Risk Assessment Aml Compliance

OLALEKAN OLATUNJI, BSc, ACAMS, CA, CPA

Canada

Tel : +1-416-***-**** E-mail : ad5qwl@r.postjobfree.com

Objective

Highly experienced, dynamic, and results-oriented AML enthusiast with extensive experience in Anti-Money Laundering (AML) Compliance seeking to leverage expertise in policy development, risk assessment, and regulatory compliance to drive organizational success. Proven track record of implementing effective AML compliance programs and leading cross-functional teams to achieve strategic objectives.

Profile

oHighly experienced in Internal Audit, Fraud Investigation, Prevention, Deterrence and Control, implementation, AML/ATF Compliance, KYC/CDD and COSO framework implementation.

oExperienced in Data Analysis, Report generation, Investigations, Research Proficiency, and a Team Player.

oExperienced Audit methodologies for both financial and non-financial audit assignments.

oKnowledge of a variety of reporting procedures, regulations, and law

oTechnology Proficient (excel, word, Visio (IBM Blueworks, Bizagi), ability to learn new software)

oPossess very strong written and verbal communication skills, proficient in Microsoft Office Suites like excel (VLookup, Hlookup, SumIFs, data validation, Pivot tables etc.)

oExperienced in interacting with C-suites executives.

oExperienced in usage of AML tools such as Norkom, SaaS, Verafin, Navaera, Actimize, Dow Jones, Mantas TeamMate, LexisNexis, and Coupa

oExcellent critical thinking, analytical skills with ability to identify creative and effective solutions to complex corporate challenges across various projects simultaneously.

oExperienced in model risk management: Risk assessment for bank’s product, Bank’s Customer and Geographical Risk assessment of the bank’s business.

oA quarterly trainer / facilitator on (1.) Fraud, Policy, and Procedures and (2.) AML /ATF Awareness Workshops.

oExperienced in the Canadian Credit Union Environment.

Work experience:

Citi Bank, Canada

Vice President (Manager), Global AML /Financial Crimes Compliance September 2021 to Date

oLead the periodic refresh of the bank’s AML compliance policies, procedures, and controls to ensure adherence to FINTRAC/OFAC requirements and other regulatory pronouncements.

oConducted risk assessments and gap analyses to identify areas of improvement and strengthen the organization's AML compliance framework.

oLed a team of compliance professionals, providing guidance, training, and support to enhance their understanding of AML regulations and promote a culture of compliance.

oOversaw transaction monitoring systems and processes, effectively detecting and investigating suspicious activities to prevent financial crimes.

oImplemented robust Customer Due Diligence (CDD) and Know Your Customer (KYC) processes, streamlining customer onboarding process and experience while mitigating compliance risks.

oSupervised the preparation and filing of Suspicious Transaction Reports (STRs) in accordance with regulatory requirements, ensuring timely reporting of suspicious transactions to regulatory authorities.

oActing as Subject Matter Expert (SME) for bank-wide system enhancements and other implementation projects to ensure key compliance scenarios are captured vis-a-vis the transaction monitoring tool.

oDealing with the compilation of the corrective action plans (CAPs) in addressing audit issues raised by Auditors/regulators.

oStaying abreast of changes in AML laws, regulations, and industry best practices, providing guidance to senior management and stakeholders on emerging compliance issues.

oLeading the transaction monitoring tool tunning by planning the above and below the threshold testing.

oSupporting the implemented technological solutions, such as automated transaction monitoring systems and data analytics tools, to enhance the efficiency and effectiveness of AML compliance processes.

oDesign and conduct on-going monitoring, oversight, and assessment of Citi’s Key AML entities such as payment intermediaries (MSBs), Global wealth, Trade Finance, Senior public figures, Foreign Correspondent Banking, Foreign Missions Banking etc.,

oMaintain and manage various deadlines on the compliance calendar including a variety of regulatory filings as required by each applicable regulatory body (FINTRAC, OCC, FINCEN, FRB)

oProviding guidance on High-risk transactions and clients like Crypto currencies, Payment Intermediaries (MSB) etc.

oProvide compliance support relating to customer’s due diligence (KYC, EDD), sanctions screening, customer’s onboarding etc.

oProvide compliance support to operational departments with respect to regulatory related fund inquiries (funds to and from sanctions and high-risk countries)

oIdentify areas for continuous improvement within the compliance framework, including maintaining and updating policies and procedures and designing new compliance testing programs.

oSupport all aspects of the Citi’s AML/KYC program from transaction monitoring to conducting risk assessments.

oSupport timely rendition of AML regulatory reports such as LCTRs, STRs, SARs, EFTI/EFTOs etc.

Rapport Credit Union, Canada

Manager, AML Officer (CAMLO) November 2019 to September 2021

oSupervise the transaction monitoring team in the compliance ensuring time filing of suspicious transaction reports.

oImplementing regulatory changes as they occur and impacting across various lines of business and enhancing controls for existing regulatory requirements.

oKnowledgeable about Canadian banking regulation as it relates to different lines of business (LOB)/ retail consumer products like savings/chequing, termed deposits, mutual funds, credit cards, line of credits and other lending products.

oActing as a risk assessment expert for the purpose of on-boarding of new products for the credit union

oEnsure accurate and timely delivery of independent compliance reporting of findings and recommendations to Senior Management, the Board of Directors, and relevant regulatory bodies like FINTRAC.

oDevelop and provide mandatory AML/ATF compliance training and awareness for the board of directors, management, and other staff members.

oEnsuring that the policies and procedures of the union are up to date with FINTRAC guidelines.

oAct as the subject matter expert and provide guidance on all compliance matters, customer’s onboarding, enhanced due diligence, new product enrolment and other issues relating to fraud, forensics, internal audit and control corporate governance and other operational banking issues pertaining to risk.

oActing as the lead officer in respect of AML effectiveness audit (AML Monitoring and Testing) conducted by AML Shop

oPeriodic review of the Operational Risk Management program of Rapport Credit Union

oCoordinate the activities of external auditors including how best to leverage the work performed and results produced from Internal Audit’s work.

oPlan and lead collaborative risk-based audits of moderate to high complexity ensuring scope and extent of work is in accordance with the approved plan, timing and budget are reasonable, procedures are efficient, appropriate resources are assigned and risk understood.

oHold walkthrough meetings with audit clients to develop and document a thorough understanding of the business, key risks, and processes for assigned projects.

oIdentify emerging issues that may impact the audit plan.

oDesign or update audit procedures for assigned audits and applied risk-based auditing standards and techniques as required.

Accomplishments

oSuccessfully completed the biennial AML effectiveness Audit with minimal exception, without fines or administrative penalties imposed.

oSuccessfully managed the AML regime in a Credit Union environment, thereby creating the right AML culture and practices.

oRevamped the member’s onboarding process, identifying critical exception and timely correction of same

oSuccessfully managed the AML/OFAC/Sanctions program in Rapport Credit Union

oCompleted the audit engagements of all Auditable Units

Robert Half/Protiviti Consulting

Team Lead, Investigation / KYC Analyst High Risk Client July 2018 to October 2019

oPerforming End to end AML Investigation and reviews, and disposition of cases generated by the Automated Monitoring System as well as other external and internal referral systems.

oPreparing and submitting Suspicious Transaction Reports (STRs) on the FINTRAC (F2R) Portal and recommending risk mitigation actions for identified money laundering and terrorist financing risks.

oConducting case/alerts adjudications with the view of closing as non-suspicious (NFA or DNR) or recommending filing suspicious transaction report (STR)

oAnalyzing both Corporate and individual clients using risk factors such as country rating, product rating, client rating, ownership, PEP identification and adverse media information to determine the current risk rating of the client.

oPeriodic review of processes and procedures in line with FINTRAC guidelines as it relates to adjudication of alerts as NFA (No further action) or STR (Suspicious Transaction Reporting)

oReviewing Swift codes and EFT (Electronic Funds Transfers) messages in relation to funds within banks in Canada, specifically noting sources of funds, relationship between remitters of funds and the client as well as the possibility of the availability of negative media reports on the remitters of funds

oReviewing details of interac platform for incoming and outgoing wires (SWIFT Messages) to and from other countries of the world, noting whether the sources of funds are from sanctioned or high-risk jurisdiction.

oActing as a subject matter expert (SME)on all AML matters

oReviewing and performing quality control on case analysis notes as well as supporting documents prepared by other AML Analyst and ensuring recommended decisions are rational and appropriate.

oReviewing and performing quality Control review on the prioritization and validation of alerts/cases based on the sensitivity, associated risk, and aging of cases/alerts. Cases of high priorities include UARs alerts, TM alerts, FIU and Fraud referrals, Correspondent Banking and SWIFT alerts, Legal orders, Investigations exchange from group affiliates.

oCoaching and training newly employed AML Investigators on statutory reports like Terrorist Reports, LCTRs, STRs, SARs, EFTI/EFTOs.

oWorking closely with other business units and corporate stakeholder groups to implement appropriate due diligence and customer remediation steps to minimize regulatory and reputational risk.

oKeeping abreast of new and emerging trends, typologies, and changes to legislation and guidelines.

Promontory Financial Group, (Scotia Bank)-Contract

Consultant, Sanctions and Name Screening Review December 2017 to May 2018

oEnsuring that alerts with perfect matches hits/alerts are handled in accordance with defined procedures and meet standards for both quality and deadlines.

oComplete analysis of name screening and unusual transactional information to identify risks, trends, and potential suspicious activity related to money laundering, terrorist financing, sanctions, politically exposed persons (PEP) and other criminal activities.

oEscalating True matches to Scotia Bank in accordance with guidance from the Team lead

oMonitoring of suspicious transactions based on the vendors AML risk profiling.

oDisposing 100 alerts on FircoSoft and Content Manager daily by utilizing both primary and secondary disposing codes, such as Gender, Name and Age Variances, ITL (Implausible Timeline) and other secondary factors like Mismatched Country of Residence, Mismatched employment etc.

oPart of the process change analyst that gathered business requirements for the merger of old system (Content Manager and FircoSoft application) and gathered requirements for the new solution (Oracle). The new system integrated the contents of both Content Manager and FircoSoft application.

HSBC Bank, Canada

Manager, AML Investigations and Financial Crime Risk November 2016 – June 2017

oProvided process improvement recommendations based on AML violations in Retail, Commercial and Corporate banking.

oRecommend strategy for process improvement and harmonization of systems to ensure efficiency and increase productivity.

oConducted AML Investigations to identify and mitigate financial crime risks including Money Laundering, Terrorist Financing, Sanctions and Bribery.

oInvestigation of cases spooled from Level 2 officers to ensure that proper and extensive investigation has been done on the subject matter and making timely recommendations as to DNR- do not report or STR (filing a suspicious transactions report with FINTRAC) or de-marketing of the client is the activities of such a customer has a far-reaching negative consequence on the image and bottom-line of the bank.

oExperienced in the implementation of the Chinese money Circumvention Policy for the purpose of investigating suspicious transactions.

oReviewed customer documentation including KYC information to cross-reference with account activity to ensure accurate risk levels have been assigned to the specific accounts held in the customer's name.

oStrong analytical skills in reviewing customer’s transaction dynamics as it relates to AML processes of Placement, Layering and Integration of fraudulent/crime proceeds.

oInvestigation AML trends in Money Market products like Termed deposits, Mutual Funds’ Investments and Treasury bills in other to ascertain the sources and ultimate utilization of funds, the conductor of the underlying transactions, the complexity, and the financial institution where the funds were negotiated.

oPerforms quality control review and validation of the investigations report submitted by Level 3 investigator.

oPrioritizing validation of alerts/cases based on the sensitivity, risk associated and aging of the investigative report and alerts. Cases of high priorities include UARs alerts, TM alerts, FIU and Fraud referrals, Correspondent Banking and SWIFT alerts, Legal orders, Investigations exchange from group affiliates.

Zenith Bank Plc, Lagos, Nigeria

Deputy Manager, AML Investigations/Monitoring/ Due Diligence June 2010 to June 2016

oEnd to end AML Investigation leading to filing of suspicious Transaction with FIU of EFCC

oCoordinated the AML/KYC remedial project aimed at updating a selected 2000 customer’s record across the bank within 6 weeks.

oConducting due diligence when on-boarding new accounts through the NIBSS Portal (Banker’s almanac)

oSupported and contributed to review of high-risk clients e.g. PEPs, working with team members to ensure timely, efficient review of suspicious transactions, documenting and follow up of outstanding items.

oPrepared Suspicious/Unusual forms, identifying clients/transactions apparently related to money laundering/terrorist financing and escalating such for further investigation by law enforcement and/or reporting to appropriate government agencies, regulatory bodies.

oAssisted a large commercial banking system in adhering to stringent Anti-Money Laundering regulations and compliance Standards.

oGeneration of KYC enquiries and/or alerts to marketing officers on all such transactions identified as suspicious. Analysis of Marketing officer’s responses viz a viz activities on such accounts, customer’s profiles, source of funds, transactions dynamics and documentation status.

oObserving the independent AML Testing,

oMonitoring the effectiveness of the AML SAS Antifraud module for transaction monitoring

oPart of the script writing for the SAS Anti-fraud module

First City Monument Bank Plc, Lagos, Nigeria

Team Lead, Internal Control and Audit January 2006 – February 2007

oInvestigation of cases of frauds, forgeries, cash shortages, overages, and other forms of non-Compliance with bank’s policies and procedures.

oConduct investigation into and render reports on cases related to environmental audits, discrete alerts, and issues audit report for Disciplinary committee’s attention.

oInvestigation & resolution of customers disputes on bank charges & other complaints with a view to avert litigation where the bank is likely to be culpable.

oReviewing reports of suspected fraud to determine need for further investigations Reviewed branch banking operations, provided senior management with proper operational analysis to aid management decision making on customer service excellence, cost control, asset management, income recovery, and effective operations procedures.

oMonitoring and reviewing Branch’s General Ledger accounts (Expenses accounts, Risk Asset accounts, Clearing and cash account, Suspense accounts,) for any open items for resolution with process owners.

oEnsured compliance with AML Act and KYC requirements/legislation at branch level and recorded Zero % sanctions ratings following regulatory inspections.

oDaily monitoring of the activities of all branch’s Operations staff in other to ensure that customers are serviced in an articulate and courteous manner that is in tandem with the goals and objectives of the organisation.

Standard Trust Bank Plc / United Bank for Africa, Lagos Nigeria

Senior Internal Auditor November 2001 to January 2006

oRisk Based Assessment: Performing Risk Based Assessment and Mapping for all auditable Units of Funds Transfer, Cash and Teller and Customer Service Units of the bank.

oSupervised the audit team that identified over $500,000.00 in overpayments of accounts payables during review of freight payments.

oEnsure the integrity of balances in the general ledger accounts such as Transit and Suspense accounts and other remittances accounts.

oImplementation/monitoring of the various Anti money laundering/counter terrorist finance strategies and policies of the bank.

oProcess review-review of existing bank business processes, vis-a-vis cash handling procedure, clearing process, account opening process, Know your customer (KYC) policies etc.

oConducted process walkthroughs and validation with business Subject Matter Experts (SME) whilst testing controls for design efficiency.

oDocumented audit findings with appropriate evidence and held discussions with business units' management.

oCollaborated with Senior Audit Managers and audit clients to plan and implement the quarterly review of business units.

oLed teams on audit assignments, performed first level review and sign-off on audit work papers, provided coaching and both informal and formal feedback to junior team members.

oReview of Head Office Operation Departments (Funds Transfer Unit, Cash &Teller, Customer Service Unit, Forex /Correspondent Banking, Treasury Operations/Treasury, Trade Services Departmen

EDUCATION

The Institute of Internal Auditor (IIA)

Member (Anticipating Designation as Certified Internal Auditor) - CIA Level 3

ACAMS Certification

Associate Member, Association of Certified Anti-Money Laundering Specialists

The New York State of Certified Public Accountant

Certified Public Accountant (CPA) (membership Number: 1055250)

Chartered Accountant – CA (ICAEW)

Institute of Chartered Accountant in England and Wales

Associate Chartered Accountant – CA

Seneca College, Canada

Postgraduate Certificate: Fraud Examination and Forensic Accounting

Bachelor of Science, Accounting

Ogun State University, Ago Iwoye, Ogun State, Nigeria

Bachelor’s Degree – Accounting with Second Class Upper Hons

Strategy & Planning

Develop the audit plan in consultation with internal and external stakeholders.

This position is designated as Synergy’s Chief Anti-Money Laundering Officer (CAMLO) and therefore, an understanding of AML requirements and experience in their application is necessary. This role will also lead and participate in various activities and initiatives, some of which include:

Fraud risk management

Third party risk management

ICAAP

Data governance

Business continuity planning

Regulatory compliance management

Your team engages with teams in different business areas to proactively discuss risk and compliance matters applicable to their operations. You respond to inquiries, complaints, and incident investigation requests with urgency for the circumstance. Where gaps are identified, your team will collaborate to develop action plans that effectively mitigate risks. You will use a forward-looking / dynamic risk approach to assist the CRO in evolving our ERM framework and strengthen the corporate risk profile.

You lead the development, documentation, and periodic review of policies and procedures and proactively improve our risk and compliance reporting. Creation of board reports and participation in government policy consultation to CUDGC and/or different levels of government are additional responsibilities that will be required.

You excel in strong written and verbal communication which demonstrates your ability in creating effective presentations to all levels of the organization. You have excellent sensitivity to a range of circumstances, along with sound analysis and judgment to act accordingly. You can identify emerging risks and understand their impact to determine what is a threat vs. an opportunity. Your ability to collaborate and look at risk based on severity and scale allows you to be a successful partner with our first line of defense.Develop and build collaborative relationships across all levels of the business to analyze issues, u

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