Financial Crime Risk Oversight Lead - India

ABOUT THE ROLE

We are seeking an experienced Financial Crime Risk Oversight Lead with a strong background in all aspects of risk and compliance, particularly in Financial Crime Risk.

As the FinCrime Risk Oversight Lead - India, you will be a key member of the Risk and Compliance team, playing a pivotal role in managing financial crime risk frameworks and ensuring adherence to regulatory requirements, particularly in relation to the PPI license application and ongoing operations. You will lead the development of financial crime risk strategies, perform risk assessments, and oversee compliance with domestic AML/CFT regulations. Collaborating with cross-functional teams, you will influence product and process design, drive the implementation of robust fraud and transaction monitoring systems, and support the business in meeting its financial crime risk obligations.

Key Responsibilities:

1. Risk Governance and Framework Development

• Develop and maintain a comprehensive financial crime risk management framework tailored to the domestic payments ecosystem, ensuring alignment with RBI regulations (e.g., PPI Master Directions) and AML/CFT guidelines.
• Establish and oversee financial crime risk policies, standards, and procedures focused on fraud prevention, anti-money laundering (AML), combating terrorist financing (CFT), and data security for domestic transactions.
• Ensure compliance with relevant domestic regulations while embedding global best practices (e.g., FATF recommendations and Wolfsberg principles) applicable to financial crime risk management.

2. Compliance with Domestic Regulatory Standards

• Oversee adherence to RBI regulations, including customer onboarding (KYC/CKYC), transaction monitoring, and fraud detection protocols.
• Ensure the timely reporting of suspicious transaction reports (STRs) and other reporting to the Financial Intelligence Unit-India (FIU-IND).
• Monitor and implement updates to domestic regulatory requirements, including AML/CFT rules, IT Act provisions, and guidelines for PPI issuers.

3. Independent Risk Oversight

• Provide second-line oversight of customer onboarding, transaction monitoring, and fraud risk management carried out by the 1st Line of Defense (1LOD).
• Review and challenge risk assessment, transactions, or regions.
• Ensure that risk mitigation controls are effectively implemented and operate within the company’s risk appetite for domestic operations.

4. Monitoring and Risk Assessment

• Conduct regular financial crime risk assessments for domestic payment operations, focusing on vulnerabilities such as fraud, money laundering, and regulatory violations.
• Monitor key risk indicators (KRIs) and thresholds specific to domestic financial crime risks, including unusual transaction patterns and high-value transactions.
• Perform thematic reviews on emerging risks, such as digital payment fraud and recommend process improvements.

5. Policy Compliance and Governance

• Ensure compliance with internal financial crime policies, including Anti-Bribery and Anti-Corruption (ABAC) measures, while aligning with global standards such as FATF where relevant to domestic transactions.
• Oversee the integration of company policies with regulatory expectations, ensuring controls address all aspects of financial crime in the domestic payment space.
• Periodically review and update policies to reflect changes in the regulatory landscape and evolving financial crime threats.

6. Regulatory Reporting and Stakeholder Engagement

• Ensure accurate and timely reporting of domestic financial crime risks, incidents, and regulatory filings to the appropriate authorities, including FIU-IND.
• Act as the primary point of contact with regulators and auditors for financial crime compliance matters.
• Engage with senior management and the Board to provide insights and updates on domestic financial crime risks and mitigation strategies.

7. Fraud and Transaction Monitoring

• Oversee the implementation of robust fraud prevention and detection measures for domestic transactions, ensuring compliance with PPI-specific fraud management guidelines.
• Evaluate the effectiveness of transaction monitoring systems and tools, ensuring they are calibrated to detect and prevent suspicious domestic activities.
• Address escalated fraud cases and ensure timely resolution in line with regulatory expectations and internal controls.

8. Training and Awareness

• Develop and deliver financial crime training programs focused on domestic risks, such as fraud schemes, AML compliance, and regulatory obligations for employees and key stakeholders.
• Foster a risk-aware culture by integrating financial crime risk management practices into day-to-day domestic operations.

9. Technology and Data Protection

• Ensure the adoption of domestic-focused financial crime detection systems capable of real-time transaction monitoring, fraud detection, and risk scoring.
• Oversee compliance with PCI DSS and IT Act requirements to safeguard cardholder and wallet data within domestic payment systems.
• Recommend and evaluate tools and technology enhancements to improve operational efficiency in identifying and mitigating domestic financial crime risks.

10. Incident Management and Escalation

• Lead the investigation and resolution of financial crime incidents, including domestic fraud, unauthorized transactions, and system abuse.
• Oversee root cause analysis and recommend corrective actions to prevent recurrence of incidents in domestic payment operations.
• Escalate significant domestic risks and compliance gaps to senior management and ensure timely remediation.

11. Audit and Assurance

• Coordinate with internal and external auditors to evaluate the effectiveness of financial crime risk controls for domestic transactions.
• Implement corrective actions based on audit findings and ensure alignment with domestic regulatory standards and internal policies.

WHAT WE ARE LOOKING FOR

• Deep understanding of RBI regulations, including AML/CFT guidelines, PPI Master Directions, and domestic fraud risk management practices.
• Strong expertise in financial crime compliance for domestic transactions, including KYC, transaction monitoring, and reporting obligations.
• Experience in implementing and overseeing fraud detection systems tailored to domestic payments.
• Excellent analytical, stakeholder management, and communication skills, with the ability to interpret regulatory requirements for domestic fintech operations.
• Proven experience in risk management or compliance roles within financial services, payments, or banking industries, with a strong understanding of regulatory guidelines and fintech products.
• In-depth knowledge of regulatory requirements and risk management frameworks for Fintech companies in India.
• Experience developing and implementing risk management frameworks, policies, and procedures.
• Excellent communication and interpersonal skills, with the ability to convey complex risk concepts to both technical and non-technical stakeholders.
• A team player with a track record of working in high-performing risk management teams, fostering collaboration and driving change.
• Strong organisational and time management abilities, with the capacity to manage multiple priorities under tight deadlines.
• Professional certifications such as KYC, FRM, CAMS, JAIIB, or CAIIB are highly preferred.

WHAT YOU’LL GET IN RETURN

Our location-specific employee benefits are designed to cater to the unique needs of Tideans: 

• Self & Family Health Insurance
• Term & Life Insurance
• OPD Benefits
• Mental wellbeing through Plumm
• Learning & Development Budget
• WFH Setup allowance
• 15 days of Privilege leaves
• 12 days of Casual leaves
• 12 days of Sick leaves
• 3 paid days off for volunteering or L&D activities
• Stock Options
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