MUFG Union Bank Standby Letters of Credit (LC) Specialist, Administrator in Jersey City, New Jersey
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.
This is a remote position. A member of our recruitment team will discuss location preferences with you in more detail.
Overall Purpose of Job:
The incumbent is responsible for processing various types of transactions related to Standby Letters of Credit (LC) operations in particular commodity financing LCs using Trade 360 System. Within this high volume, time sensitive environment, the Specialist is expected to:
Perform, understand and apply the internal and external guidelines/regulations of Standby Letters of Credit accurately Provide prompt Customer Service Effectively time manage multiple tasks and duties; and Exercise ‘due care’ when executing each operation, which includes:
Principal and interest draws
Processing of L/C liability and fees.
To assist the Section in achieving its planned objectives, the incumbent is assigned to the following Functions:
Transaction Processing Transaction Control Investigation and Customer Service Special Assignments Provide Operational Support for all U.S. Branches
Transaction Processing: Check terms and conditions of L/C/Amend applications or documents ensuring compliance with: (a) OFAC/AML/BSA/JFEL and Anti-Boycott regulations, (b) UCP/ISP guidelines and practices, and (c) SBLC Section/Dept. procedures and Bank policies and procedures. Contact customers and/or account officers, obtaining instructions for the timely resolution of identified issued related to L/C or amendment applications. Perform L/C and amendment entries accurately in Trade 360 System in accordance with the standard procedures and instructions under various types of LCs including, (a) Issuance; (b) Participation Sold; (c) Confirmations, (e) Transfers/Assignments, and (f) Fee processing in System. Prepare/process bills for LC fee accurately and send them in timely manner
Transaction Control: Ensuring that all: (a) L/C’s are issued as instructed and reconciled at EOD and My WIP queue is reconciled and all items assigned are accounted for (b) amendments are processed, as requested and reconciled. Perform reconciliation of LC fee received against the accrued amount or pending bills in the system, ensuring that fees are properly received and applied. Report and resolve any identified irregularities, in accordance with established procedures. Check L/C documents and payments for compliance and perform entries in Trade 360 system in accordance with the negotiating bank’ or beneficiary’s payment instructions or A/C Officers’ instructions. Follow-ups on unpaid bills and pending fees and tracers within prescribed time frames.
Investigations and Customer Service: Respond to inquiries received from customers, front/middle offices, internal auditors and correspondent banks, providing the required information accurately for the timely resolution of such queries. Provide the supervisor with the status of pending inquiries. Provide prompt and reliable Customer Service support consistent with the Section’s and departmental goal of delivering quality customer service.
Special Assignments: Assist the supervisor in preparing various reports and special projects with the required data and accurate investigations
2+ years of banking experience of Trade LC or One year of Standby LC operational handling and processing.
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
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 in employment decisions on the basis of any protected category.
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.
At MUFG, our colleagues are our greatest assets. Our Culture Principles provide a roadmap for how each of our colleagues must think and act to become more client-obsessed, inclusive and innovative. They reflect who we are, who we want to be and what we expect from one another. We are excited to see you take the next step in exploring a career with us and encourage you to spend more time reviewing them!
Our Culture Principles
Listen Up. Speak Up.
Innovate & Simplify
Own & Execute