Assistant Vice PresidentApply Now
- Requisition # 10057506-WD
- Job Type Full time
- Date Posted 11/22/2022
- Location Jersey City, NJ
Your potential. Your opportunity.
Do you want your voice heard and your actions to count?
Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), the 6th largest financial group in the world. Across the globe, we’re 160,000 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 hybrid position. The selected colleague will work at an MUFG office an average of two to three days per week with the remainder worked remotely.
The AVP is responsible for creating and reviewing Standby LC Draft request received from the customers or Front Office . He is also be second checking and releasing transactions related to Standby Letters of Credit in Trade 360 System, which includes: (a) issuance; (b) amendment; (c) advice; (d) confirmation; (e) transfer; (f) assignment; (g) payments; (h) drafting and (i) ensure end of day Queue verifications are performed and all transactions are reconciled properly and necessary actions are taken where necessary
To assist the Section in achieving its planned objectives, the Senior Specialist is assigned to the following Functions: (1) Drafting (2) Documents Checking, (3) Transaction Processing, (4) Transaction Control, (5) Investigation, and (6) Queue checks and actions.
- 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.
- At least Five years banking experience of Trade LC .
- Operations and Business or Trade Finance experience 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.
- Knowledge of UCP/ISBP, ISP 98
- 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.
The typical base pay range for this role is between $75K – $90K depending on job-related knowledge, skills, experience and location. This role may also be eligible for certain discretionary performance-based bonus and/or incentive compensation. Additionally, our Total Rewards program provides colleagues with a competitive benefits package (in accordance with the eligibility requirements and respective terms of each) that includes comprehensive health and wellness benefits, retirement plans, educational assistance and training programs, income replacement for qualified employees with disabilities, paid maternity and parental bonding leave, and paid vacation, sick days, and holidays.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.#LI-Hybrid