Words Manish Kumar

NEW DELHI (India CSR): Trust is a thing that can be leveraged by banks for growth and expansion. Praveen Kumar an expert in financial technology and regulatory compliance is helping global banks just to be so. With a rich background in implementing crucial compliance measures for global banks, the expert has been at the forefront of enhancing Anti-Money Laundering (AML) and Know Your Customer (KYC) processes.

He also spearheaded testing strategies for financial crime prevention systems and implemented comprehensive test protocols to verify compliance across various financial operations. His work has significantly contributed to strengthening defences against financial crimes and improving operational efficiency in major financial institutions.

One of the key achievements of the expert’s contributions includes leading the implementation of BASEL II and CCAR regulatory compliance measures (these are regulations that help banks manage risk and ensure they have enough money to handle financial problems) for a prominent U.S. bank. On reporting for foreign financial assets held by U.S. account holders he ensured compliance with FATCA (Foreign Account Tax Compliance Act) regulation. This initiative not only ensured the bank’s adherence to complex regulatory frameworks but also enhanced its standing as a compliant and trustworthy institution globally.

To enhance customer experience, he helped streamline card management processes and intuitive digital interfaces and strengthened stakeholder trust by ensuring robust compliance measures and data protection. To ensure smooth operations he streamlined regulatory compliance processes and identified and resolved potential issues before they could impact day-to-day operations, reducing operational risks.

In another project, the expert spearheaded the testing strategy for the Payment ISO 20022 (It’s a common language for financial communications worldwide) Swift – 2025 modernization project. This initiative aimed to align bank payment systems with the latest international standards, marking a step towards improved interoperability and efficiency in global financial transactions.

Apart from these activities, he also facilitated the bank’s global expansion into 30+ markets by ensuring robust quality assurance for products across diverse regulatory environments and supported business growth by maintaining high reliability and functionality of critical applications.

The expert’s work has had tangible impacts, including a more than 20% reduction in false positive rates for AML and KYC processes, and a 30% increase in overall operational efficiency through strategic test initiatives.

Further, when asked about giving us some insights on the field, our expert highlighted that with evolving technologies, Artificial Intelligence (AI) is becoming more important in detecting fraud but since it is based on human inputs, we still need human experts and supervision in making sure the AI is making fair and ethical decisions.

Second, new technologies are making it easier for banks to follow the rules, but banks need to be careful to balance using new tech with keeping their systems reliable and easy to explain.

Third, banks are moving towards checking transactions for problems in real-time, rather than after the fact. This requires significant upgrades to banks’ computer systems.

And fourth, with new data protection laws, banks are having to find innovative ways to know their customers well (for security) while also protecting customer privacy.

My job, the expert concludes is to make sure that the banks are optimally functioning as well as serving their customers keeping their needs in mind and providing better, safer services while staying on the right side of the law.