(PT) Central Bank publishes Circular with rules to prevent money laundering and terrorism financing - RMS Advogados
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Central Bank publishes Circular with rules to prevent money laundering and terrorism financing


The Circular established the need for Financial Institutions to have an adequate governance structure for the PLDFT theme.

Central Bank Circular No. 3,978 / 2020, published at the end of January 2020, which instituted mechanisms, procedures and internal controls to be adopted by Financial Institutions, with the purpose of preventing the practice of crimes of “laundering” or concealment of assets, rights and values ​​(Law No. 9,613 / 98) and financing of terrorism (Law No. 13,260 / 2016), effective from July 1, 2020.

In the Explanatory Memorandum, the Central Bank explains “the need for the policy of preventing money laundering and terrorist financing (PLDFT) to be compatible with the risk profiles of customers, the institution, operations, transactions, products and services, of employees, partners and outsourced service providers ”, stipulating provisions in different areas, such as internal risk assessment; procedures for getting to know customers; registration of operations; procedures for monitoring, selecting and analyzing operations and suspicious situations; procedures for identifying and qualifying employees, partners and outsourced service providers; mechanisms for monitoring the implementation and adequacy of the policy, together with the assessment of the effectiveness of internal procedures and controls.

The Circular established the need for Financial Institutions to have an adequate governance structure for the PLDFT theme, covering procedural guidelines (definition of roles, responsibilities, internal risk assessment, verification of policy compliance, promotion of organizational culture of prevention, etc. ), guidelines for the implementation of procedures (collection, verification, validation and updating of registration information, registration of operations and services, communications to Coaf, etc.) and commitment of top management to the effectiveness and improvement of the policy, which should be disclosed to all interested parties in clear and accessible language, in addition to the Financial Institution having to indicate to the Central Bank, the director responsible for fulfilling the obligations set forth in the Circular.

The internal risk assessment specific to PLDFT needs to be documented and approved by the director of the governance structure, reviewed every two years and forwarded to the financial institutions’ management sectors. It is also recommended that the assessment of the identified risk should be made according to its probability of occurrence and the magnitude of the financial, legal, reputational and socio-environmental impacts for the Financial Institution, using as subsidies, when available, assessments carried out by public entities Brazilian politics.

In addition, the verification of customer status as a Politically Exposed Person (PEP) was included in the procedures for qualifying customers, thus considered, at the federal level, holders of elective mandates, office holders, members of the Judiciary and their Councils, members of the Attorney General’s Offices, TCU, presidents and national treasurers of political parties; at the state level, governors, state secretaries, state and district deputies, presidents of indirect public administration entities, presidents of the Courts of Justice, Military Courts and Courts of Accounts; and at the municipal level, mayors, municipal secretaries, councilors, presidents of entities of the indirect public administration and of Courts of Accounts.

Also covering family members (relatives, in the straight or collateral line, up to the second degree, spouse, companion, partner, stepson and stepdaughter), close collaborators (the one with close relationship with PEP for having joint participation or control in legal entity under law private or in arrangements without legal personality or representing a mandate) and PEP representatives.

By: Wilson Sales Belchior

Source: https://www.clickpb.com.br/blogs/click-jus/clickjus-banco-central-publica-circular-com-regras-para-prevencao-de-lavagem-dinheiro-e-financiamento-ao- terrorism-277872.html


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