Specialist, Escrow Services

4 weeks ago

Sharjah, Sharjah, United Arab Emirates United Arab Bank Full time

Job Purpose :

Oversee all functions related to Escrow Services & Cash Management Operations in accordance with the bank's policies and procedures while ensuring compliance with regulatory guidelines. Uphold the bank's values and demonstrate integrity in all actions and decisions, prioritize customer satisfaction, and address their needs and concerns effectively. 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's 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:

  • 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 setup is done as per the customer requirements 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.
  • Processing all deposits from the unit buyers & payments to the contractor, consultants, and other relevant parties, 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.
  • Adapting to changes within the unit and overall operations.

Job Requirements :

  • Bachelor's degree is preferable.
  • RERA certification is an added advantage.
  • 3+ years of recent experience in Escrow Account Management & Regulatory Reporting in Dubai & Abu Dhabi, other Emirates is an added advantage or 3+ years of experience in Corporate Account Opening, Channels Onboarding, Profile Setups.
  • Comprehensive understanding 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 matrices.
  • Effective communication skills in English; Arabic is an added advantage.
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