Job Description

Job Responsibilities of Trade Finance Senior Officer

Candidates who need Work Pass need not apply

Requirements

• Minimum 4 years of relevant experience in Trade Finance Operations

• Strong team player and ability to foster teamwork

• Proficient in MS Office (especially Word and Excel) and formatting / handling of reports
  

Preferred

• Able to start work within one month’s notice

• Familiar with UCP600, URR725 and ISBP

• Experience in handling FI loans of invoice financing

• Experience in handling issuance of Letter of Credit, Import or Export bills under Letter of Credit
  

- CUSTOMER REGISTRATION

a. Register Customer information in KINS to create CIF no.

b. Upon receipt of the approval of trade facilities for new/existing customers, check the condition precedent documents against the list of documents given by the Corporate Team to ensure documents are in order. After which, the Condition Precedent Checklist will be signed by Head of Operations before placing the documents in the vault for safekeeping purposes.

c. Update customer information as necessary.

IMPORT L/C a. For issuance of new L/C (Letter of Credit) and L/C amendment application, to ensure that the customer’s application is in line with the terms and conditions of the credit facility approved and verify signature on customer’s L/C application form before processing. Debiting the customer’s current account for commission and charges incurred.

b. Upon receipt of Import L/C, D/A (Documents Against Acceptance) and D/P (Documents Against Payment) documents, to check and ensure the adequacy and completeness of all the documents presented by the beneficiary/drawer before registering the documents into KINS and sending notices to inform customer on documents arrival.

c. In case of discrepancies for L/C documents, to notify the customer by indicating the details of discrepancies in the document arrival notice sent to the customer. The Trade Finance Officer must also generate a swift message to inform the negotiating/presenting bank on the discrepancies found on the documents presented. i) For usance documents, upon receipt of customer’s acceptance, to log in the acceptance in KINS and advise the negotiating/presenting bank on the maturity date of the documents. On maturity date, to liaise with the customer/ Treasury Dept. for the payment of the respective documents.

ii) For sight documents, to effect payment upon receipt of customer’s acceptance.

d. Report promptly to the Head of Operation and/or Corporate Team on any failure in receiving funds as scheduled.


L/C ADVISING a. Upon receipt of MT700 or MT707 from issuing bank or 1st advising bank, to advise L/C to beneficiary through the 2nd advising bank or to beneficiary directly and collect charges in SGD.


EXPORT L/C a. Upon receipt of Export L/C, D/A (Documents Against Acceptance) and D/P (Documents Against Payment) documents, to check and ensure the adequacy and completeness of all the documents presented by the beneficiary/drawer before registering the documents into KINS and sending out the documents to the issuing/collecting bank for payment.

b. To monitor the incoming funds on customer’s behalf and send tracers for non-acceptance and non-payment.

c. If discounting is requested, to ensure there are sufficient bank limits and execute the discounting in accordance with the terms of the L/C and client’s instructions

d. Upon receipt of incoming funds for payment of the export documents, to inform customer and credit proceeds into the customer’s respective current account after deducting charges.


L/C REIMBURSEMENT a. Perform the role of the reimbursing bank in various LC transactions by providing reimbursement services to negotiating/collecting banks.

b. Upon receipt of issuing bank’s authenticated reimbursement authorisation (R/A), to register the details in KINS. For Banker’s Usance L/C, the tenor date and spread rate has to be checked against the spread list given by the trader before registering the R/A in KINS. After which, to file, pending for reimbursement claims submitted by negotiating/collecting banks.

c. Upon receipt of authenticated Reimbursement Claims (R/C), to check whether the claim details are being captured by KINS correctly. Claims sent via mail or not authenticated or not successfully distributed in the system would require all claim details to be registered manually in KINS. Transaction details in mail claims and claims that are not authenticated need to be verified with the relevant branch before the registration. Extract the R/A from our file and ensure that R/C presented complies with the terms and condition of the R/A.

d. For sight claims on L/Cs issued by KDB H.O., on the value date, to arrange with issuing bank for fund transfer to effect payment to the claiming banks.

e. If required by the issuing bank, to execute interest reset and rate fixings according to the interest reset schedule.

f. Upon completion of reimbursement process, internal Auditor will check and sign.

TRADE LOAN

a. Opening and closing of accounts, related loans and risk participations.

b. Monitoring for the relevant drawdown requests and vetting to ensure terms and conditions are in accordance with master agreements

c. Disbursing funds in accordance with the drawdown requests received

d. Upon receipt of funds at maturity, to pass the relevant entries to close the loan once funds have been sighted


MISC

a. Support to Day to day through input of transactions on banking system(s) in line with business origination

b. Handling back office related activities in an efficient manner

c. Report changes to transactions to internal and external parties as required

d. Participate in team projects involving the testing of new setups on banking software to meet business needs

e. Liaise with other departments in relation to transactions being handled

f. Manage transaction follow-up and record updates accordingly

g. Assist the monitoring team in following up matters with clients as required

h. Sending swifts to request issuance of SBLCs to cover KDB’s exposure to various financial institutions

REPORTS

• MONTHLY

• L/C outstanding balance [Internal]

• L/C activity [Internal]

• Exposure Reports by Country & Industry [Internal]

• Interoffice interest report to Head office

• L/C outstanding balances to customers
  

• QUARTERLY

• L/C & L/C Acceptance outstanding balance [MAS]
  

• YEARLY

• Request audited financial statements for L/C customers
  

Back up Follow the back-up list as decided by the Management

Others

o Prepare and update of Policies and Procedures, job description, operation manual etc on a regular basis

o Performance of other duties assigned by General Manager, Senior Deputy General Manager or Head of Operations from time to time