About Muhammad Asfi Sumar
2016 - 2020
Vistra Business Services (DIFC) Ltd
• DFSA authorized Compliance officer and Money Laundering Reporting Officer and provided outsourced compliance support to various DFSA authorized firms providing the financial services of fund management, asset management, wealth management, financial advisory, insurance intermediation and insurance management services as part of their core business activities; • Provided internal support for the development and maintenance of the effective internal compliance/AML, risk management and corporate governance frameworks in accordance with the applicable legislation, regulatory requirements and best practice standards for the firms; • Developed the regulatory compliance, AML and risk management monitoring programs and monitored their implementation on an ongoing basis; • Provided necessary support and guidance to the businesses on the products and services offered and permissible activities from the regulatory point of view and ensure the activities remain within the scope of regulatory license; • Conduct independent reviews of DFSA authorized Firm’s systems and controls, client files and policies and procedures; • Appointed as the risk officer for authorized Firms to identify and monitor risks to which the firm is exposed to, implementing controls to mitigate identified risks and provided regular risk reporting to the board; • Established and implemented policies and procedures, systems and controls in relation to regulatory compliance, AML requirements, corporate governance and business continuity requirements; • Reviewed the effectiveness of the anti-money laundering programs, assess the AML risks which the business is exposed to on an ongoing basis and providing regular reporting to the senior management, board and the regulators; • Client on boarding - identifying AML Risks and conducted regular reviews of client files; • Attended internal meetings when considering onboarding of “high risk” clients and determining how best to mitigate potential risks the client may present to the firm; • Produced quarterly reports on compliance for Board of Directors and participated in the Board meetings • Provided regular compliance and AML training to the staff members; • Responded promptly to any requests for information made by competent authorities; • Produced and updated regulatory business plans and associated documents for applicant firms.
2013 - 2015
Takaful Re Limited
• Identified, developed and coordinated for the establishment and maintenance of appropriate company policies, procedures and systems required to comply with applicable regulatory provisions and manage corporate risks; • Monitored and ensured that relevant corporate policies and procedures for compliance and anti-money laundering are adhered to; • Maintained appropriate records and coordinated for the production and submission of required regulatory reports, notifications and approval requests in a timely manner; • Developed and implemented compliance monitoring programs and monitor their performance and related activities on a continuing basis, taking appropriate steps to improve its effectiveness. Overseeing the management of breach logs and taking appropriate action for timely resolution. • Reviewed the effectiveness of its anti-money laundering policies, procedures, systems and controls at least annually; • Monitored the reinsurance portfolio and related contracts in compliance with the regulatory requirements and ongoing sanction regulations; • Ensured the review and approval of the reinsurance clients in compliance with the AML policy and the risk-based approach to AML. Monitored the accounts files, screening and conducted ongoing due diligence in compliance with the AML requirements; • Responded to any requests for information made by competent authorities; • Assessed the risk in relation to money laundering and perform enhanced due diligence investigations for higher risk products, services and customers; • Established and maintain an anti-money laundering training programs and awareness arrangements; • Attended training sessions as required to keep current with regulation changes and standards; • Provided reports on a regular basis, and as requested, to keep the senior management and Board of Directors informed of the operation and progress of compliance efforts.
2008 - 2013
Levant Capital Limited
Developed, initiated, maintained and revised policies and procedures for the general operation of the Risk, Compliance and AML functions. Continuously followed-up on local regulations, analyzed potential impact or conflict with internal regulations and communicated internally; • Identified potential areas of compliance vulnerability and risk and developed/implemented corrective action plans for resolution of problematic issues and provided general guidance on how to avoid or deal with similar situations in the future; • Developed an effective internal business compliance culture by promoting the benefits of ethical business conduct and the benefits of compliance; • Had ability to apply governance and control experience in the assessment and approval of new accounts and other AML/KYC related matters; • Ensured significant risks issues (including issues highlighted by; internal audit, external audit, regulators and compliance reviews) were addressed in an adequate and timely manner; • Developed and implemented compliance monitoring programs and monitored their performance and related activities on a continuing basis, taking appropriate steps to improve its effectiveness. Had overseen the management of breach logs and taking appropriate action for timely resolution of breaches; • Had ability to understand business processes including asset management and private equity portfolios and identified areas for improvements from governance and control perspective; • Provided reports on a regular basis, and as requested, to keep the senior management and Board of Directors informed of the operation and progress of compliance efforts; • Developed customized ‘compliance training programs’ for mandatory introductory and on-going training to educate and encourage business managers and staff to operate in compliance with relevant laws, regulations and policies. Such training would include key group and business specific compliance or regulatory issues; • Attended training sessions as required to keep current with regulation changes and standards; • Reviewed and approved marketing materials and private placement memorandums in compliance with the regulatory requirements; • Maintained good professional relationship with the regulators and advise regulators of any changes to permissions, approved persons or company details and sought approval from regulators on proposed changes where required; • Assisted the personnel regarding advice on Compliance & AML issues. Reviewed and filed the suspicious transaction reports to the regulators.