Contingent: FX Operations Specialist

ID
2020-10729
Job Locations
US-MA-Boston
Category
Deposit Services

 

At First Republic, we care about our people. We offer extraordinary client service in private banking, private business banking, and private wealth management. Founded in 1985, we believe that personal connections are everything and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel empowered and valued at First Republic.

 

As the FX Operations Specialist, you will be responsible for confirmation and settlement processing for all foreign exchange products. That will include researching and responding to any FX settlement-related inquiries received from other banks, clients or financial institutions and following loss prevention procedures for all incoming and outgoing wires.

 

 

What you’ll be do as a FX Operations Specialist:

  • Process and settle all foreign exchange transactions for the Bank, including confirmations, reconciliations, investigations, risk, credit reporting and problem resolution.
  • Maintain lines of communication with Correspondent Banks where nostros and settlement occurs and participate in the organization's initiative to implement new projects and systems while promoting continuous improvement.
  • Confirm all FX trades by phone, SWIFT or online and closely monitor all outgoing wires for potential fraud.
  • Follow Bank policies and procedures regarding risk analysis of trades/wires, including OFAC and Dodd Frank regulations.
  • Process all trades and wires within the established SLA following the Bank’s procedures and controls.
  • Handle all FX trades wire tracers and investigations received from other banks, clients or internal departments within the bank. 
  • Ensure timely resolution and correction of all incoming foreign funds, unclaimed funds or “unable to be applied” funds.
  • Understand regulatory guidelines and stay informed of trends and changes related to FX operations in order to act as a resource for entry-level colleagues and provide back-up support for all job functions within the department.
  • Handle escalated issues, resolve problems effectively and determine when it is necessary to involve management.
  • Work collaboratively to resolve complex issues and/or errors that impact customers or place the Bank at risk if not appropriately managed.
  • Monitor and deliver SWIFT messages for the entire Bank. 
  • Review the daily reconciliation for all FX trades and FX wire exceptions to ensure accuracy of balances and posting of FX trades and wires, including working a flexible schedule to meet the Bank’s goals and daily business requirements.
  • Create daily and on-demand reports that include the daily metrics, Mark-to-Market Reports, FCA statements and Nostro Balance reports. Prepare and submit AML (Anti-Money Laundering) certification to the Compliance Department. 
  • Adhere to the applicable federal and state laws, regulations and guidance, including those related to anti-money laundering (e.g., Bank Secrecy Act, US PATRIOT Act, etc.), as well as Bank policies and procedures.
  • Identify and report suspicious activity to the Anti-Money Laundering Officer.
  • Know and verify the identity of any client who enters into a relationship with the Bank.

 

You could be a great fit if you have:

  • A basic knowledge of the Microsoft suite of products, along with experience in foreign exchange settlement and SWIFT messaging
  • The ability to multi-task under pressure and tight time constraints, performing effectively in a high-volume, deadline-oriented environment, working efficiently both independently and in a team environment
  • Excellent verbal and written communication skills
  • The ability to interact effectively with salespeople, client service and banking colleagues
  • An orientation toward being a team player and providing extraordinary service while furthering the First Republic Bank culture and values

Job Demands:

  • Must be able to review and analyze data reports and manuals; must be computer proficient.
  • Must be able to communicate effectively via telephone and in person.

Own your work and your career — apply now

Are you willing to take initiative and make decisions? Are you willing to go the extra mile because you love what you do and how you can contribute as a team? Do you want the freedom to grow and the opportunity to take charge of your own career? If so, then come join us.

 

We want hard working team players. You’ll have the independence to learn, lead and drive change. A culture of extraordinary service, empowerment and stability—that’s the First Republic way. Come join us!

 

This job description is not intended to be all-inclusive. Employee may perform other related duties as assigned to meet the ongoing needs of the organization. The Company is an equal opportunity employer. In this regard, the Company makes reasonable accommodations for qualified applicants and employees with disabilities in order to enable them to perform all essential job functions, unless doing so creates an undue hardship.

 

First Republic is subject to federal laws that restrict the employment of individuals with certain types of criminal histories, including FDIA Section 19 and FINRA. To the extent not inconsistent with our obligations under those federal laws and regulations, First Republic will consider qualified candidates with criminal histories in a manner consistent with the Los Angeles and San Francisco ban-the-box laws.   

 

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