Senior AML and KYC Analyst
TATA CONSULTANCY SERVICES PVT LTD
Total years of experience :13 years, 5 Months
Transaction Monitoring & Tracking Real Time payment Screening for filtering of specific payment instructions prior to their execution in order to prevent making funds available in breach of sanctions, embargoes or other measures
•Responsible for identifying and researching the patterns, trends and anomalies in complex transactional and customer data to detect, prevent, mitigate and report suspicious and potential red flag activity related to money laundering and terrorist financing.
•PEP screening on-boarding checks and ongoing monitoring across all asset classes and submitting it to compliance, after been identified to be added on SDN list
•Performing EDD on customers deemed high risk, and suggested account restrictions and/or account closures based on risk to the institution
•Identifying OFAC alerts/cases such as PEP Person, that may be located and doing business with US Sanction and Embargo countries
•Work with team members to determine whether to close cases, escalate findings and/or file a Suspicious Transaction Report ("STR") with the Central Bank of UAE
•Review customer identification files and insure all accounts satisfy the required standards
•Enhanced checked performed to identify the Ultimate Beneficiary Owner (UBO) to ensure the authenticity of the organization
•Adhere to quality control discipline, procedures and checks at all times
• Risk based decision making for discounting the payments, sole bases on your risk appetite and enhance due diligence
•Use of Lexis Nexis, World Check, Google search engines to validate and authenticate the concerned individual and entities
Global Payment Process-Sanction
The Authorized bodies, like EU, UKHMT, UN, US requires the bank to perform enhanced due diligence, on the payments made from around the globe in different currencies, to ensure that there is no involvement of any kind of the AML, OFAC, Fincen and UK Treasury breach in the payment. Following the sanctions norms of the authorized bodies, to ensure that there is no involvement of any sanction country, body, individual, or regime in the payment. Thorough screening of the bodies involved adhering to the Anti Money Laundering and KYC norms
•Responsible for review of the sanctions alerts on the automated system that screens all existing Barclays customers against the official lists made available by UN and other relevant lists (e.g OFAC, EU, UKHMT, Interpol etc)
•Conducting extensive customer investigations using the public domain, transactional history and local knowledge. Articulating findings both verbally and in structured reports to senior management.
•Conducting effective investigations on potential matches on new and existing clients, payments and trade finance referrals.
•Creating SAR (Suspicious Activity Reporting ) and submitting to Group Compliance and PIR (Payment Investigation Report)
•Proactive escalation of issues affecting operations ability to process both customer screening and payment screening alerts in a timely manner.
•Use of database like WORLD CHECK a widely-adopted source of structured intelligence on heightened risk individuals and organizations while screening transactions
•Process transaction in accordance to approved process and procedures, international regulations and within pre agreed service level with speed and accuracy
•PEP screening on-boarding checks and ongoing monitoring across all asset classes
•Risk based decision making for discounting the payments, sole bases on your risk appetite and enhance due diligence
The USA treasury permits certain legitimate businesses, which engage in regular and frequent large currency transactions (in excess of $10000 in cash) with domestic banks, to be granted exemption. BSA (Bank Secrecy Act) regulations allow banks to grant an exemption from large currency transaction reporting requirements to qualified business customers that meet specific criteria. CPM Exemptions Unit in India performs high level of Enhanced due diligence and apply gained knowledge on KYC procedures to put recommendation on Exemptions. The judgment decision making process involves detailed cash activity analysis, business ownership and frequent interaction with US coverage teams for completing the officer statement questionnaire in cognizance with packet requirements. Recommendation on Exemption files are placed basis the judgmental decision making criteria on Know Your Customer, Enhanced Due Diligence, Reasonableness of Cash Activity and Account Ownership and Control Analysis.
•Extensive knowledge of laws and regulations relating to money laundering including the Bank Secrecy Act, PATRIOT Act, KYC, OFAC, Fincen & SAR
•Client on Boarding KYC/CDD
•Review of High Risk Accounts as per Bank policy on new to bank and existing bank clients
•Performing world check/Internet searches and review all Legal and Constitutional documents
•Ensuring EDD is performed on all PEP and Sanctioned country related accounts to identify any adverse information
•Monitor banking transaction of various clients to ensure that it is in consistent with their business
•Filling of SAR if any, money laundering kind of activity reports out
• Ensuring that the AML risks are being effectively identified and appropriately mitigated
•Judgmental Decision Making and Fraud Detection as the business is highly regulatory in nature
•Experience in the Bank Secrecy Act (BSA) and USA Patriot act and screening of the customers on the basis of guidelines provided by OFAC, Fincen & USA Treasury
I have done MBA with Finance stream From Sikkim Manipal University