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Cynet Systems
Letter of Credit SpecialistCynet Systems • Montreal, QC
Letter of Credit Specialist

Letter of Credit Specialist

Cynet Systems • Montreal, QC
30+ days ago
Job type
  • Full-time
Job description

Job Description:
  • The Letter of Credit Specialist will manage and process Standby and Commercial Letters of Credit (LC) and Guarantees within a Trade Finance environment.
  • This role ensures all transactions comply with international trade regulations, banking compliance standards, and internal procedures.
  • The ideal candidate will have strong expertise in UCP 600, ISP98, URDG 758, SWIFT messaging, and regulatory compliance.
Key Responsibilities:

Transaction Processing And Compliance:
  • Ensure all Letter of Credit transactions comply with client instructions, UCP 600, ISP98, and the Bank’s credit and compliance procedures.
  • Process Standby Letters of Credit (SBLC), Commercial LCs, and Guarantees accurately and in a timely manner.
  • Identify and escalate unusual or complex transactions requiring management review or approval.
  • Ensure timely disbursement of funds for LC drawings and accurately record transactions in ACBS.
  • Process and validate SWIFT messages related to LC transactions.
Documentation And File Management:
  • Prepare and execute LC documents using Trade Innovation (TI), Microsoft Word, or ACBS as required.
  • Maintain complete LC files including executed letters of credit, amendments, and compliance checklists.
  • Respond to inquiries, discrepancies, and document issues.
  • Actively trace pending items using tickler schedules and follow up until payment is secured and transactions are finalized.
Client Support And Advisory:
  • Provide technical assistance and guidance to internal clients regarding LC practices and trade finance processes.
  • Support resolution of discrepancies and compliance-related issues.
  • Manage billing processes, commission calculations, and reconciliation of LC records.
Regulatory And Risk Compliance:
  • Ensure adherence to regulatory guidelines including sanctions, OFAC compliance, anti-boycott regulations, and related policies.
  • Maintain strong understanding of international trade regulations and banking compliance requirements.
Required Skills And Qualifications:
  • Minimum 3 years of experience with SBLC, Commercial Letters of Credit, and/or Guarantees in Trade Finance (Mandatory).
  • Strong knowledge of UCP 600, ISP98, and URDG 758 (Mandatory).
  • Knowledge of regulatory guidelines including sanctions, OFAC, and anti-boycott compliance (Mandatory).
  • Knowledge of SWIFT messaging standards (Mandatory).
  • High school diploma or equivalent (minimum education requirement).
  • Strong written and verbal communication skills (Mandatory).
  • Experience with LC billing processes, commission calculation, and reconciliation.
Nice To Have:
  • Knowledge of Standby Letters of Credit and Syndicated Letters of Credit.
  • CDCS (Certified Documentary Credit Specialist) certification.
  • Experience with ACBS system.
  • Experience with Trade Innovation (TI) system.

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Letter of Credit Specialist • Montreal, QC

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