel Skills.
- Knowledge of International Banking or trade operations.
- Good written and verbal communication skills and Customer
Service.
- Ability to work in a team and automated system environment with
good inter-personal skills.
- Knowledge of Commodity Financing and Fronting LC processing is
a plus.
- Knowledge of Trade 360 System and hands on processing
experience is given priority.
- High School Graduate or Equivalent Diploma.The above statements
are intended to describe the general nature and level of work being
performed. They are not intended to be construed as an exhaustive
list of all responsibilities duties and skills required of
personnel so classified.We are proud to be an Equal
Opportunity/Affirmative Action Employer and committed to leveraging
the diverse backgrounds, perspectives and experience of our
workforce to create opportunities for our colleagues and our
business. We do not discriminate on the basis of race, color,
national origin, religion, gender expression, gender identity, sex,
age, ancestry, marital status, protected veteran and military
status, disability, medical condition, sexual orientation, genetic
information, or any other status of an individual or that
individual's associates or relatives that is protected under
applicable federal, state, or local law.Some MUFG roles require
that individuals be fully vaccinated against COVID-19, subject to
exemptions for medical or religious reasons, as well as any other
reason required by applicable law or order. Should you be selected
for an interview, your recruiter will provide additional
information.#LI-Onsite
Keywords: MUFG, Jersey City , Transaction Banking Specialist II, Accounting, Auditing , Jersey City, New Jersey
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