letter of credit Section Head

Trade Finance & Banking OfficerPosition SummaryResponsible for handling Import LCs, Local Export LCs (Saudi Arabia), Import Insurance, Insurance Claims, Sister Concern LC Support, and Banking Facilities management. Ensures compliance with LC terms, UCP 600, insurance requirements, and internal company policies while coordinating with banks, suppliers, customers, and internal departments.A. Import Letters of Credit (LC)1. Pre-LC ActivitiesReview purchase contract/proforma invoice.Confirm LC terms (Incoterms, shipment deadline, tolerance, packing).Coordinate with procurement and finance.Check company credit limits and bank facilities.2. LC OpeningPrepare LC application and documents.Verify HS codes, goods description (steel grade, size, quantity, MT).Ensure compliance with UCP 600 and company policy.Submit to bank and follow up for SWIFT issuance.Share LC copy internally and with supplier.3. LC AmendmentsReview amendment requests (quantity, shipment date, price, documents).Evaluate logistics and finance impact.Submit amendment to bank and coordinate beneficiary acceptance.4. Shipment CoordinationTrack shipment readiness.Ensure documents match LC (BL, invoice, packing list, COO, mill certificate).Communicate with shipping lines.Monitor vessel ETA and document follow-up.5. Document CheckingReview final documents for discrepancies (HS code, price, dates, weight, quantity).Coordinate corrections or acceptance.Approve documents for bank negotiation.6. Bank InteractionObtain document arrival notice.Apply for refinance and coordinate tenor approval (GM/AGM/Finance).Monitor bank charges and fees.7. Payment & SettlementEnsure timely maturity payment.Coordinate fund allocation.Reconcile bank debit notes.Confirm supplier payment.8. Customs & Logistics SupportRelease documents for clearance.Provide endorsed BL, COO, invoice to logistics.Handle issues to avoid demurrage.Coordinate with customs broker.9. ReportingMaintain LC ERP/master sheet.Track amendments, expiry, documents.Provide outstanding LC and loan reports.10. Compliance & AuditMaintain digital and physical archives.Support internal/external audits.Monitor vessel voyage and war zones.11. Cost ControlSend LC charges to accounts.Compare bank negotiation/advising fees.Analyze finance costs and identify savings.12. CoordinationLiaise with suppliers, banks, shipping lines, customs brokers, procurement, finance, warehouse/logistics, and management.B. Local Export LCs (Saudi Arabia)1. Pre-LC StageReview customer PO and payment terms (Sight/Usance).Provide LC wording requirements.Coordinate with sales on pricing and delivery.2. LC Receipt & ReviewVerify LC amount, delivery terms, documents, partial delivery, tenor.Request amendments if required.3. Delivery PreparationObtain clearance from accounts.Ensure goods and documentation match LC.Arrange transport documents if required.4. Document PreparationPrepare invoice, delivery note, packing list, chamber attestation (if required).Check strictly against LC terms.5. Bank SubmissionSubmit within validity and presentation period.Follow up for acceptance.6. Discrepancy HandlingReview bank discrepancy notice.Coordinate acceptance or corrections.7. Payment Follow-UpTrack sight/usance LC.Arrange discount if required.Follow up for fund receipt.8. Post-DeliveryUpdate LC tracking sheet.File documents.Inform collection team of status.9. CommunicationCoordinate with local banks and customer finance/procurement teams.10. Compliance & ReportingEnsure document compliance.Maintain export LC report.Report collections and close paid LCs.C. Import Insurance1. Before ShipmentReview Open Marine Cargo Policy.Collect shipment details (LC/Invoice no., ports, cargo, Incoterms).Calculate insured value (CIF +10%).Submit declaration and obtain certificate/cover note.Verify Institute Cargo Clauses, war & strike, storage transit.File documents and update tracker.Send debit note to finance.D. Insurance Claims (Damage/Shortage)1. NotificationNotify insurer within 7 days.Inform shipping line.2. SurveyArrange surveyor at port/warehouse.Obtain survey report.3. Claim DocumentationCompile policy, invoice, packing list, BL, damage certificate, photos, survey report, claim bill, subrogation letter.4. AssessmentVerify weight differences (MT).Identify damage cause (sea, rust, short landing, transport).Prepare internal calculation (QC).5. Claim Submission & Follow-UpSubmit full claim file.Follow up until settlement.Reconcile and close claim file.E. Sister Concern Support (Local LCs)1. Export DocumentsPrepare and check LC compliance (quantity, description, dates, signatures).Submit originals to bank.2. Negotiation & Discrepancy HandlingSubmit within validity.Handle discrepancies and amendments.Follow up for acceptance/payment.3. Payment MonitoringTrack sight/usance maturity.Verify credit and reconcile charges.Share payment advice.4. General CoordinationAct as liaison between sister concern, banks, sales, and group finance.F. Banking Facilities1. AssessmentIdentify ne