Reading, Travelling, Passionate about Nature Conservation and Protection
Asmita Parab
AML Compliance Professional
Mumbai,Maharashtra
Summary
Dependable and Skilled Financial Crime Compliance Professional having 20+ years of experience working in multi-national Banks and Financial Institutions.
Respected for organizational and interpersonal aptitudes, implementation of new process and key initiatives, special project management and results-focused interactions across organization.
Passionate about ensuring regulatory compliance and mitigating financial crime risks for organization and its clients. I am also committed to enhancing my skills and knowledge in the field of AML compliance and investigation
Overview
21
21
years of professional experience
7
7
years of post-secondary education
1
1
Certification
Work History
Assistant Vice President
Bank of America
09.2023 - Current
- Conducting Financial Crime Investigation and Fraud checks based on alerts generated by system and alerts received from external sources and provide appropriate recommendations for MLRO review
- Submission of Suspicious Transaction Reports
- Worked towards implementing/testing of new AML Monitoring system and liaising with Product Compliance and IT team to address gaps and challenges with new system.
- Conducted Risk Assessment for insourcing of global AML Monitoring process to ensure local regulatory requirements are met.
- MIS and Reporting
Assistant Vice President
Bank of America
11.2019 - 08.2023
- KYC Refresh Control Lead - Lead a team of 8 team members
- Established and lead India Control function for KYC Refresh process for 'Global Banking and Markets' Clients
- Includes Risk Review and Control at multiple levels of KYC Refresh process for India based Corporate and Financial Institutions
- Set up SOPs and best practice guidance
- Implementation of Regulatory Changes as required
- Lead CKYCR process Implementation in 2021-2022
- Established a high-performance culture within team by setting clear expectations and providing regular feedback on individual performance contributions.
- Liaise with Internal Audit and External Concurrent Auditors to ensure adherence to policies and procedures and mitigate risk in process
- Drive Remediation Projects
- Managed RBI Inspection for KYC Refresh function, liaising with RBI examiners for data requirement
- MIS Reporting of KYC Refresh status to Senior Management.
Senior Manager & Co-Head, Compliance & Risk Operations
Travelex India Pvt. Ltd
03.2014 - 10.2019
- As Senior Manager & Co-Head Compliance & Risk Global Operations, Lead and drive Compliance Operations team in India Shared Service Center of Travelex supporting Compliance processes such as Due Diligence, PEP/Sanctions Screening, Transaction Monitoring & Fraud Investigation for global geographies, supporting projects such as GDPR Implementation, Implementation of New Financial Crime System, driving process efficiency, ensure appropriate level of resourcing as well as succession planning, budgetary allocations and utilization, disseminate performance reports, ensure all aspects of Compliance are met.
- From March 2014-March 2018 - As Manager - Have delivered Compliance process transitions from 10 different regions making sure to understand regional nuances as well as ensuring hiring of appropriate resources.
- Implemented and developed operational standards, policies and procedures.
- Lead team of 20+people, managing personal and professional expectations.
- Apart from managing global Transaction Monitoring processes, was India MLRO for Travelex India Pvt. Ltd in 2015-2016, being responsible for establishing and implementation of AML/CTF procedures for Retail business in India. Manage regulatory inspections, concurrent audits, and relationships with regulators, Submit regulatory reports, Respond to audit points relating to regulatory issues, Monitor AML Trainings to ensure all staff have received AML/CTF awareness training
Associate - AML Practice
BMR & Associates
01.2007 - 02.2014
- Worked on various Due Diligence projects including KYC CDD for Corporate and Financial Clients, Correspondent Banking clients and PEP Due Diligence and Develop new processes, work flows, SOPs and training manuals
Processing officer - Custody Operations Department
Deutsche Network Services Private Limited(Deutsche Bank Group)
06.2006 - 01.2007
- Processing of corporate payment transactions like Dividends, Interests and Redemptions for Deutsche Bank entities across various locations in Europe.
Officer - Retail Asset Processing
HSBC Operations and Processing Enterprises Pvt. Ltd
08.2003 - 05.2006
- Conducting Pre-approval checks in Retail loan application for Western Zone (comprising Mumbai, Pune and Ahmedabad)
- Liaising with Regional Relationship Managers for discrepancy resolutions.
Education
Master of Business Administration - Business/Commerce, General
ITM
01.2010 - 2011.04
CFCS - Banking and Financial Support Services
Association of Certified Financial Crime Specialists
01.2017 - Current
Bachelor of Commerce - undefined
Dahanukar College, Mumbai University
01.2000 - 2003.04
CAIIB - Chartered Associate of Institute of Banking
Indian Institute of Banking & Finance (IIBF)
01.2005 - 2006.04
Senior Leadership Development Programme - undefined
The Institute of Leadership & Management
01.2017 - 2018.04
Skills
Certification
Certified Financial Crime Specialists - Association of Certified Financial Crime Specialists - ACFCS
Passion
Working in regulatory compliance and mitigating financial crime risks for my organization and its clients
Interests
Timeline
Assistant Vice President
Bank of America
09.2023 - Current
Assistant Vice President
Bank of America
11.2019 - 08.2023
CFCS - Banking and Financial Support Services
Association of Certified Financial Crime Specialists
01.2017 - Current
Senior Leadership Development Programme - undefined
The Institute of Leadership & Management
01.2017 - 2018.04
Senior Manager & Co-Head, Compliance & Risk Operations
Travelex India Pvt. Ltd
03.2014 - 10.2019
Master of Business Administration - Business/Commerce, General
ITM
01.2010 - 2011.04
Associate - AML Practice
BMR & Associates
01.2007 - 02.2014
Processing officer - Custody Operations Department
Deutsche Network Services Private Limited(Deutsche Bank Group)
06.2006 - 01.2007
CAIIB - Chartered Associate of Institute of Banking
Indian Institute of Banking & Finance (IIBF)
01.2005 - 2006.04
Officer - Retail Asset Processing
HSBC Operations and Processing Enterprises Pvt. Ltd
08.2003 - 05.2006
Bachelor of Commerce - undefined
Dahanukar College, Mumbai University
01.2000 - 2003.04
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