Rakesh B. Devadiga
Assistant Vice President
Mira Road,Maharashtra
Summary
Compliance and Risk Management Professional with over 15 years of expertise in Financial Crime Compliance, Internal Audits, and Sanction Screening. Demonstrated success in leading regulatory inspections and conducting OFAC/AML investigations at top global banks including Morgan Stanley, BNP Paribas, and JP Morgan. Proficient in Stakeholder Management, Process Improvement, and providing Cross-Regional Compliance Advisory. Holds advanced degrees including MBA, M.Com, and LLB.
Overview
16
16
years of professional experience
4
4
Languages
Work History
Assistant Vice President
Morgan Stanley Advantage Service Pvt. Ltd.
Mumbai
07.2024 - Current
- Working as Assistant Vice President and leading the Financial Crime Compliance WM-Internal Audit team, driving strategic audits and inspections to strengthen the firm’s control environment.
- Executed end-to-end inspections of MS-WM operations, enhancing due diligence, onboarding controls, and negative news monitoring to mitigate financial crime risk.
- Streamlined data analysis processes, identifying trends and anomalies; delivered actionable insights via structured reporting of key Quality Control (QC) metrics to senior stakeholders.
- Approved inspection observation sheets and facilitated closure meetings, ensuring accountability and timely resolution of audit findings.
- Developed and delivered compliance presentations, keeping stakeholders informed of audit outcomes, regulatory shifts, and procedural updates.
- Proactively monitored evolving regulatory landscapes, integrating best practices into compliance controls to ensure enterprise-wide adherence.
- Managed and mentored a high-performing team, fostering continuous development and aligning team objectives with organizational goals.
- Drove transparency in audit outcomes, escalating QC results weekly to Bank Officers for validation and sign-off.
- Prepared strategic agendas and presented compliance breaches, advocating for remediation where defaulting audit reports were identified.
- Identified and escalated process gaps, reducing reputational risk associated with high-risk client types and enhancing business-as-usual (BAU) resilience.
- Ensured timely and accurate communication with regulators, consistently meeting deadlines and upholding regulatory confidence.
- Delivered high-quality service by exceeding defined SLAs and communicating performance metrics regularly to stakeholders.
- Conducted regular 1:1s, ensuring team engagement and timely hiring to support business continuity and growth.
- Championed process improvement and automation initiatives, enhancing operational efficiency and minimizing manual interventions.
Assistant Vice President
BNP Paribas India Solution Pvt. Ltd.
Mumbai
04.2019 - 06.2024
- Worked as Assistant Vice President and led the ISPL Transversal Compliance team for the APAC region, ensuring effective oversight across critical domains including Financial Security (KYC, AML, Sanctions), Professional Ethics, and Protection of Client Interest.
- Executed targeted inspections and audits across multiple regions, ensuring 100% adherence to regulatory requirements and timely completion of all assigned reviews in line with early warning indicators.
- Enhanced compliance quality by coordinating statistical sampling to monitor regulatory and procedural adherence, resulting in improved domain efficiency and reduced error rates.
- Chaired the APAC Monthly Governance Forum, accountable for approving preliminary inspection observations and driving timely closure through structured follow-ups and closure meetings.
- Ensured policy compliance with Group and Regional standards, effectively meeting reporting timelines while collaborating closely with APAC counterparts to streamline regional efforts.
- Provided regulatory support by responding to time-sensitive data requests and regulatory queries, enhancing the firm’s readiness and transparency during regulatory reviews.
- Strengthened operational resilience by implementing robust governance frameworks, including BCP strategies, SOPs, SLAs, and RACI matrices, leading to enhanced process consistency and business continuity.
- Generated and presented strategic management reports, identified process inefficiencies, and led stakeholder feedback sessions to drive actionable improvements.
- Fostered cross-functional engagement through regular upstream and downstream stakeholder meetings, ensuring timely closure of action items and alignment with evolving expectations.
- Mentored and coached high-performing teams, fostering a culture of development, succession planning, and low attrition.
- Directed inspection reviews, promoting root cause analysis and embedding best practices to streamline operations and increase compliance effectiveness.
- Championed innovation and continuous improvement by enhancing policies and procedures with a focus on process simplification and automation.
- Managed performance of direct reports by setting clear objectives, monitoring day-to-day deliverables, and conducting performance evaluations aligned with organizational goals.
Team Leader
JP Morgan Chase India Pvt. Ltd.
Mumbai
10.2009 - 04.2019
- Worked as Team Leader and managed cross-regional compliance team, overseeing OFAC Sanctions and AML investigations for APAC, EMEA & WHEM, ensuring adherence to global regulatory frameworks.
- Conducted in-depth investigations using public and private intelligence platforms (World-Check, Fircosoft, LexisNexis, PEGA PRPC) to identify links to high-risk activities such as gambling, smuggling, terrorist financing, and human trafficking.
- Reviewed and analyzed transaction alerts (SWIFT, Fedwire, CHIPS, Trade Finance) in compliance with OFAC, BSA, and AML regulations, ensuring accurate escalation or timely resolution of alerts, reducing false positives and enhancing efficiency.
- Captured and documented critical case data, including PEP status, adverse media, and transactional/account-level information to support thorough investigative decision-making.
- Collaborated with regional and global compliance teams to resolve potential fraud alerts and perform root cause analysis, strengthening the overall control framework.
- Ensured 100% SLA/TAT compliance, actively monitoring branch/currency cutoffs and implementing corrective action plans for any deviations or operational breaches.
- Optimized team performance by leading training initiatives, providing ongoing guidance, conducting monthly 1:1s with staff, and maintaining high engagement and productivity.
- Managed key operational workflows, including group inbox monitoring, work allocation, and addressing internal and external queries efficiently.
- Developed and delivered key management reports such as KPI dashboards, First Time Right (FTR) metrics, and monthly action plans to enable data-driven decision-making.
- Identified process gaps and implemented improvements, resulting in higher team efficiency, reduced turnaround times, and enhanced regulatory compliance.
- Actively contributed to strategic SME initiatives at JP Morgan including UAT testing, System Calibrations, Fund Transfer System (FTS) and Message Handling System (MHS), aligning technology upgrades with compliance needs.
Education
LLB -
Dr. Ambedkar College of Law
Mumbai06.2019
MBA -
Wellingkar Institute of Management
Mumbai04.2018
MCOM -
Mumbai University
Mumbai05.2014
Skills
- Financial Crime Risk
- Fraud Detection & Prevention
- Regulatory Frameworks & Reporting
- Internal Audit & Risk Mitigation
- Policy Implementation
- Governance & Controls
- Stakeholder Engagement
- Team Leadership
- Process Automation
Accomplishments
• Successfully managed on site inspections by RBI/ ECB in 2023.
• Successfully setup US-IAG and Due Diligence team for America region.
• Implemented a data governance framework in complaint with the GDPR policy.
• Felicitated with Stellar team award for 2021 and Best Manager award for 2 consecutive years i.e. 2020/2021
• Process Automation award for reducing transaction monitoring STP (Straight through process) from 96.30% to 97%.
• Innovation award which increased the efficiency of the process and reduced human efforts with 5 FTE soft save
Corporate Trainings
- Boot Camp (Manager Training Program)
- Team Building Skills
- Project Management
- Winning with customers (Internal and External)
- Fraud Awareness, AML, Sanction and KYC
Extra Curricular Activities
Volunteered for Financial Literacy Program.
Volunteered for Beach cleaning activity.
Volunteered for 'Home for the aged'.
Disclaimer
I undersigned, Rakesh Devadiga, hereby declare that the information contained herein is true and correct to the best of my knowledge and belief.
Timeline
Assistant Vice President
Morgan Stanley Advantage Service Pvt. Ltd.
07.2024 - Current
Assistant Vice President
BNP Paribas India Solution Pvt. Ltd.
04.2019 - 06.2024
Team Leader
JP Morgan Chase India Pvt. Ltd.
10.2009 - 04.2019
LLB -
Dr. Ambedkar College of Law
MBA -
Wellingkar Institute of Management
MCOM -
Mumbai University
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