Manager- Escrow Product - DXB (UAE National Only)

JOB PURPOSE:

The Escrow Manager is responsible for overseeing the daily operations of the escrow department ensuring the efficient and accurate processing of escrow transactions.

This role aims to provide exceptional service to clients by managing escrow accounts coordinating with all parties involved and ensuring compliance with regulatory requirements. The Escrow Manager will support staff fostering a collaborative environment to achieve departmental goals and maintain high standards of customer satisfaction.

ACCOUNTABILITIES:

• Oversee the daily requests of the escrow department ensuring efficient and accurate processing of transactions.
• Manage the opening maintenance and closing of escrow accounts in compliance with company policies and regulatory requirements.
• Foster a collaborative and high-performance work environment encouraging continuous learning and professional growth
• Ensure exceptional customer service by addressing client inquiries and resolving issues promptly.
• Maintain strong relationships with clients real estate agents lenders and other stakeholders involved in escrow transactions.
• Ensure all escrow activities comply with relevant laws regulations and industry standards.
• Identify and mitigate risks associated with escrow transactions implementing best practices to safeguard client funds.
• Continuously evaluate and improve escrow processes to enhance efficiency and accuracy.
• Maintain accurate records of all escrow transactions and activities.
• Prepare and present regular reports on departmental performance including key metrics and compliance status.
• Develop and deliver training programs for escrow staff to ensure they are knowledgeable about current practices and regulations.
• Stay updated on industry trends and regulatory changes sharing relevant information with the team
• Monitor and manage the financial aspects of the escrow department including budgeting and fees collections.
• Ensure timely and accurate disbursement of funds in accordance with escrow agreements
• Handle requlatory requiremnets inline with the regulations.
• To validate all payments under different categories such as construction project management or consultancy Sales and Marketing Land payment etc. in line with the LAW and related Regulations of each Emirates.
• Make sure all instrutions provided to operation team is as per law & Regulation.
• Prepare the data for the rgulators in line with the law an dregulations prior any submission in the system.
• Prepare all the audit reports and regulators daily requirements.
• Laise with the engineering for the certifications and advise the developers accordingly. To obtain relevant site visitcertifications and consltansy certification. 
• Prepar engineers reports weekly/monthly for construction and consultancy payments as per Escrow LAW and related regulations from the FAB approved engineering vendor company.
• Coordination with TFU unit for assisting in issuance and sending swift to the guarantees issuing bank for taking necessary actions.
• Continuously laise with the real estate developers in order to ensure the un-identified deposits are allocated to the units or the same are reported to Regulator as per Oqood and not utilized for project payments.
• Guide the developer with Regulatory TAS system processes and ensure that it is followed strictly for release of any project expenses from the escrow account.
• Coordinate and register all TAS system issues with RERA-Dubai technical team to ensure timely resolutions and client satisfaction.
• Monitor the accounts to ensure that the debits taken place are only authorized by the Escrow Management Unit and ensure the controls aspect of flagging No Debit to Escrow and Retention accounts are always in place.
• Ensure that the approval process of obtaining go ahead in line with Bank DOA to release No Debit flag and reinstating the flag at account level is followed.
• Control and maintain the various CAPs as defined by regualtory guidelines applicable for processing payouts such as project management and sales-marketing expenses from project escrow accounts.
• Monitor that the retention  sweeping on the unit deposits are executed by the system accurately as required by Real Estate Law and to ensure processing of retention reversals for incorrect sweeping if any to maintain the accuracy of account balances.
• Maintain a comprehensive tracker for the payment certifications services obtained from the vendor and ensure that the invoices claimed are reconcilling with banks records.
• Coordinate with the procurement team for processing the vendor invoices and communicate the details of the same to vendor to ensure the timely settlements as per agreement.
• Prepare project level mandatory reports to RERA/DUPM/RERA-RAK regulators and ensure timely submission of such report  and any other adhoc MIS information sought by the respective regulators.
• Coordinate with related team for payout of interest in Escrow supported by  department head approval.
• Focus is primarily on CIB and all banks segmnets clients and chosen Business Banking clients.
• Close liaison with staff from GTB Advisory Client Services Payment Centre Channel Support Branch network Relationship Managers IT Desk Operations and other relevant stakeholders in the implementation process.
• Participate in review of client agreements service standards and service quality to ensure that we meet and exceed the expectations of our clients.
• Educating the clients about the relevance of Escrow laws and their rights / limitations if any.

Qualifications :

Knowledge:

• Excellent understanding of Escrow laws regulations and practices as an escrow agent
• Excellent customer service skills.
• Sound Knowledge of Corporate and other Banking products and operations.
• Language proficient: Fluent (business) English Arabic preferable.

Experience:

• At least 5 years experience in Escrow services / Banking operations out of which some Corporate/Project Finance experience is preferred.
• Good understanding of local and international GTB products international cash management electronic platform operations.

Skills:

• Strong communication skills.
• Ability to manage high workload within a pressurized environment.
• Strong work ethics willingness to take a hands on approach.

Education:

• Minimum a University Degree

Remote Work :

No

Employment Type :

Full-time