Regulatory (Payment) Legal Counsel

The Payment Counsel will play a pivotal role within the Global Legal Team, serving as a cross-functional expert to facilitate collaboration among Legal, Compliance, Business, and Operations teams. This position is essential in navigating the rapidly evolving payments landscape and ensuring the Group’s payment operations comply with all relevant legal and regulatory requirements across jurisdictions. The role also aims to enhance the independence, consistency, and efficiency of managing payment-related legal issues within the Group, delivering long-term cost efficiencies.

Key Responsibilities:

1. Payments Legal Expert
   • Provide legal advice on payment regulations, licensing requirements, and regulatory compliance obligations across jurisdictions where the Group operates or would like to implement new product developments.
   • Monitor and address legal developments in payment services, electronic money regulations, and fintech innovation, ensuring the Group’s operations remain compliant.
2. Cross-Team Collaboration
   • Act as a liaison among Legal, Compliance, Business, Product Development, and Operations teams to ensure alignment on payment-related legal and regulatory matters.
   • Support the development and implementation of payment frameworks that enhance collaboration and operational effectiveness.
3. Policy and Contract Management
   • Draft, review, and negotiate customer agreements (ToS), various agreements related to payment services, including partnership agreements, licensing arrangements, and vendor contracts.
   • Develop and maintain internal policies and processes to manage legal and regulatory risks associated with payment operations.
4. Regulatory Compliance
   • Ensure all Group payment entities adhere to applicable payment and financial regulations, including those related to consumer protection and data privacy (in collaboration with Group DPO).
   • Lead internal audits and risk assessments related to payment operations to identify and mitigate compliance risks.
5. In-House Efficiency and Cost Optimization
   • Build internal capabilities for managing payment-related legal issues to reduce reliance on external advisors.
   • Identify opportunities for cost efficiencies while maintaining compliance and legal excellence.

Requirements:

Education: UK Bachelor’s or Master’s degree in Law or a related field.

The ideal candidate will have previous experience in and extensive knowledge of:

1. Substantial practical experience in banking, payments, and e-money regulatory regime and applying such matters to business decisions, product design, and customer, supplier, and product terms.
2. The regulatory perimeter and financial services permissions requirements as well as familiarity in advising on licence applications.
3. Financial services business models, particularly e-money models.
4. Developing customer agreements (ToS) in order to comply with regulatory requirements.

Skills:

1. Deep understanding of global payment regulations, licensing frameworks, and compliance standards.
2. Strong negotiation and drafting skills for payment-related contracts and agreements.
3. Proven ability to work effectively across teams in a fast-paced and complex environment.

Key Competencies:

1. Strategic mindset with a focus on fostering innovation within legal and regulatory frameworks.
2. Excellent problem-solving skills to address complex and evolving payment issues.
3. Strong interpersonal and communication skills to facilitate collaboration across diverse teams.

Would be considered as a plus:

1. Experience in a high-growth or scale-up environment.
2. Experience in product development.
3. Experience of advising on the development of digital assets products, their operations, and current regulation.
4. Experience of advising on legal matters such as outsourcing arrangements, corresponding banking, the APP scam regime, Consumer Duty, DORA (EU), etc.
5. Experience of advising on intra-group arrangements, including matters relating to governance.
6. Awareness of payment systems and their rules.

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