Escrow Support Officer

Role : Escrow Support Officer
Location : Dubai

Role Purpose:

Escrow Support Officer receives and processes Escrow requests and general inquiries. Responding promptly to all inquiries of customer/ developers and monitoring operational processes of Escrow within Dubai , Abu Dhabi, RAK or other Emirates as per agreement of ADIB with the regulatory. Ensuring that account Opening, maintenance, reconciliation, records, controls and closure as per regulations from concerned authorities and bank policies. Review of payments, TAS updates, maintenance of guarantee records and Implementing controls where required as per the standard banking procedures.

Key Accountabilities of the role

• Handle all escrow activities including inflows, outflows, audits, reporting etc. being in strict adherence to regulatory guidelines (Real Estate Regulatory Agency, Abu Dhabi Municipality, RAK, Owners Association Department).

• Handles complete account opening process for Escrow Accounts and its maintenance in coordination with Business and Account Opening Teams. Ensure that Regulatory approval in place or seek the required information from the concerned stakeholders.

• Maintaining a high level of customer contact, and closely working with the Escrow Services Team Lead / Head.

• Review of escrow payment requests received and seek further approvals from Bank Engineers / Operations or Business as per the Escrow Account Management SOP and Regulatory guidelines (RERA, DMAT, ARRA , RAKIA etc.) and liaises with the respective units for quick processing .

• Handles internal reporting requirements for escrow accounts.

• Keeping MIS/recon for the Escrow Operations unit.

• To familiarize and adhere to institutional policies / procedures.

• Updates the guarantee records and the follow up for expired guarantees. Prepares swift messages as per developer requests.

• Resolves problems within given authority and liaising with concerned units.

• Helps in the coordination and support of audits, control testing, weekly /monthly reviews and QC checks.

• Handles inquiries / issues of customers and be in contact with RERA for issues and approvals.

• Complete required training, resulting in understanding of all processing systems and procedures.

• Participate in UAT, BAT and product trial runs.

• Ensure TAS (Trust Account System) is updated with all the INFLOWS/OUTFLOWS transactions on a regular basis as per requests logged in by customer within KPI.

• Participate in BCM testing related activities.

• Replies promptly to all inquiries of customer and monitor the operational process of products and provide improvement suggestions from time to time.

Specialist Skills / Technical Knowledge Required for this role:

• Possess sound experience in Escrow Services and / or sound knowledge in Escrow rules & regulations – RERA - Law no 8 of 2007,OA - Law number 6 of 2019 - DMAT - Law Number 3 of 2015. Any additional knowledge on other regulators preferred with an experience ranging from 4-5 years in the Escrow Regulatory Field

• Certification from RERA regulatory in Escrow Account Project Trustee Course

• Certification from RERA regulatory in Trust Account system

• Strong organizing, planning and problem-solving capabilities.

• Good customer handling and interpersonal skills

• In depth knowledge of Local UAE market and banking practices within Escrow Set up of Real Estate Regulatory.

• Excellent interpersonal, negotiation and presentation skills

• Cultural sensitivity and adaptability