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Geneva, Switzerland – The Libra Association*, an independent member organization developing a blockchain-based payment system to support financial inclusion and responsible financial services innovation, is pleased to announce the appointment of Saumya Bhavsar as General Counsel of Libra Networks. Libra Networks, a wholly owned subsidiary of the Libra Association, will manage the operations of the licensed Libra payment system.
“I am thrilled to be joining the Libra Association as it progresses toward enabling a more inclusive global financial system,” said Saumya Bhavsar, General Counsel of Libra Networks. “Along with many in the banking industry, I have been watching the Libra project from afar and believe the Libra payment system is poised to transform the industry and enable unprecedented financial innovation and inclusion at a time when we need it most.”
Ms. Bhavsar brings two decades of leadership experience in financial services and deep expertise in legal, regulatory, and compliance matters to Libra Networks. Previously holding roles within top U.S. and EU banks and regulatory agencies, she is a skilled industry leader with experience shaping and managing global and regional financial services organizations through periods of significant strategic change. Most recently, Ms. Bhavsar served as a Managing Director, Global Head of Regulatory Affairs and Group Head of the Data Protection Office at Credit Suisse.
“Saumya is a strategic leader with demonstrated ability and success in legal, regulatory and operational roles in one of the most highly-regulated industries,” said James Emmett, Managing Director of Libra Networks. “I am looking forward to working with Saumya and know that her expertise will be crucial in launching and managing a compliant payment system.”
About Saumya Bhavsar
Saumya Bhavsar is the General Counsel of Libra Networks, a subsidiary of the Libra Association tasked with developing and operating the Libra payment system.
She most recently served as Managing Director, Global Head of Regulatory Affairs and Group Head of Data Protection Office at Credit Suisse where she led a global team reporting to the Group CEO and managed the Group’s regulatory commitments and communications with primary regulators.
At Credit Suisse, she managed development and implementation of global automated operational processes for tracking, reporting, managing and measuring remediation progress on regulatory obligations, examinations and other regulatory interactions.
Her previous banking roles include Managing Director at UBS and Assistant General Counsel at Euroclear Bank. In these roles, she led legal teams that advised on and ensured compliance with cross-border regulations, settlement agreements with US authorities and significant merger transactions. Her extensive knowledge of banking, securities and privacy laws and regulations combined with innovative and pragmatic solutions, have successfully reduced legal, regulatory and operational risks and defined her leadership as a trusted advisor and strategist.
Ms. Bhavsar has also spent significant time working in the public sector. As a senior attorney in the Enforcement and Compliance division at the US Department of Treasury’s Office of the Comptroller of the Currency, Ms. Bhavsar was the lead attorney on precedent setting enforcement cases and was responsible for enforcement actions to ensure national bank and officer/director compliance with federal banking laws. Her role also entailed drafting OCC and interagency regulations on capital adequacy requirements, lending limits and national bank corporate activities. She has also worked in the European Commission and British Parliament.
*On December 1, 2020, the Libra Association was renamed to Diem Association.