How do you feel the pandemic has changed the world of work for in-house counsel and the function of the general counsel?

The general counsel role and its function have been forced to adapt to new scenarios. In-house teams started to take on responsibilities beyond legal duties such as business continuity, risk prevention and mitigation, IT, and cybersecurity. Proximity to business and providing guidance and alternative models to overcome uncertainty for example has become essential. For example, the financial industry has shifted from cash to contactless financial transactions, operating in a rapid period. One of the greatest challenges brought by Covid-19 is sharing information, building rapport across teams, and keeping motivation high while remote working. Communication platforms within legal departments have been refined to guarantee the correct information flow. Moreover, the increased use of RegTech tools has improved lawyers’ knowledge on technical solutions for data management and regulations.

What are the most significant cases or transactions that your legal team has recently been involved in?

We have recently worked on the designing and implementation of a RegTech tool aimed at monitoring the expiration of agents’ contracts. MoneyGram collaborates with several agents, given its worldwide presence. The partnership between the legal team with sales, operation and IT departments allowed to realise a tailored RegTech solution – a significant milestone in the management of expiring agreements that allows to take appropriate actions. The main challenges we faced in the implementation of the project were linked to large amounts of data and IT requirements. Today, we can monitor contracts’ duration, minimise manual review of data and avoid human error from a risk management perspective. In terms of transactions, the MoneyGram legal team has supported the launching of an agency partnership that includes one super-agent to be based in a different EEA country than the one of its sub-agents. The new structure represents a truly historical change. It was possible by obtaining regulatory clearance and verifications under PSD2 and AMLD. A dedicated compliance procedure supported the roll-out of the new type of agent partnership to verify that both players comply with applicable regulations and with MoneyGram policies and procedures.

How do you suggest in-house lawyers build strong relationships with business partners?

Companies are now looking for guidance and clarity; it is an opportunity for in-house lawyers to support their organisation, address changes and operate with other departments to find solutions. The new responsibilities have tightened the relationship between in-house teams and business partners. However, the legal department must maintain its position of authority for the business to follow the legal advice provided. The general counsel must balance between legal advice and practical evaluation.

Given the increased risk exposure, the legal department should develop appropriate competencies to explain and evaluate risks with business partners and participate in the decision-making process. Finally, clear communication between parties improves the relationship with stakeholders.