Paul Chakola

AML
• Transaction monitoring, Investigation \[ECDD\], Activity Reviews and Negative Media Searches on Customers & Transactions identified as posing a heightened risk of Money laundering or Terrorist Financing
• Review of Credit Card/ Prepaid Card customers against the preset AML parameters
• Review of transactions in Remittance Management System \[CASMEX\] against the preset AML/ Sanctions parameters
• Responding to queries by The Central Bank of UAE & Correspondent Banks
• Maintain accurate MIS related to STRs, Correspondent Bank queries, KYC Approvals, Case ageing status etc. for reporting to senior management.
• World Check query management
• Carry out ad hoc projects and investigations on suspicious accounts, obtain and review documentary evidence and report on the same
• Filing of Report on Suspicious Transaction Reports \[STR\] with the Central Bank of UAE
• Assist in identifying procedural weaknesses in the transaction monitoring process
• Assisting the Head of Compliance in formulating the Group Anti Money Laundering \[AML\] Policy


Sanctions
• Support the Head of Sanctions, in protecting the bank from legal, regulatory, and reputational risk with regard to funds transfers involving Sanctions or policy issues
• Scanning of internal customer data base against the Sanctions and PEP list
• Investigate and analyse Inward/ Outward SWIFT payment transactions in the Sanctions monitoring system
• Reviewing and investigating escalated payments and/or transactions which have been identified as containing potential matches against Government Sanction lists: OFAC, United Nations, European Union, and others.
• Maintenance of, and projects relating to, sanctions list updates and enhancements.

KYC
• Reviewing and analyzing the KYB (Diligence AML Questionnaire) and self certification forms received from all the correspondent relationships.
• Approval of account opening for Offshore entities, PEPs, Freezone entities and other High Risk Rated customers.

LEAP consulting is a management consulting and professional services organization formed by a group of 4 Chartered Accountants from Big 4 Audit Firms \[Deloitte & EY\].

The following is a list of major assignments led by me, at LEAP Consulting.

• INTERNAL CONTROLS REVIEW- Education Marketing Company
 Led a team of 3 resources in internal control review of sales, HR, signing of contracts with content providers and distribution agents

• POLICIES AND PROCEDURES DEVELOPMENT - Education Technology company
 Led a team of 3 resources in development of policies for revenue, marketing & customer relations

• PROCESS RE ENGINEERING - Construction Company
 Led a team of 3 resources in revising SOPs, Performed Walkthroughs and testing of entity level, procurement, revenue, hire to pay, and treasury cycle controls.

• COMPLIANCE REVIEW-Marketing Consulting Firm
 Led a team of 3 resources in reviewing compliance with Objects clause, Display of company identity, Acceptance of unsecured loans, Deposits taken from public.

• INTERNAL AUDIT - Non Banking Finance Company
 Led a team of 3 resources in reviewing public deposits, income recognition, asset classification and provision for bad and doubtful debts
 Developed Risk and Controls Matrix and finalized audit reports

• OTHER ENGAGEMENTS
 Application controls review of revenue, procurement and inventory cycles of a Government Public Works Department contractor.

Major Assignments

• COMPLIANCE FUNCTION TRANSFORMATION - Banking Company
 Developing risk registers, testing programs and annual compliance plan.
 Walkthroughs for key controls addressing regulatory requirements.

• INTERNAL CONTROLS FRAMEWORK REVIEW - Banking Company
 Assessed internal control framework of the bank against COSO guidelines and SAMA requirements.
 Assessed effectiveness of internal control framework of corporate and retail banking and control functions.

• OPERATIONAL RISK EXAMINATION - Banking Company
 Review of branch operations, cash and clearing units and investment operations.

• REGULATORY COMPLIANCE REVIEW - Banking Company
 Review of regulatory compliance against corporate governance, account opening, anti-money laundering, outsourcing and payment systems regulations issued by SAMA and CMA.

• PROCESS REENGINEERING - Construction company
 Reengineering operating policies and procedures.
 Reengineering policies and procedures for retail and non-retail operations.

• INTERNAL AUDIT - Real Estate Company
 Providing off site support for performance of internal audit.
 Developed Risk and Controls Matrix and finalized audit reports for marketing, mall management and leasing.

Major Assignments:

INTERNAL AUDIT - Tea Estate
 Scope of review included procurement, contract compliance, review of contracts, review of hardware and software costs, accruals, common costs, payment process and payroll.

• PROCUREMENT PROCESS REVIEW - Automobile spare manufacturing Company
 Review of procurement process for a leading Automobile spare manufacturer.
 Scope of review included review of adequacy of policies and procedures, bidding, vendor evaluation and vendor selection process, adequacy of ERP controls, payments and invoicing process.

• PROCESS REENGINEERING - Automobile spare manufacturing Company
 Process reengineering and development of standard operating procedures for a leading Automobile spare manufacturer.
 Scope of work involved developing standard operating procedures for procurement, supply chain management, consumables management, Inventory, Finance and Accounts, Sales and marketing and HR and Payroll.

• INTERNAL AUDIT - Banking Company
 Scope of work involved identification of leakages, review of Fixed Deposits, Payroll and Statutory Compliances.

• ERP REVIEW - Food Manufacturing Company
 Scope of work involved post implementation review of ORACLE ERP. Review included production process, finance and accounts and statutory compliances.

• OTHER CONTROL ASSURANCE ENGAGEMENTS
 SAS 70 Type 2 engagement covering revenue, payables and general ledger cycles.