IBO Foreign Exchange Specialist

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The Foreign Exchange Specialist 1 is responsible for the accurate and efficient processing of foreign exchange transactions, including foreign checks, currency wires, and banknote exchanges. This role supports the bank’s foreign exchange operations by handling investigations, managing account balances, reconciling suspense accounts, and providing excellent service to bankers and clients. The Specialist also contributes to maintaining compliance with regulatory requirements and may assist with special projects or other areas of International Banking operations as needed.

ESSENTIAL DUTIES & RESPONSIBILITIES:

• Process foreign checks through Cash Letter and Check Collection.
• Book, instruct, and release foreign currency wires in the FX wire system, including handling investigations and processing returns.
• Prepare cash letters and process outgoing check collections and payments received.
• Provide rate quotes for foreign exchange wires and forward contracts to bankers and clients.
• Place online orders for foreign currency funding and banknotes for downstream banks.
• Monitor and manage the bank's foreign currency account balances.
• Reconcile the department’s suspense general ledgers (GLs) to ensure accuracy and compliance.
• Ensure adherence to regulatory requirements, including OFAC, BSA/AML, and internal policies.
• Respond to inquiries from bankers and clients, offering guidance on foreign exchange transactions.
• Communicate effectively to explain complex foreign exchange products, including forward contracts.
• Support other areas of International Banking Operations as needed.
• Participate in special projects and contribute to process improvement initiatives.
  
  

MINIMUM REQUIRED EDUCATION, EXPERIENCE & KNOWLEDGE:

• Associate degree in Business, Finance, or Accounting preferred.
• 2 years of relevant experience in foreign exchange or international banking.
• Knowledge of foreign exchange systems and processes is an asset.
• Strong understanding of foreign exchange products, including wires and forward contracts.
• Knowledge of regulatory requirements such as OFAC and BSA/AML.
• Excellent verbal and written communication skills.
• Proficiency in reconciliation and managing financial accounts.
  
  

ESSENTIAL MENTAL & PHYSICAL REQUIREMENTS:

• Ability to work under stress and meet deadlines
• Ability to lift/move/carry approximately 20 pounds if required to perform the essential job functions. If the employee is unable to lift/move/carry this weight and can be accommodated without causing the department/division an “undue hardship” then the employee must be accommodated; hence omitting lifting/moving/carrying as a physical requirement.
  
  

Equal Opportunity/Affirmative Action Employers. All qualified applicants will receive consideration for employment without regard to race, color, religious beliefs, national origin, ancestry, citizenship, sex, gender, sexual orientation, gender identity, marital status, age, physical or mental disability or history of disability, genetic information, status as a protected veteran, disabled veteran, or other protected characteristics as required by federal, state and local laws.