About the Company

PhonePe is a leading force in India’s digital payments sector, boasting a substantial user base of 500 million registered individuals and a network of 37 million merchants, extending its reach across over 99% of India’s postal codes. Building upon its prominent position in digital payments, PhonePe has strategically diversified its operations into financial services, encompassing insurance, mutual funds, stock broking, and lending solutions. Furthermore, the company has ventured into adjacent technology-driven sectors, including Pincode, a platform for hyperlocal shopping, and Indus App Store, India’s pioneering localized app marketplace. The PhonePe Group represents a carefully curated portfolio of businesses, all aligned with the overarching corporate vision of empowering every Indian citizen with equal opportunities to expedite their progress by facilitating seamless financial transactions and enhanced access to essential services.

Job Description

The PhonePe Financial Services Compliance team is instrumental in driving the successful execution of the firm’s objectives and upholding its compliance mission. The Compliance function is responsible for fostering and maintaining a robust compliance culture by establishing and refining program infrastructure that effectively identifies, assesses, and monitors adherence to all applicable laws, regulations, and rules governing our global operations.

Compliance teams collaborate closely with business units, legal counsel, risk management, and audit functions to provide specialized expertise on regulatory compliance issues. This collaboration allows for the thorough assessment and measurement of compliance and associated risks, along with the monitoring and testing of the adequacy of the firm’s compliance control environment. The Payments Compliance Intern role is a relatively new addition to the PhonePe Compliance & Regulatory Management team, with the core responsibility of overseeing consistent policy and practice implementation, while also ensuring that local nuances are considered to align with regional laws and regulations. These practices encompass a standardized approach and framework for risk assessment, monitoring, testing, and surveillance activities.

The Payments Compliance Industrial Trainee is accountable for the timely and effective management and execution of Payments Compliance objectives. As an integral member of the PhonePe Payments Compliance team, the individual will report directly to the Compliance Manager and will be based in Bangalore, India. The ideal candidate should possess a strong aptitude for compliance and regulatory advisory, underpinned by a robust risk and control mindset. Furthermore, they should exhibit keen awareness and interest in research and analysis, and be responsible for evaluating compliance with regulations and policies through rigorous reviews conducted across various product and instrument types utilized or issued within PhonePe and its affiliated businesses.

Responsibilities

• Provide support to the compliance team in monitoring and analyzing changes in Indian payments regulations, guidelines, and circulars issued by the Reserve Bank of India (RBI) and other relevant regulatory bodies.
• Assist in addressing inquiries from internal teams regarding compliance requirements and obligations.
• Disseminate regular and timely updates to all relevant stakeholders concerning the progress of ongoing regulatory implementations.
• Collect and securely store relevant evidence, obtained from stakeholders, pertaining to completed implementations, ensuring readiness for future audit requirements.
• Contribute to the formulation and provision of compliance certifications for all regulatory implementations on a periodic basis, engaging with diverse stakeholders.
• Assist in documenting and updating internal compliance policies and frameworks to align with evolving regulatory changes.
• Provide support during regulatory inspections and ensure the timely resolution of any observations, in collaboration with multiple stakeholders.
• Communicate effectively with internal stakeholders to clarify audit requirements and address observations in a timely manner.
• Support management in compiling, maintaining, and resolving audit finding responses, overseeing the implementation of controls as per audit recommendations, and ensuring the closure of all Non-IT audit observations.
• Maintain meticulous and accurate records of all compliance activities and relevant documentation.
• Conduct thorough research on specific compliance topics related to payments, including Know Your Customer (KYC)/Anti-Money Laundering (AML), data localization, and transaction monitoring.

Qualifications

• Demonstrated attention to detail concerning product regulations and controls.
• Fundamental knowledge or a strong interest in the Indian regulatory landscape, particularly as it pertains to financial services and payments (RBI guidelines, NPCI guidelines, Prevention of Money Laundering Act (PMLA), etc.).
• A solid understanding of the regulations applicable in India and the Asia-Pacific (APAC) region.
• Highly detail-oriented, self-motivated, and inquisitive individual with exceptional time-management, analytical, and communication skills.
• A quick learner who thrives on the challenge of comprehending and interpreting regulations and processes across various businesses and jurisdictions.
• Exceptional communication, interpersonal, and influencing abilities. The candidate should possess the capacity to establish credibility and cultivate strong partnerships with senior business leaders, control functions, and corporate partners worldwide.
• Fluency in both written and spoken English is essential. Possessing outstanding written communication skills, and the ability to produce clear, concise reports with minimal oversight.
• Possession of an audit and/or relevant industry qualification, or a university degree.

Skills

ATS Keywords

Frequently Asked Questions

Other Information

Internship Duration: 12 months

PhonePe Full-Time Employee Benefits (Not applicable for Intern or Contract Roles)

Insurance Benefits: Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance
Wellness Program: Employee Assistance Program, Onsite Medical Center, Emergency Support System
Parental Support: Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program
Mobility Benefits: Relocation benefits, Transfer Support Policy, Travel Policy
Retirement Benefits: Employee Provident Fund (PF) Contribution, Flexible PF Contribution, Gratuity, National Pension System (NPS), Leave Encashment
Other Benefits: Higher Education Assistance, Car Lease, Salary Advance Policy

Working at PhonePe offers a uniquely rewarding experience. You’ll find a talented team, a creative work environment, and the opportunity to grow beyond a specific job description. Read more about Life at PhonePe on our blog.

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