Intern, Payments Compliance

About the Team: -

The PhonePe Financial Services Compliance team plays a critical role in the successful execution of

the firm & compliance mission. The Compliance function ensures the development and maintenance

of a strong compliance culture by developing and maintaining program infrastructure that identifies,

measures and monitors compliance with applicable laws, regulations and rules that govern our

business globally.

Compliance teams work closely with business, legal, risk, and audit functions to provide expertise on

regulatory compliance matters, assess and measure compliance and related risks, and monitor and

test the adequacy of the firm & compliance control environment. The Intern, Payments Compliance

role is relatively new within the PhonePe Compliance & Regulatory Management team with

responsibility for oversight of consistent implementation of policies & practices whilst ensuring country

nuances are adopted to consider local laws and regulations. Such practices will include a common

approach and framework for risk assessment, monitoring, testing and surveillance activities.

The Payments Compliance Industrial Trainee is responsible for the timely and effective management

and execution of the Payments Compliance goals. As a member of the PhonePe Payments

Compliance team, the individual reports into the Manager, Compliance and will be based in

Bangalore, India. The individual should have flair for compliance and regulatory advisory with a strong

risk and control mindset, keen awareness and interest in research and analysis and is responsible to

assess compliance with regulations and policies through reviews conducted across the various

product types and instrument types used or issued within PhonePe and affiliated businesses.

Roles and Responsibilities:

• Assist the compliance team in monitoring and analysing changes in Indian payments

regulations, guidelines, and circulars issued by the RBI and other relevant bodies.

• Assist in responding to queries from internal teams regarding compliance requirements.
• Share regular and timely updates with all relevant stakeholders with regards to the progress

on the ongoing regulatory implementations.

• Collect and Store relevant evidence, received from stakeholders from the various

implementations done, for future Audit requirements.

• Support in formulating and providing compliance certifications on all regulatory

implementations carried out on a periodic basis with various stakeholders.

• Help in documenting and updating internal compliance policies and frameworks in line with

regulatory changes.

• Assist during regulatory inspections and ensure closure of the observations with multiple

stakeholders

• Liaise with internal stakeholders to explain the audit requirements and observations in a

timely fashion.

• Support management to compile, maintain and close-out audit finding responses,

implementation of controls as per audit recommendations, etc. and ensure all Non IT audit

observations.

• Maintain accurate records of compliance activities and documentation.
• Conduct research on specific compliance topics related to payments, including KYC/AML,

data localization, transaction monitoring, etc.

Role Requirements:

• Good eye for detailing with respect to each product regulations and controls
• Basic knowledge or keen interest in the Indian regulatory landscape, particularly concerning

financial services and payments (RBI guidelines, NPCI guidelines, PMLA, etc.).

• Have a good appreciation of the regulations applicable in India and APAC.
• Highly detail-oriented, motivated, curious individual with good time-management skills,

analytical and communication skills

• Quick and sharp individual who relishes the challenges of understanding and interpreting

regulations and processes across different businesses and jurisdictions.

• Strong communication, interpersonal and influencing skills. The candidate should have the

ability to establish credibility and strong partnerships with senior business leaders, control

functions and corporate partners globally.

• Fluency in written and spoken English is a must have. Excellent written skills, and ability to

prepare clear, concise reports with minimal supervision.

• Have an audit and / or relevant industry qualifications, or a university degree.
• Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint)
• CA prospects

What You Will Gain:

• In-depth understanding of payments compliance in the Indian context.
• Hands-on experience with regulatory reporting and compliance monitoring.
• Mentorship from experienced compliance professionals.
• Exposure to the fast-paced Indian FinTech industry.
• Opportunity to contribute to ensuring regulatory integrity of a growing company.

Internship duration- 12 months