South America

Regional Guide

Guide Sanction Scanner
Brazil

Brazil

Global AML Guide


1. Are there any sanctions imposed against Brazil?
    There are no sanctions imposed on Brazil.
2. What are the regulated institutions in Brazil?
    Brazilian Electricity Regulatory Agency, National Health Surveillance Agency, Administrative Council for Economic Defense, Brazilian Agency of Telecommunication, Securities and Exchange Commission, National Institute of Metrology Standardization and Industrial Quality, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - ANP.
3. Who are the local regulatory authorities in Brazil, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    Central Bank of Brazil and its Department of Combat Financial Crime(DECIC), National Secretary of Justice, Securities and Exchange Commission, Superindepence of Private Insurance(SUSEP), Brazilian Bar Association, Federal Council of Accountability. Also, Criminal sanctions for money laundering are imposed by The Federal Police and State Police. The Federal Prosecutors Office is also responsible for aml penalties.
4. What is the status of Brazil's FATF?
    In June 2016, FATF announced its concerns over Brazil's solution to its severe problems in a statement it issued. In the evaluation report accepted in June 2010, it was determined that there are deficiencies, especially regarding terrorism and terrorist financing. FATF expressed its demands on Brazil's compliance with FATF standards in June 2016, February 2017, November 2017.
5. Which global regulations Brazil have to comply with?
    FATF, US State Departments, World Bank.
6. What are the AML obligations of the businesses in Brazil?
    Brazilian Central Bank ("Central Bank") and the Brazilian Securities and Exchange Commission ("CVM") and Conselho Monetário Nacional(National Monetary Council(CMN).
7. What are the local AML laws and regulations in Brazil?
    Local AML laws and regulations have been specified in Law 9.613 of 3 March 1998. On the one hand, Brazilian Central Bank, Brazilian Securities and Exchange Commission(CVM), and Council for Financial Activities Control(COAF) also publish specific AML requirements.
8. What are the penalties for failure to comply with anti money laundering law in Brazil?
    According to Law 9,613, the person who engaged in money laundering activities is sentenced between 3 to 10 years in prison.
9. What are the contact details of the relevant regulators in Brazil?
    Comissão de Valores Mobiliários(CVM)
    Darcy Carlos de Souza Oliveira
    email: [email protected]
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Brazil?
    By Article 1 of Law No. 9,613/98, a person who deliberately conceals the origin of goods, money, or rights resulting from a criminal violation commits money laundering and is prosecuted.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations in Brazil?
    In Brazil, AML activities have been banned by laws. In this sense, The Anti-Corruption Law No. 12.846 / 2013, which entered into force in 2014, stipulates how and to what extent, and to what time, administrative and/or civil liabilities can be brought under the legal entity corruption or other acts considered harmful to the national or foreign public administration. To reduce the risk of money laundering, organizations need to know who their customers are and identify their risks. There are Know Your Customer, Customer Due Diligence, Transaction Monitoring applications recommended by regulators. Sanction Scanner enables financial institutions in Brazil to comply with Anti-money laundering laws locally and globally. Financial institutions meet AML requirements in customer onboarding processes with our AML Name Screening Software. Businesses can become compliant with BaFin regulations with Sanction Scanner solutions. You can contact us to get information about our AML solutions.
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