Muhammad Rashid

Rashid is a certified compliance expert, digital disruption enthusiast, an advocate of financial inclusion and co-founder of fintech start-ups with 18+ years deep experience in establishing and transforming financial services institutions as well as start-ups, building compliance & anti-fraud programs, regulations & policy Advisory to governments and central banks, transformation & operations management of Fortune 500 listed companies including Citibank, Western Union, PwC & regional financial institutions including Cenfri, Khushhali Microfinance Bank and Jingle Pay at global and regional level. Rashid’s unique combination of experience & specialism supports financial institutions to navigate regulatory complexity and change efficiently & effectively. Having extensive experience in designing & implementing fit for purpose compliance programs and solutions to monitor, manage, measure, and reduce compliance risks, Rashid ensures companies have efficient & compliant operations that transparently demonstrate compliance with regulation.

Major accomplishment Rashid achieved during his professional journey includes

• Drafted e-KYC framework for Reserve Bank of Malawi sponsored by UNCDF.
• Drafted risk-based supervision framework for the fintech sector in Namibia.
• Implemented IFAD “Removing barrier to remittances program” across 7 African countries that significantly increase remittance flow to the countries including Ghana, Uganda, Senegal, South Africa, Gambia, Morocco and Kenya
• Helped Bank Al Maghreb (Central Bank of Morocco) introduce innovative practices to eliminate barriers to remittances.
• Train Central Bank of Ghana (BOG) team to implement risk based regulatory supervision for FIs supervision.
• Developed roadmap for The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) to design AML/CFT supervision of financial institutions.
• Developed a model of simplified KYC for the Central Bank of Gambia. The model aims to facilitate underprivileged customers with very limited KYC documents.
• Supported PwC Middle East in drafting Open Banking & e-KYC Regulation for SAMA – Saudi Arabia.
• Introduced and trained block chain technology and its potential uses for Abu Dhabi Judiciary department in UAE.
• Established fintech and regulatory practice at PwC Middle East to support licensing needs of fintech start-ups and financial services regulators to support fintech growth.
• Developed product, business strategy and plan to obtain regulatory license for Whizmo UAE business.
• Key player at Western Union establishing product compliance minimum standards for Account Based Transfers, Digital Payments (Web & App), Wallet and Mobile Transfers that helped launch products across MEA APAC region.
• Successfully led the “AUSTRAC Regulatory Exam Remediation Project” for WU Services Australia license.
• Developed compliance program that supported Western Union fulfilling its regulatory obligations in 09 countries including Singapore, Malaysia, Indonesia, Japan, Philippines, Australia, New Zealand, India, Russia and Turkey.
• Lead compliance team to roll-out remittance’s services app of Western Union across 40 counties in MEA APAC region.
• Implemented AI based STR filing program for Western Union Japan license that significantly reduced the number of STRs.
• Developed end-to-end Account Based Money Transfer product via call center launched through Dubai Islamic Bank Pakistan by Western Union. The idea then rolled out in several countries globally.
• Designed and implemented “Full-Service Banking” project of Khushhali Bank Limited Pakistan that include setting up 110 branches across the country, implementation of core banking system, designing products, drafting policies and
• procedures, setting up full fledged operations including establishing centralized operations.
• Drafted agent oversight procedures for Western Union to supervise agency arrangements with agents in the MEA and APAC region.
• Supported Western Union business in launching new products including (i) MMT STC Pay (ii) Cash Pay Amazon (iii) ABMT Safaricom (iv) ABMT Bank Al Bilad (v) Self Service Kiosk Saudi Arabia (v) WU.COM Saudi Arabia.
• Rolled out Western Union anti-fraud program across MEA APAC in accordance to the regulatory requirements. The program includes anti-fraud procedures, controls, training, investigation and reporting.
• Rolled-out Western Union risk-based KYC & PEP program across 24 countries in MEA and APAC.
• Designed and implemented AML/CFT and fraud related controls including (i) Real Time Risk Assessment (ii) Courtesy Call Back (iii) Western Union Point of Sale Enhancement (iv) Western Union AML case management system enhancement.
• Imparted AML/CFT training for 50+ partners in Pakistan, Afghanistan, UAE, Lebanon and Jordan including banks, forex houses, post offices & telecommunication companies etc; trained 5000+ Front Line Associates/Officers.
• Designed and implemented Business Continuity Plan, Agency banking model, AML monitoring unit and ESG risk management framework for Khushhali Bank Limited Pakistan.
• Established multiple units at Khushhali Bank Limited Pakistan to support banking ops including Business Continuity, Internal Controls, Complaints Handling, System Development & Configuration & Financial Institutions/Agency Arrangements.
• Formulated and implemented branch banking and central processing unit (CPU) related policies and procedures for Khushhali Bank Limited Pakistan.
• Designed and implemented cheque clearing program including system development at Khushhali Bank Limited Pakistan.
• Designed and implemented demand deposit products at Khushhali Bank Pakistan.
• Formulated operations related procedures & SLA as per regulatory and Citibank Pakistan internal requirements including (i) SOP for Centralized Operations (ii) SOPs for Wealth Management & Branch Operations (iii) SLA with phone banking.
• Set-up mutual funds operations including client onboarding, funds booking, encashment and reporting for Citibank.
• Lead and designed operations centralization project for 21 branches of Citibank Pakistan.

Rashid holds a MS in Finance and Management from SZABIST Pakistan and Masters of Economics and Finance from Karachi University. He also holds several professional qualifications including CAMS-ACAMS, CGSS-ACAMS and Spec Cert (FinCrime.MFS)-ICA.