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TEMP Letter of Credit Specialist

Woodbridge, NJ 08830 US

Posted: 11/16/18 Employment Type: Temporary Industry: L/C Technician Job Number: 12430

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The Letters of Credit Specialist is responsible for administrative tasks necessary to support the bank’ s standby and commercial letters of credit portfolio, specifically the issuance, confirmation, and advising standby and commercial 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 and compliance procedures.

Ensure the timely processing of sensitive transactions and reports 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 Tiger, Microsoft Word, or ACBS, as applicable.

Enter transactions to record standby/commercial letters of credit activity in ACBS.

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.

Maintain up to date Letters of Credit file containing all relevant supporting documentation ie. 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). 

Establish and maintain letter of credit authorizations based on details provided on submitted ALTAR closing request in ACBS. 

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Dan McNichol

Dan McNichol comes to Adams Consulting Group with more than 22 years in the banking and software industries. Dan also has over 15 years in the recruiting industry, in which includes a previous association with Len Adams at KPA Group. As a banker Dan started his career with Manufacturers Hanover Trust Co. as a management trainee in the International Funds Transfer Division. He eventually moved on to two regional banks where he ran various international operations groups including Letter of Credit, Collections, FX and Funds Transfer. During his tenure with National Community Bank (n/k/a Bank of New York), Dan was part of team that assisted in the trade services group migration from a manual to an automated environment. The opportunity to expand his technical skills provided an ensuing opportunity to move to the vendor side of trade services. As a recruiter, Dan has been involved with searches on behalf of financial organizations from small retail neighborhood banks to prime foreign and U.S. banks seeking mid- to senior-level managers in disciplines involving compliance, international, retail, credit, lending and operations.

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