Escrow Support Officer

OverviewRole: Escrow Support OfficerLocation: DubaiRole Purpose: Escrow Support Officer receives and processes Escrow requests and general inquiries. Responding promptly to all inquiries of customer/developers and monitoring operational processes of Escrow within Dubai, Abu Dhabi, RAK or other Emirates as per agreement of ADIB with the regulatory. Ensuring that account opening, maintenance, reconciliation, records, controls and closure are per regulations from concerned authorities and bank policies. Review of payments, TAS updates, maintenance of guarantee records and implementing controls where required as per the standard banking procedures.ResponsibilitiesHandle all escrow activities including inflows, outflows, audits, reporting, etc., in strict adherence to regulatory guidelines (Real Estate Regulatory Agency, Abu Dhabi Municipality, RAK, Owners Association Department).Manage complete account opening process for Escrow Accounts and its maintenance in coordination with Business and Account Opening Teams. Ensure that regulatory approval is in place or seek the required information from the concerned stakeholders.Maintain a high level of customer contact, and closely work with the Escrow Services Team Lead / Head.Review escrow payment requests and seek further approvals from Bank Engineers / Operations or Business as per the Escrow Account Management SOP and Regulatory guidelines (RERA, DMAT, ARRA, RAKIA, etc.) and liaise with respective units for quick processing.Handle internal reporting requirements for escrow accounts.Maintain MIS/reconciliation for the Escrow Operations unit.Familiarize and adhere to institutional policies/procedures.Update the guarantee records and follow up for expired guarantees. Prepare swift messages as per developer requests.Resolve problems within given authority and liaise with concerned units.Assist in coordination and support of audits, control testing, weekly/monthly reviews and QC checks.Handle inquiries/issues of customers and liaise with RERA for issues and approvals.Complete required training, resulting in understanding of all processing systems and procedures.Participate in UAT, BAT and product trial runs.Ensure TAS (Trust Account System) is updated with all inflows/outflows transactions on a regular basis as per requests logged in by customer within KPI.Participate in BCM testing related activities.Respond promptly to all customer inquiries and monitor the operational process of products, providing improvement suggestions as needed.Specialist Skills / Technical KnowledgePossess sound experience in Escrow Services and/or knowledge of Escrow rules & regulations – RERA (Law No. 8 of 2007), OA (Law No. 6 of 2019), DMAT (Law No. 3 of 2015). Any additional knowledge on other regulators preferred, with 4-5 years of experience in the Escrow Regulatory Field.Certification from RERA regulatory in Escrow Account Project Trustee CourseCertification from RERA regulatory in Trust Account systemStrong organizing, planning and problem-solving capabilitiesGood customer handling and interpersonal skillsIn-depth knowledge of the Local UAE market and banking practices within Escrow setup of Real Estate RegulatoryExcellent interpersonal, negotiation and presentation skillsCultural sensitivity and adaptability#J-18808-Ljbffr