PARTHA SINHA

Leading 2nd line compliance officers for South East Asia (SEA) : Singapore, Malaysia, Indonesia, Philippines and Thailand.

• Defined and restructured regional compliance structure for impact with new strategic hiring.
• Reviewed, revised and aligned regional compliance policies and procedures to confirm continual compliance with applicable laws.
• Oversee regulatory audits and regulatory engagement programs.
• Manage regional boards and committees

Established the Compliance structure and associated operating functions for Wise India entities.

Key Ownership Areas

1. Compliance Policy & Operations -

• Policy & Governance for Wise India entities
• Product Compliance - Ensuring knowledge transfer of regulatory obligations, including AML, PEP and sanctions applicable to India to global teams for development, configurations and training as part of Wise India Products.

2. Product Strategy - Co-working with banking, finance and tax teams to work out product strategy given the regulatory restrictions and enablers in India.

3. Risk Management - Conducting regulatory and financial crime risk assessments according to Wise global approach and ensuring designing appropriate controls for correspondent banking engagements with wise group entities and other overseas banks.

4. Regulatory liaison - Managed all regulatory interactions with RBI and FIU for the organization and further manage the industry engagement via IAMAI's body for IRT.

Defining the Regulatory Compliance structure and governance in the organization, new license application to RBI, IRDAI & SEBI for new line of businesses.

• Regulatory & Product Consulting – A consultant to internal business teams for regulatory evaluation of new / existing products to ensure products are designed within the permissible regulatory prescriptions and define guardrails accordingly, including but not limited to AML/CTF & Sanctions.
• Policy Advocacy – Participate in industry associations, represent business cases to the regulator(s) [RBI & FIU] for possible challenges in the current regulatory environment & undertake licensing & regulatory liaison with financial regulators.
• Governance – Define internal guardrails & structure to supervise and govern regulatory compliances

The work supported organization being granted Account Aggregator and BBPOU license along with some regulation change initiatives at a policy level.

Setup Compliance and Risk function for both subsidiaries of Axis Bank Limited - Freecharge & Accelyst Solutions, for payments, commerce and financial products offered.

• Lead Compliance - Responsible for managing regulatory and subsidiary compliance of the organization. This involved liaison with the Axis bank’s team(s). Setup Compliance & Operation Risk programs in the organization.
• Product Strategy - Co-create products along with product management to ensure new products launched are in complaint to regulatory and legal compliance. Key impact was to conceptualize Loan Management System, being complaint to regulatory requirement.
• Risk owner - Merchant acquiring business (Payment Aggregator). Responsible for policy definition and operational governance of acquiring business in line with Bank’s policy.
• Anti-fraud Lead - Responsible for defining anti-fraud policy and governance of fraud rules on digital platform, co-created Cybersafe (MHA initiative) which has lead to remarkable reduction in fraud at industry level.

Setup Revenue Assurance function for the organization.

• Analyze risks on revenue, cash and margins across revenue life cycle and develop measures to mitigate identified risks and ensure highest levels of leakage avoidance in line with industry best practices.
• Prevent Fraud along Revenue life cycle – Define processes controls and alarms to prevent and detect fraud

Plugged in revenue leakages due to process gaps and malpractices leading to savings of 0.5% of gross revenue in Year 1.

Handled multiple portfolios in the organization apart from the core portfolio, such as information security and fraud operations.

Lead - Risk & Compliance.

• Responsible for aligning operations & strategy in line with regulatory norms to minimize exposure to regulatory & fraud risk. Involved liaison with regulators & industry bodies (RBI, FIU, IAMAI, MoF & MHA)
• Enterprise Risk Management : Responsible for assessment, management & reporting to Audit committee / stakeholders
• Member of Financial Intelligence Unit working group for Pre-paid Instruments, with Ministry of finance, Govt. of India.

Manager - Chairman’s Office (March 2014 – March 2015)

• Lead-Regulatory Compliance & core team member - Payments bank and BBPOU application planning, drafting & submission.
• Setup regulatory compliance framework & associated processes and functions to manage regulatory risk - such as integrating AML & transaction monitoring systems , sanction & PEP monitoring processes, fraud management, information security functions.

Unit Manager of Surveillance - Internal Assurance, responsible for identification and mitigation of risk associated with gaps in sales &distribution.

• Data Analytics: Design predictive models basis historical trends and responsiveness of variables to business.
• Dip-stick Analysis & RCA: Smart sample study to identify key root cause for low productivity or spiked behavior among targeted class.

Key Impact - Changed two critical operations process, which lead to mitigating design risk for poor life insured parameter, back testing it estimated savings of 2% of claims.

Process Subject Matter Expert - FinCrime Unit, responsible for identifying and investigating AML & Fraud cases in domestic and cross border banking transaction(s). Cross leveraging information across banking and credit control tools & databases to identify and flag transactions in line with Barclays UK policies. Lead two critical AML investigation worth 10 Million GBP leading to arrests in UK.

Responsible for identifying, analyzing and correcting system and accounting errors in Global Consumer Credit card vertical - United States.

• Involved active internal and external communication to eliminate errors and restoring customer accounts to ensure adherence of statutory compliance guidelines.
• Identified and reported Money Mules and AML schemes from active data analysis.