Rakesh Patil

Client Onboarding & Due Diligence:

• Performed end-to-end KYC onboarding for institutional clients, including Investment bank, asset managers, and corporates, in compliance with AML and global regulatory requirements (e.g., FATCA).
• Reviewed and validated customer identification documents (CIP), beneficial ownership (UBO), and legal entity structures to ensure full adherence to internal and external regulations.
• Conducted enhanced due diligence (EDD) on high-risk clients, including PEPs and offshore entities, escalating red flags to compliance and senior management as necessary.
• Performed KYC checks for retail and corporate clients in line with internal policies and local regulations.
• Reviewed customer documentation, including ID verification, proof of address, and source of funds.
• Conducted screening for politically exposed persons (PEPs), sanctions, and adverse media.
• Escalated high-risk accounts to Compliance, and supported EDD processes.
• Collaborated with Relationship Managers and Compliance to resolve documentation discrepancies.

SME Activity:

• Supporting onboarding and periodic reviews for SMEs.
• Maintained accurate and complete KYC records, and audit trails.
• Updated client records in internal systems, and followed up on missing documents.
• Managing the production staff and SMEs of the Onboarding team, KYC remediation, and periodic reviews.
• Ensured timely completion of production targets while providing reports to management.
• Coordinated with internal teams to secure necessary resources and skills.
• Developed a robust base of quality SMEs across various domains to support project objectives.

KYC Onboarding, Periodic Review, Remediation. (April 2017 to March 2024)

• Regulatory & Compliance: Ensured 100% compliance with global AML/KYC regulations, including FATCA, CRS, and OFAC, during client onboarding processes.
• Conducted thorough due diligence (CDD/EDD) and risk assessments on high-risk clients and corporate entities.
• Reviewed and validated client documentation (IDs, proof of address, corporate structures) in line with internal KYC policies.

Client Onboarding:

• Managed the end-to-end onboarding process for retail, corporate, and institutional clients, reducing the average onboarding time by 15%.
  Coordinated with the front office, compliance, and legal teams to resolve KYC issues and expedite account openings.
• Created and maintained detailed client records in accordance with data retention and privacy policies.
• 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, sales/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. • Canceling 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.

Periodic Review:

• Conducted periodic KYC reviews in accordance with AML regulations and internal compliance policies, ensuring client data remained up to date and risk appropriate.
• Assessed client risk ratings (Low, Medium, High) by analyzing factors such as geographic exposure, transaction behavior, and ownership structure.
• Performed Enhanced Due Diligence (EDD) for high-risk clients, including PEPs and entities in sanctioned or high-risk jurisdictions.
• Reviewed and updated client documentation, including legal entity identifiers (LEI), ownership structures, IDs, and tax information (FATCA/CRS).
• Validated sources of funds and sources of wealth for high-net-worth and corporate clients during periodic refresh cycles.
• Ensured accurate and complete audit trails by maintaining proper documentation for all KYC refresh activities.
• Conducted adverse media screening, sanctions checks, and PEP identification using tools such as World-Check, LexisNexis, or RDC.
• Monitored clients for KYC trigger events, including changes in ownership, business activity, or unusual transaction patterns.

SME Activity:

• Allocation work to the team, and sending 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 the QC role, and ensure that 100% quality is maintained for every profile. Training and providing feedback to the maker. Quality assurance in processing ensures that it is in line with SOP, with a minimum of errors.

Nation Star US Mortgage: FHA, VA, Conventional Loan (January 2015 - March 2017). Mentor - PFU. Worked as a Flash Mentor.

• Worked as a Flash Mentor.

• Worked as a QC and provided the final report to the Team Lead.

• Resolved task problems.

• Provided feedback that is open and positive.

• Handled escalations and ensured follow-

up for query resolution within TAT.

• Provided process training and floor support.

Task specialist.

• Verified customer documents disbursement for FHA mortgage loans and insurance.

• Coordinated with PFW (Prep-For-Underwriting) and the Title Company for sales hold and valid documents.

• Validated documents and closed cases in the Encompass application. Used applications CREO, FileNet, Infonet, Assist, and Mr. Cooper for valid documents or missing documents.

• Handling mails for updates or changes in loan structure with offshore clients and the title company.

• Analysis and calculation of qualifying income from various tax documents, such as tax returns, tax transcripts, W-2s, pay stubs, FVOE, SSA, SSN, and bank statements.

• Schedule E, K-1, etc. Demonstrated understanding of mortgage guidelines and policies for VA, FHA, FNMA, FHLMC, and USDA.

• Reviewing LP & DU loans.

• Reviewing loans for purchase, finance, refinance, and cash-out.

• KEY POINTS: Expert in all initial fireworks tasks, insurance.

• Call Auditing: Inbound Call Center.