CEO Insights India

In the ever-evolving fight against sophisticated fraud and illegal actions, leaders in financial crime prevention are at the front. Using state-of-the-art technology and data analytics, they negotiate a challenging environment to spot new threats and create preventative measures. Mayur Devidas Gokhe, Associate Director at PhonePe, has seventeen years of broad expertise in AML, Fraud Risk, and Regulatory Compliance.

Mayur is a dynamic leader in the battle against financial crime. His journey started with a strong interest in finance, which propelled him to pursue an MBA and become involved in the quickly changing compliance environment at prestigious Indian and international organizations. Mayur is preserving the integrity of the financial system to defend the interests of the country and its citizens. His image as a ‘fraud warrior’ reflects his commitment to stopping the growing wave of online frauds as India embraces its digital transformation. Mayur's innovative strategy guarantees the security of each transaction and promotes risk management. A Fin Crime Expert in Fraud Prevention and Controls, he is known for his unwavering quest for knowledge and advancement.

In a recent interview with CEO Insights magazine, Mayur shared his strategies, future roadmap, and vision for the company. Let’s read about it.

How do you promote effective cross functional collaboration between teams such as Legal, Product, Analytics, Fraud, and Technology to foster innovative product interventions?
In my opinion, compliance ought to be integrated into the process of developing new products from the outset, rather than existing as a silo. I encourage all the teams to collaborate closely by facilitating frequent inter departmental meetings and knowledge sharing sessions.

We identify potential risks and align our objectives by implementing compliance check - points during the design phase. In addition to encouraging innovation, this synergy improves user experience while preserving the reliability of our systems.

You often describe yourself as a ‘fraud warrior’. Could you share more about this passion for protecting the financial system?
I consider myself to be a 'fraud warrior' since I consider fraud prevention to be a mission rather than just a profession. The advancement of Digital India has led to a rise in sophistication among fraudsters who target clients and pose a threat to financial security. I aim to keep ahead of these constantly changing risks by developing robust tools and systems that safeguard people's personal information and the country's financial stability.

My motivation to protect people's hard-earned money drives me to constantly improve our defenses so that we are ready for any obstacle that comes our way.

What is your approach to continuously enhancing and refining AML processes to ensure efficiency and effectiveness?
Innovation and agility are at the core of my ongoing AML process improvement strategy. We must remain agile and quick to react to the ever-changing landscape of financial crime. I put a lot of emphasis on frequent reviews and feedback loops to evaluate the success of our plans and make sure we remain ahead of new threats.

I use cutting-edge technology such as artificial intelligence (AI), machine learning, and data-driven tools to enhance our operations and stay abreast of changes in global regulations. I also push my team to be inquisitive, cultivating a culture of ongoing learning to tackle the ever-evolving difficulties of financial crime.

Looking ahead, what key milestones do you aim to achieve in the future?

My objective is to create a compliance function that not only addresses the issues of the present but also foresees the dangers of the future. My commitment is to influencing policies and frameworks that fortify the financial sector as India progresses towards being a digital super power.

I have a strong desire to use my knowledge to shape the regulatory environment more broadly to maintain India's financial system's strength, security, and position as a leader in the digital space. In the end, I want to help create a financial system that is strong, resilient to change, and sensitive to the ways that financial crime is becoming more complex.

With your extensive experience, what guidance would you offer to emerging leaders in the AML field as they navigate their careers?
I would advise aspiring AML leaders to remain inquisitive, agile, and dedicated to lifelong learning. Always remember the wider picture which is preserving the integrity of the financial system and safeguarding consumers. Never be afraid to question the status quo and seek out novel answers to challenging issues.

Mayur Devidas Gokhe, Associate Director, Phonepe
Mayur Devidas Gokhe has 17 years of expertise and is a seasoned specialist in AML, fraud risk, and compliance. In addition to his MBA in Finance, he also possesses certificates in Leadership from ISB and FinTech from IIM Kozhikode. Mayur, who oversees teams tasked with risk management and improving regulatory compliance in the quick-paced payments industry, is an expert in data-driven fraud prevention solutions. He sees himself as a ‘fraud warrior’, committed to improving the field of digital fraud prevention and defending financial institutions.

•Hobbies: Reading, Photography
•Favourite Cuisine: Maharashtrian
•Favourite book: Start With Why by Simon Sinek and Wings of Fire by APJ Abdul Kalam
•Favorite Travel Destination: Goa, Konkan
•Awards and Recognition: inCrime Expert in Fraud Prevention and Control