English
Council for Financial Activities Control (COAF) is the Brazilian financial intelligence unit for anti-money laundering/combating the financing of terrorism. Its primary objective is to regulate financial institutions, enact and enforce sanction policies, investigate suspicious transactions, and monitor any clients or accounts that pose a serious risk to Brazil’s financial sector.
The COAF is vested with technical and operational autonomy and is administratively connected to the Brazil Central Bank (BCB).
Central Bank of Brazil (BCB) is the competent authority in charge of ensuring that the National Financial System’s institutions comply with AML/CFT legislation and regulations, in accordance with the National Monetary Council’s guidelines. The BCB aims to prevent the SFN from being used for illegal purposes such as money laundering or terrorism funding.
Institutions subject to regulation must comply with the following:
Internal controls, which enable the identification of clients, legal entities and ensure that their records are up to date
Updated and effective training programs to instruct their employees on how to take appropriate measures required by the law
Monitoring of transactions in domestic and foreign currency, instruments and securities, credit instruments, metals, or any commodity that can be converted into money that exceed a limit set by the authority with jurisdiction and under the terms of the instructions given by it
Implementation of policies, procedures, and internal controls to meet legal requirements
Registration with the regulatory authority and/or COAF, under conditions established by them
Comply with the COAF’s requirements on a regular basis, in the manner and under the conditions specified by COAF, with the duty to keep the information given confidential in accordance with the law
Special attention must be paid to transactions that could be evidence of money laundering and terrorism financing. These must be reported to the COAF in a fully confidential manner. Each jurisdiction prepares a list of transactions that, due to their characteristics regarding the parties involved, amounts, manner in which they are conducted, instruments used or lack of economic or legal basis could be considered illegal.
The following transactions must be reported to the COAF:
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.
