Rakesh Patil

Transaction Monitoring:

• Investigating and assessing alerts related to potential money laundering risks. Efficiently identifying and monitoring activities and transactions considered suspicious. Timely and efficient reporting of transactions considered suspicious.
• Monitoring financial transactions for suspicious activity, using specialized software and tools.
• Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends.
• Help in identifying potential weaknesses in processes as a subject matter expert to employees, providing guidance on what actions to take in dealing with high-risk accounts.
• Assist with addressing queries from corresponding banks relating to money laundering matters.
• Provide advice to management on issues relating to correspondent banking.
• Conduct proper investigations of money laundering alerts or transactions considered suspicious and help with AML compliance training on how to identify and report suspicious transactions.
• Handle development training for new employees. Collect documentary proof and build and maintain case files for transactions deemed suspicious.

Fraud Detection/Investigation:

• Conduct detailed investigations of suspicious financial activities. Analyze transaction data to identify potential fraud and money laundering schemes.
• Collaborate with internal teams and external agencies to gather relevant information. Maintain up-to-date knowledge of AML regulations and compliance requirements.
• Provide recommendations for enhancing internal controls, and mitigating fraud risks. Assist in the development and implementation of AML policies and procedures.

SME Activity -

• Managing a unit of production staff and SMEs who are involved in AML transaction monitoring, fraud investigation, screening, KYC remediation, and periodic review. Ensuring the timely completion of target production and reporting the same to the stakeholders.
• Ensuring the timely completion of target production and reporting the same to the stakeholders.
• Coordinate with internal teams to ensure the availability of required resources and skills.
• Building a quality Subject Matter Expert (SME) base across domains and nurturing the relationship. Overall, brief responsibilities include project planning, staff management, transition, project delivery, managing issues, etc.

KYC-Onboarding, Periodic Review, Remedition

• Perform KYC checks on NTB (New to Bank) and ETB (Existing to Bank) clients.
• Customer Identification Program - Basic information fetched from the Sales/RM through the Client Onboarding Template (COT form) helps to set up reference data for the client.
• Determining the ownership of the client based on the structure form or chart, sale's/RM confirmation, certificate of incorporation, memorandum of association (MoA), articles of association (AoA), etc.
• Related Party Identification - Ultimate Beneficial Owners, Intermediary Beneficial Owners, Account Controllers, Directors, Senior Managers, Key Controllers, etc., identifying and verifying the parties as per the risk categorization.
• Performing due diligence and account maintenance on clients.
• Working on remediation and periodic review of different entities to identify the ownership of the entity.
• Assisting clients and the Business Delivery Unit in maintaining up-to-date documents.
• Screening of all the required parties, as per the procedure.
• Working as a liaison and coordinating to bring compliance between different teams of the project and external parties, to seek information that is required to prevent and recognize any ML/TF factors.
• Performing screening on the parties for PEP and sanction connections.
• Performing end-to-end remediation: Responsible for completing the KYC review for high, medium, and low-risk clients.

Offboarding:

• Working on treatment, letter, execution, and closure. As per the franchise update, closing the relationship of the customer with the bank. Doing Treatment section: Raising DAML - Defense Against Money Laundering to check whether the actual amount is derived from any illegal activity. Sending a notification to the branch and RM regarding the closure of accounts. •
• Sending an exit letter to the customer to inform them that the relationship should be closed. • Cancelling the customer's facilities (online banking, credit card, debit card, and other EMI facilities). • Closing accounts as per SOP (taking action based on the account balance).

SME Activity:

• Allocate work to the team, and send the hourly production tracker to management. Handle AML (Anti-Money Laundering) transactions for high-risk clients.
• Manage internal reviews for escalation cases. Provide training and mentoring to analysts on investigations. Comply with Service Level Agreement standards for delivery and adhere to all policies and procedures.
• Provide a higher level of customer service to internal and external customers. Adhere to all internal policies and procedures to ensure regulatory compliance.
• Perform QC role and ensure 100% quality is maintained for every profile. Training and providing feedback to the maker. Quality assurance in processing ensures it is in line with SOP, with minimum errors.

• Call Auditing- Inbound call center.