Tariq Soomro

Experienced compliance professional with over 23 years of experience with Regulatory body and prestigious Financial Institutions. Extensive knowledge of Pakistan and the US regulatory environment. Cognizant of growing need and urgency for implementation of best corporate compliance practices and adherence to regulatory compliance.

Head of Compliance Assurance; Head of AML Advisory, Policies & Procedures, CFT and PEP - Habib Bank Limited, Global Compliance - Karachi, Pakistan

(2018-01 - 2024-12)

• Supervise quarterly reviews/validations conducted by assurance teams, handle stakeholders, reporting of observations to the board committees, and ensure actions plans are materialized within timelines.
• Ensure quick time reviews and thematic reviews are materialized on a risk-based approach with a defined frequency and formulation of plans.
• Extended support to the Chief of Global Compliance on NY Branch compliance issues, maintain track of its winding up matters and remediation process.
• Provided feedback on MRAs/MRIAs and represented Compliance Chief as proxy, handled issues reported through the management implementation committee.
• Responsible for overall management of the unit including operational and administrative functions as per defined SOP, ensure that business as usual is effectively functioning without compromising on quality of deliveries.
• Handled regulatory inspections, ensured timely submissions to SBP and conducted business as per prescribed regulatory framework.
• Reporting and timely escalation of AML issues, PEP advisory critical matters to the board committees.
• Process PEP cases, extend advisory as per defined TATs to the local and International locations of HBL.
• Handled matters relating to the National Risk Assessment, its analysis/implementation, and compliance and reporting on CFT related matters to SBP.
• Monitored domestic global compliance technology projects i.e. process/regulatory initiatives.
• Handled submissions on compliance status to the committees and served as steering committee secretary.

Corporate Compliance-Regulatory Liaison - Global Compliance - State Street Corporation (SSC) - Boston, Massachusetts, USA

(2015-01 - 2018-12)

• Responsible for coordinating regulatory inspections, ensuring timely and secure submissions of the Matters Requiring Attention (MRAs)/Findings arising from the regulatory inspections.
• Interacted with United States Regulators on regulatory matters including the Federal Reserve Bank of Boston, Massachusetts Division of Banks, the Securities & Exchange Commission.
• Advanced knowledge of compliance tools; Axentis (book of records) and Regulatory Reporting System.
• Governance and reporting of regulatory events to senior management, the Board of Directors, Examining & Audit Committee.
• Escalate compliance issues of critical nature that may transform into potential risk.
• Maintained centralized tracking of examinations for legal entities of State Street Corporation (SSC).
• Maintained liaison on compliance issues with Business Units and provided training on Axentis and Regulatory Reporting System.
• Used cases for transformation of existing compliance technology into the new Archer System.
• Processing of extension requests to the regulators as per prescribed guidelines.
• Responsible for weekly and monthly compliance reporting.
• Created compliance reports and maintained records for global regulatory interactions through the Regulatory Reporting System of SSC.
• Documented and elevated breaches and non-compliances of Rules & Regulation.
• Act as a centralized resource for regulatory/compliance issues and record.
• Elevated compliance issues for timely remediation and action plans.
• Prepared presentations and reports for Board Oversight Sub-Committees and Board meetings.

Director: Head of Enforcement Wing & Off site Surveillance - Securities & Exchange Commission of Pakistan (SECP) - Karachi & Islamabad, Pakistan

(2007-01 - 2015-12)

The SEC is the apex regulatory body which regulates the corporate sector and capital markets; including the supervision of non-banking finance companies, insurance companies, and private pensions.

• Supervised the mutual fund industry, leasing companies & investment banks.
• Initiated enforcement actions as per regulatory framework for non-compliances.
• Investigated various compliant cases pertaining to market abuse/manipulations.
• As team leader, provided necessary guidance to the team members on all assignments.
• Reviewed financials of entities to identify risks and signs of deterioration in financial position.
• Monitoring the position of equity, deposits and cash-flows on a periodic basis.
• Dealt with financially distressed entities for revival/ rehabilitation, equity compliance and repayment of liabilities/ deposits and regular monitoring/future plans/course of actions.

Joint Director: Head of Market Pulse, Investor Complaints & National Commodity Exchange Wing - Securities & Exchange Commission of Pakistan (SECP) - Karachi & Islamabad, Pakistan

(2007-01 - 2015-12)

• Processed and analyzed new Financial Products to be launched on the Commodity Exchange.
• Handling of regulatory matters and proposing changes in Rules & Regulations of Exchanges.
• Conducted awareness seminars on Derivatives & Demutualization of Exchanges.
• Handled matters pertaining to Initial Public Offerings including pre-balloting.
• Supervised reports; Basic Market Information, Morning Flash & Media Coverage on a daily basis.
• Reviewed compliance reporting sheets on part of the members/brokers of exchanges.

Financial Reporting Analyst: Fund Administration & Financial Reporting Group - State Street Corporation - Boston, Massachusetts, USA

(2003-01 - 2006-12)

• Managed completion of financial reports, including annual, semi-annual and quarterly financial reports, for institutional clients including Bank of America (BOA) and Columbia Management Group.
• Ensure Compliance with SEC, taxation and other regulatory requirements.
• Responsible for preparing financial highlights and statements for various portfolios including assets & liabilities, income statements and statements of operations.
• Prepared various portfolios of investments.

Fund Accountant: Fund Administration & Financial Reporting Group - State Street Corporation - Boston, Massachusetts, USA

(2003-01 - 2006-12)

Responsible for back office operations of mutual funds including, Equity, MM, Debt and International Funds.

• Monitored general ledger activity, calculated daily NAV & reporting to NASDAQ.
• Reconciled daily Capital Stock, expenses, dividends, income accruals and amortizations.
• Monitoring of trading activity and researched securities using Bloomberg.
• Assisted manager in complying with SEC and audit requirements.

Section Officer / Reforms Program Officer - Department of Finance, Government of Pakistan - Karachi, Pakistan

(2002-01 - 2003-12)

• Calculated quantitative data and prepared recommendations for Inter-government transfer of funds.
• Monitored fund distribution to local governments provided by the World Bank for reform programs.
• Funds allocation and utilization for various micro level projects on quarterly and on an annual basis.
• Negotiations with financial institutions on funds provisions for projects focusing on their strengths and potential/viability and statistics based on standard accounting principles.

Assistant Director (Planning & Accounts) / Secretary of the Governing Body - Coastal Development Authority, Government of Pakistan - Karachi, Pakistan

(1999-01 - 2002-12)

• Managed administrative & financial affairs.
• Preparation of research reports & identification of new schemes.
• Act as Task Force Secretary for economic uplift of the rural areas of the province.
• Worked with non-governmental and international organizations to foster cooperation.
• Prepared quarterly financial reports, contributed towards preparing annual budgets for various projects.
• Forecasting for budget enhancements, excess and surrenders & re-allocations.

Trainee Officer - Trust Bank (Private) Limited - Karachi, Pakistan

(1997-01 - 1998-12)

• Verified credibility, credit rating, ratio analysis and evaluated stock and property value.
• Contributed to deposit mobilization team by focusing on retail outlets and potential individual parties.
• Handled re-financing credit lines, opening, lodgment & proceeds.
• Prepared vouchers, ledger postings, account receivables, customer service support for client inquiries.

Master in Business Administration - MBA - Southern New Hampshire University (SNHU) (1997)

Bachelor of Commerce - Commerce - University of Karachi (1992)