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Institutions will create areas of prevention and identify “politically exposed people”

Fábio Alves, O Estado de S. Paulo

The Brazilian financial system will further close the encirclement of money laundering and terrorism financing based on a normative approved earlier this month by members of the Brazilian Federation of Banks (Febraban).

The document provides for all institutions that have joined the bank self-regulation standards, among other rules, the creation of an area of Prevention of Money Laundering (AML) and the identification of customers considered as "Politically Exposed People” (PEP), which encompasses almost all public office holders in the country.

According to the president of Febraban, Murilo Portugal, although there are18 banks in the system of self-regulation, the normative rules become mandatory for a total of 40 institutions, or "over 90% of the market share", which agreed to fulfill what the new rules of procedure for combating money laundering establish. Febraban has 127 member institutions.

"Our expectation is that, in addition to the 40 banks that approved the normative, all the others must also follow the rules of this standard. It does not mean that there was any institution that did not comply with the legislation, but with all the legal procedures they will now follow those who did it better", said the Portugal to Broadcast, a real-time service of the Agency Estado.

The rule will be officially launched on Wednesday during the 3rd Congress for Combating and Prevention of Money Laundering and Financing of Terrorism, which will be held in Sao Paulo by Febraban. Based on the Law number 12,683, of July 2012, and various circulars of the Central Bank, instructions of the Securities Commission and resolutions of the National Monetary Council and the Council for Financial Activities Control (Coaf), among other resolutions, the document had also, in their development, the contribution of lawyers consulted by Febraban.

"The goal is to improve our activities to combat and prevent money laundering and terrorist financing, creating a common minimum standard for all banks in terms of operational practices", said Portugal.

According to the president of Febraban, the largest banks have adopted all the recommendations and rules required by the Brazilian law, but the legal act will "harmonize" the procedures for the entire system, because different understandings and interpretations of the existing legislation may also lead to different procedures between the banks.

Among the practices which were already adopted only by the largest banks is that the ruling establishes as "institutional structure" of a PLD area coordinated by a director of the institution or by a person with direct access to the board, the president or committee specifically designated to hear and determine cases relating to money laundering.

This area PLD may have institutional autonomy or be integrated into the department "compliance", which has other tasks and assignments to ensure that all standards of good governance of a bank are being fulfilled. The adoption and the use of an update register, more detailed of the permanent and potential customers will also become a common procedure for all institutions that meet the regulatory. The goal is to identify the politically exposed people (PEP).
Public officials.

According to the text of the normative which Broadcast had access, PEPs are "the public officials who play or have played in the last five years, in Brazil or in countries, territories and foreign offices dependencies, positions or functions with public relevance, as well as their representatives, family members and others of their close relationship, the conditions laid down by the Central Bank, Coaf or regulatory authorities responsible for regulating the industry".

PEPs are also those who are or have prominent public functions in a foreign country or senior management role in an international organization. Institutions should start business relationship or continue the existing relationship with the client PEP only upon approval of at least a person holding an office or function of hierarchical level higher than that responsible for the authorization of the customer relationship, it means, the account manager.

It will also be up to the legal signatory banks to identify the so-called final beneficiary, or "the natural person who owns or controls a customer and/or the person on whose behalf a transaction is made, as well as the natural person who exercises the effective control over a legal person".

Source: O Estado de S.Paulo
Version: Grazielle Segeti



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