Associate Operations Specialist - Liability Operations
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Key skills for this role
Role Overview
To process, validate, and manage outward remittance transactions for individual customers in compliance with FEMA, RBI, LRS, AML/KYC, and internal bank policies while ensuring accuracy, customer service, and regulatory reporting.
Key Skills for This Role
Full Job Posting
Key Responsibilities
- Process retail outward remittances
- Handle remittances under Liberalised Remittance Scheme (LRS) for purposes such as education, medical treatment, travel, maintenance of relatives, gifts, investments, and other permissible current/capital account transactions.
- Verify customer instructions, forms, declarations, invoices, admission letters, medical estimates, and supporting documents.
- Ensure correct purpose code mapping and transaction classification.
- Knowledges on latest ISO MX messages types used in daily BAU.
- Regulatory & Compliance Checks
- Validate transactions against FEMA and RBI Master Directions on LRS and Remittances.
- Perform AML/KYC/sanctions screening and escalation of alerts.
- Check annual LRS utilization limits and customer declarations.
- Ensure compliance with tax-related requirements (Form A2, PAN validation, TCS applicability, etc.).
- Transaction Execution & Coordination
- Coordinate with branch teams, relationship managers, correspondent banks, and customers for query resolution.
- Monitor pending cases and ensure turnaround time (TAT) adherence.
- Operational Controls & Reporting
- Maintain transaction records and audit trails.
- Support regulatory reporting and internal MIS related to outward remittances.
- Identify process gaps and suggest automation or control improvements.
- Assist during internal, statutory, RBI, and compliance audits.
- Customer & Stakeholder Management
- Provide guidance to customers and branches on documentation requirements.
- Handle escalations related to rejected, delayed, or returned remittances.
- Maintain high service standards and communication quality.
Required Skills & Knowledge
- Functional Knowledge
- Good understanding of FEMA, LRS guidelines, and outward remittance regulations.
- Knowledge of purpose codes, SWIFT operations, and cross-border payment workflows.
- Understanding of AML/KYC, sanctions screening, and transaction monitoring.
- Familiarity with NRE/NRO accounts, forex products, and retail banking operations.
About IDFC FIRST Bank
Indian private sector bank providing comprehensive financial services.
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