Job Purpose:
Oversee all functions related to Escrow Services & Cash Management Operations in accordance with the bank&aposs policies and procedures while Ensuring the compliance with Regulatory guidelines.
Uphold the bank&aposs values and demonstrate integrity in all actions and decisions, prioritize customer satisfaction and address their needs and concerns effectively and Interact with customers and stakeholders in a courteous and professional manner.
Implement a systematic approach to identify, analyze, evaluate, treat, and monitor risks, ensuring they are managed to acceptable levels. Overall, the job aims to ensure the secure and compliant Escrow Services & Cash Management Operations while upholding the bank&aposs values and mitigating operational risks, fraud, and AML concerns, with a specific focus on adhering to Regulatory guidelines in the context of Escrow transactions.
Principal Accountabilities:
The principal accountability of the Officer role typically includes:
- Overseeing and managing Escrow and Cash Management transactions, Online Banking channels onboarding to ensure that all parties meet their contractual obligations within the assigned timeline
- Ensure the Corporate Online Banking Profile set up are done as per the customer requirement adhering to the Bank policy & Procedures in the required channels
- Safeguarding and managing funds held in escrow, ensuring they are disbursed correctly and in accordance with the terms of the transactions.
- Ensuring strict adherence to Regulatory guidelines and Bank Policies throughout the transaction process, including documentation and reporting on both Escrow Services & Cash Management
- Maintaining accurate and organized records of all financial transactions and activities related to Escrow Transactions.
- Process all Deposits from the unit buyers & Payments to the contractor, Consultants, all the other relevant parties, and other settlements, accurately and on time.
- Regularly reconciling escrow accounts and relevant GL Accounts to ensure that balances match transaction records and identifying and resolving any discrepancies.
- Generating and providing reports as required by RERA regulations and as requested by stakeholders, ensuring transparency and compliance.
- Assisting in resolving any financial disputes or discrepancies that may arise during the course of transactions
- Maintaining clear and effective communication with all parties involved to ensure a smooth transaction process
- Identifying and mitigating potential financial and legal risks associated with real estate transactions.
- Providing excellent customer service to clients and stakeholders, addressing their inquiries and concerns professionally and promptly. These accountabilities are crucial for the efficient and compliant processing of Escrow transactions while protecting the interests of all parties involved.
- Adopting to changes within the unit and overall Operations.
Job Requirements:
- Bachelor degree will be preferable
- RERA certification will be an added advantage
- 3+ years recent experience in Escrow Account Management & Regulatory Reporting - Dubai & Abu, Dhabi, other Emirates is an added advantage & Or 3+ years Experience in Corporate Account Opening, Channels Onboarding, Profile Set ups
- Comprehensive Understanding of the of the Regulatory guidelines and Escrow Operational Matrix
- Knowledge in Online Banking channels such as CBX, FCM, FCC, WPS, CCS & H2H
- Comprehensive Understanding of Corporate Online Banking workflows and Matrixes
- Effective communication skills in English, and Arabic is an added advantage
