Associate Operations Specialist - Liability Operations

Job Requirements

Role Purpose: 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 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.