Team size: Ten

Major legal advisors:  Machado Meyer, Mattos Filho, Demarest, CSMV, Lefosse, Grinberg Cordovil, Goulart Penteado, AJLaw. 

Jurisdictions your role covers: Brazil and Andean (Colombia, Peru, Ecuador and Venezuela) 

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

Over the past year, my legal team has been closely involved in matters related to the stability, integrity and regulatory compliance of the Brazilian payments ecosystem, particularly in situations involving financial stress of market participants and evolving regulatory expectations for payment schemes. A significant part of our work focused on managing legal and regulatory risks arising from settlement failures and liquidity events involving acquirers and sub-acquirers. These matters required careful assessment of Visa’s role as a payment scheme operator, close coordination with regulators, industry associations and other stakeholders, and the development of legally defensible positions aimed at preserving the orderly functioning of the ecosystem. While certain aspects are confidential, the work involved balancing regulatory compliance, risk mitigation and reputational considerations in complex and time-sensitive scenarios.

In parallel, the team has been deeply engaged in regulatory adaptation initiatives following new and amended regulations issued by the Central Bank of Brazil affecting payment arrangements, settlement cycles, governance and risk management obligations. This included reviewing and updating scheme rules, supporting internal governance processes, and participating in industry-level discussions to promote consistent and practical implementation where appropriate. We have also supported strategic initiatives related to new payment flows, including push payments and cross-border use cases, requiring analysis of regulatory permissibility, consumer protection considerations and allocation of operational risks. Across these matters, the legal function has played a key role in translating regulatory requirements into actionable business guidance.

What new pressures are you facing from the business as expectations for legal to act as a strategic partner continue to grow? 

One of the main pressures is the expectation that legal will not only identify risks, but also enable business decisions in environments marked by regulatory complexity and interpretative uncertainty. In Brazil’s payments and financial services sector, regulation continues to evolve rapidly, often without exhaustive guidance, requiring legal teams to exercise judgment and provide clear, pragmatic advice. Business teams increasingly expect legal to be embedded in strategic discussions, with a strong understanding of products, operational flows and market dynamics. At the same time, speed remains critical, as commercial initiatives and regulatory developments frequently progress in parallel. Managing this tension between agility and legal rigor has become a defining aspect of the role.

In addition, reputational risk has gained prominence. Legal advice is assessed not only on technical accuracy, but also on how decisions may be perceived by regulators, clients and the broader market, reinforcing the need for consistency, clarity and sound reasoning. 

How is your organisation adapting to the rapid evolution of data protection, AI governance and cybersecurity requirements in Brazil? 

Our approach has been to address data protection, AI governance and cybersecurity in an integrated manner, recognizing their interdependence. In Brazil, data protection enforcement under the LGPD continues to mature, while discussions around AI governance and accountability are becoming increasingly relevant. 

From a legal perspective, the focus is on strong governance frameworks, clear internal policies and robust contractual arrangements. The legal team works closely with privacy, security, technology and compliance functions to assess new initiatives early, identify data-related risks and ensure appropriate safeguards are implemented.

Rather than relying solely on reactive compliance, we prioritize risk-based assessments and internal awareness, supporting business teams in understanding how these requirements impact decision-making and long-term sustainability. 

What strategies has your legal team adopted to manage disputes and mitigate risks in Brazil’s dynamic business environment? 

Our primary strategy is prevention. Given the volume and complexity of disputes in Brazil, particularly in regulated sectors, we place strong emphasis on clear rule-setting, documentation and communication to reduce ambiguity and misalignment.

When disputes arise, we adopt a measured and proportionate approach, assessing legal merits, regulatory implications and broader ecosystem effects before defining the response. Early engagement and structured dialogue are often effective in preventing escalation and preserving relationships.

We also work closely with external counsel, prioritizing firms with strong technical expertise and sector knowledge. External advice is integrated into a broader strategy led internally, ensuring alignment with Visa’s governance standards and risk appetite.