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Cash control in back office? watch

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    I have a week of work experience this summer and have just been told that I've been assigned to the cash control team in back office. It's at a corporate/investment bank. What sort of things should I expect to be doing? I can't find much on Google, sorry

    thanks
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    Which bank?
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    (Original post by rastaa)
    I have a week of work experience this summer and have just been told that I've been assigned to the cash control team in back office. It's at a corporate/investment bank. What sort of things should I expect to be doing? I can't find much on Google, sorry

    thanks
    Cash control is essentially monitoring and processing all the receipts and payments for the bank. (Incoming and outgoing cash)

    As you can imagine there is thousands of cash transactions at any given time.
    Cash will most likely be coming through the 'SWIFT' network. When cash is received from a counter party into the banks account it will have a 'SWIFT message', the SWIFT message will provide details on where the funds originated and the purpose of the funds.

    Cash control essentially allocate that cash to different areas of the business (e.g FX, derivatives, asset management etc.). Its quite important that the this is done as the cash needs to be reflected on the clients account.

    It is also related to liquidity and a main part of the job is ensuring you have enough cash in a particular account/currency to ensure you don't 'fail' a payment. This is done by managing the expected receipts of cash and the payments you need to make.

    The last part of cash control is to do with compliance and risk. This is basically to make sure the bank is not paying or receiving any cash from dodgy individuals .
    Also complying with Office of Foreign Assets Control sanctions (so no trading with Iran, North Korea and Russia).

    I just wrote this up very quickly, let me know if you have any questions about it.
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    (Original post by knighton)
    Cash control is essentially monitoring and processing all the receipts and payments for the bank. (Incoming and outgoing cash)

    As you can imagine there is thousands of cash transactions at any given time.
    Cash will most likely be coming through the 'SWIFT' network. When cash is received from a counter party into the banks account it will have a 'SWIFT message', the SWIFT message will provide details on where the funds originated and the purpose of the funds.

    Cash control essentially allocate that cash to different areas of the business (e.g FX, derivatives, asset management etc.). Its quite important that the this is done as the cash needs to be reflected on the clients account.

    It is also related to liquidity and a main part of the job is ensuring you have enough cash in a particular account/currency to ensure you don't 'fail' a payment. This is done by managing the expected receipts of cash and the payments you need to make.

    The last part of cash control is to do with compliance and risk. This is basically to make sure the bank is not paying or receiving any cash from dodgy individuals .
    Also complying with Office of Foreign Assets Control sanctions (so no trading with Iran, North Korea and Russia).

    I just wrote this up very quickly, let me know if you have any questions about it.
    Thank you so much! This was perfect
 
 
 
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