Trade Finance Officer

3 weeks ago

London, United Kingdom LMA Full time

Role Responsibilities:

- Processing the MT700/MT710 and amendments thereon before uploading the L/Cs in to the Banking system
- To carry out KYC on buyer/sellers and or middleman (traders)
- To prepare trade finance check lists for compliance purposes.
- To report to compliance where buyers/sellers or traders falls under the classified "red" countries list.
- To screen and monitor, for any 'PEP' involvement or for any adverse reports found and refer these to compliance for Enhanced Due Diligence (EDD).
- To check the country of goods and report to compliance if country of shipment is classified as "Red" for EDD.
- To conduct price checks against the market prices and where discrepancies exist to escalate a report to compliance. This should include suspicions of under or over invoicing.
- To carry out checking of goods through a goods checker and if of dual usage then report to compliance for EDD.
- To ensure all commodity trades are reported to compliance.
- To Check there are no trade embargoes on the goods (local law or us sanctions).
- To classify the risk as high or very high on trade check list.
- Check if the settlement instructions for the relevant L/Cs exists otherwise maintain the settlement instructions.
- Move swift mt700 or mt 707 from the incoming swift messages to letter of credit module and amend the cif id
- Prepare swift l/c advising message as mt710 in turbo swift where an l/c has to be advised through our correspondent bank.
- To ensure the proper maintenance of l/c files for record keeping.
- To provide First level inputter service in "Acuity" a product to check the sanctions against buyers/sellers/goods/shipping vessels/carrier companies/carriers agents and or shipping ports.
- To remit the charges claimed by the correspondent banks and properly recording of these charges in the relevant l/c files.
- To handle the queries from l/c issuing banks/ advice through banks and or customers involved.
- Covers accurate and timely processing of letters of credit, amendments, issuance of import l/c, s - sblc/guarantees for all bank trades.

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