About us

Varughese Chacko (Chief Internal Auditor)

Varughese has an extensive experience in field of Audit and internal controls over 20 years, after completing his graduation in commerce & Accountancy, in 1993 from University of Kerala. India, started his career as an Audit executive with M/S Sushil Pruthi & Co Chartered Accountant, New Delhi, India, then moved to Bhopal, Madhya Pradesh, India as “senior auditor” and rose to as Audit Controller in M/S M.P. Agro Industries before moving to Dubai, UAE in 1998.

He joined the Shaheen Money Exchange in 2017 as “Chief Internal Auditor” He leads the BSA/AML Audit team and is responsible for leading the annual Enterprise BSA/AML audit and assisting with the Local/ international AML audits.

Varughese participated various AML workshops & conferences arranged by CBUAE (Central Bank of the UAE) & Foreign Exchange Regulatory Group (FERG), Dubai, UAE.

He continually interacts with the regulators to ensure regulatory findings are remediated by the Company. He is also responsible for providing subject matter expertise on BSA/AML regulatory requirements across the Internal Audit organization.

His major area of work as “Chief Internal auditor” covers the following scope:

  • Evaluate the effectiveness and adequacy of a BSA/AML compliance program, suspicious activity reporting and transaction monitoring systems, and KYC/CIP policies, procedures, and processes.
  • Address and mitigate BSA/AML risk including tracking and correcting previously identified issues and deficiencies
  • Identify, analyze and recommend enhancements to policies, procedures and processes in accordance with guidance and regulations
  • Assess the adequacy of transaction testing in relation to risk and suspicious activity
  • Understand and communicate reporting and record keeping requirements in performing independent testing.
  • Enhance the role of audit in regards to the institution’s compliance monitoring and AML training
  • Identify communication techniques in order to increase the reception and collaboration of message across different departments.

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