Nick Passarelli

Melio

Named ﬁrst permanent CCO for Melio Solutions.

► Lead team of senior compliance managers responsible for key areas including Anti Money Laundering, Policy and Governance and Regulatory Compliance.
► Partner with leaders in Product, Engineering, Risk, Operations, Partnerships, Finance and Legal on various company wide initiatives and how compliance can move the business forward.
► Oversee Melio's entire MTL framework. Ensure timely filings in NMLS to comply with various state requirements. Includes financial statements, bond filings, business plans and succession plans.
► Responsible for managing regulatory examinations and inquiries, including annual Multi State and various state examinations. Collaborate with examiners to ensure understanding of Brex Payments.

Chief Compliance Officer

NPass Advisory Services

Providing compliance advisory services to companies in the financial services sector.  This includes broker dealers, registered investment advisors, FinTech, payments and cryptocurrency.

Advisor

Brex

Named ﬁrst permanent CCO for Brex Payments.  Serve as cross-departmental leader across Product, Engineering, Design, Operations, Finance, and Legal to plan new products and features.

► Oversaw Brex’s entire MTL framework. Ensure timely filings in NMLS to comply with various state requirements.  Includes financial statements, bond filings, business plans and succession plans.
► Ensured compliance with NACHA framework in partnership with operations, product and engineering.
► Responsible for managing regulatory examinations and inquiries, including annual Multi State and various state examinations.  Collaborate with examiners to ensure understanding of Brex Payments. 
► Led all communications with regulatory agencies, working proactively to establish positive working relationships and ensure the ﬁrm’s continued adherence with pertinent laws and regulations
► Continuously reviewed processes with team in order to create efficiencies and improve customer experience.  Examples include Proof of Authorization, Receipt Generation and compliance with GIACT.
► Established various metrics such as customer acquisition costs and customer maintenance costs to provide transparency for business and allow compliance to proactively manage licensing efforts.

Chief Compliance Officer- Brex Payments LLC

Hired to leverage extensive product experience and lead all Brex regulated entities, including Brex Treasury LLC (SEC/FINRA Broker Dealer), Brex Payments LLC (Money Transmitter Licenses) and Brex Asset Management.

►Responsible for creation and maintenance of all compliance programs for Brex’s regulated entities
►Built and led Regulatory Compliance function during a period of hypergrowth, during which time the company experienced 600% growth—expanding from 200 to 1,200 employees
►Led a team of three direct reports and managed team budget

Senior Director, Head of Regulatory Compliance

Selected to serve as the first permanent CCO for Brex Inc. SEC and FINRA Registered Broker Dealer after only three months with the company. Serve as cross-departmental leader across Product, Engineering, Design, Operations, Finance, and Legal to plan new products and features.	
	
► Proactively communicated with FINRA and SEC to discuss changes to Brex’s evolving business model.
► Managed various regulatory examinations and inquiries, including FINRA Cycle Exams and SEC 17H reviews.  Work collaboratively with examiners and internal stakeholders to provide appropriate and timely responses.
► Led the automation of various review processes to create eﬃciencies and lower customer cost-to-serve; efforts include automation of principal reviews, customer complaint reporting and registered representative obligations.
► Established various metrics to gain a better understanding of issues and where compliance can make suggestions for meaningful improvements
► Established various metrics to gain a better understanding of issues and improve efficiencies.  Examples include customer complaints, electronic communication reviews and registered rep training.
► Created and continuously updated relevant policies and procedures based on regulatory requirements.
► Oversaw testing and verifying internal controls to achieve compliance with prevailing rules and regulations, and effectively communicate with staff regarding pertinent developments

Chief Compliance Officer- Brex Treasury LLC

Asked to serve as Interim Head of Compliance for Brex during transitional period.

►Oversaw a team of 17 including three team leads.  Functions include Anti Money Laundering, Monitoring and Testing, Enterprise Risk Management and Regulatory Compliance.
►Partnered with senior leaders across the company in supporting various business initiatives 
►Worked with partners and regulators to explain company wide programs and initiatives in order to achieve compliance with various rules and regulations.

Interim Head of Compliance 

Recruited to serve as the first CCO for a 10-person startup, with responsibility for building a Cryptocurrency Exchange compliance program for electronic trading platform to Institutional Investors trading Bitcoin and Stablecoin. Led collaborations with various companies within the crypto space to establish meaningful partnerships and build the young company’s profile. 

► Served as lead contact for ongoing communications with regulatory agencies 
► Provided oversight of compliance, operations, and human resources, with two direct reports and management of teams spanning New York City, New Jersey, and France 
► Managed application process for critical licenses and memberships, including Bitlicense, FINRA, National Futures Association, and AMF (France)
► Created and maintained various policies, procedures, and manuals based on regulatory requirements; tested internal controls to ensure compliance with prevailing rules and regulations
► Responsible for oversight of operational functions including Clearance and Settlement of all trades, partnering with technology team to continually improve processes
► Sourced and selected third-party software providers to assist with Anti-Money Laundering (AML) and Know Your Customer (KYC) reviews; led compliance and operations team reviews of all respective traders and institutions to ensure policy, rules, and regulations compliance 
► Conducted transactional AML of all client deposits and withdrawals of Bitcoin and Stablecoin, ensuring incoming and outgoing assets were not coming from or going to illicit wallet addresses    
► Maintained consistent and effective communications with client counterparts to address various regulatory-related questions, articulating the Firm’s proactive approach towards regulation
► Developed comprehensive Compliance Training Program, addressing the topics of Regulatory and Firm Element, AML, Business Continuity, and Annual Compliance Meeting

Dealerweb Inc.

Entrusted to design, implement, and supervise a comprehensive compliance and surveillance program as the company’s first dedicated CCO. Served as lead contact for all communications with regulatory agencies, working proactively with contacts to ensure continued adherence with all pertinent laws and regulations and provide critical feedback on upcoming rule changes.
► Managed all regulatory examinations and inquiries, working collaboratively with examiners and internal stakeholders to provide appropriate and timely responses and documentation; provided corrective actions as needed for any deficiencies and recommendations  
► Conducted comprehensive risk assessments to identify potential issues—in partnership with Information Technology, Cybersecurity, Operations, Risk Management, Market Support, and Legal—to research, analyze, and resolve complex matters
► Responsible for oversight of Fixed Income and Equity trading activity across all departments and   monitoring regulatory trade reporting structure; identified issues, worked with internal clients on immediate issue resolution, and collaborated with IT on reports
► Created and maintained various policies, procedures, and manuals based on regulatory requirements, including testing and verifying internal controls to achieve compliance with prevailing rules and regulations
► Maintained effective communications with client counterparts regarding regulatory-related questions
► Built and executed Compliance Training Program addressing Regulatory and Firm Element, Anti-Money Laundering (AML), and Annual Compliance Meeting; increased training efficiency by implementing an electronic monitoring system 
► Established AML program and acted as Anti-Money Laundering Compliance Officer (AMLCO); worked with outside consultant for annual external review of AML program and developed Customer Identification Process (CIP)

Kellogg Partners Institutional Services

Charged with building a compliance platform from the ground-up as the firm’s first dedicated CCO. Created and maintained various policies and procedures based on regulatory requirements, including testing and verifying internal controls to achieve compliance with prevailing rules and regulations.
► Managed all regulatory examinations and inquiries, providing appropriate and timely responses and documentation to examiners and analysts 
► Provided oversight of all Fixed Income and Equity trading activity across all departments, and monitored regulatory trade reporting including TRACE, ACT, and OATS
► Served as Anti-Money Laundering (AML) Compliance Officer with responsibility for the development and maintenance of the AML Program, staff training, and ensuring all procedures were followed

Having over 20 years of experience in the field of compliance, I have successfully built and managed full-scale compliance programs for various companies within the financial, cryptocurrency, and FinTech industries.  I have specific expertise in broker dealers, registered investment advisors, and money transmitter licenses.

I am an analytical and results-oriented executive who takes a proactive approach to regulatory compliance. I believe strongly in cultivating strong relationships with both company leadership and regulatory agencies to anticipate issues, deliver on expectations, and guarantee continued adherence. I work closely with cross-functional teams across Product, Engineering, Design, Operations, Finance, and Legal, to plan new products and features, oversee regulatory filings and examinations, and ensure compliance with relevant laws and regulations. I am also a servant leader who values and empowers my team.  Finally, I never hesitate to roll up my sleeves and work alongside anyone to accomplish a goal.

I am passionate about driving compliance excellence and innovation. I am always looking for new ways to leverage my extensive product experience and compliance knowledge to create efficiencies, lower customer cost-to-serve, and enable seamless business operations. I am also committed to educating others and sharing my insights and expertise on compliance topics, such as anti-money laundering, cryptocurrency, and electronic trading, through various conferences and seminars.

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