As the largest economy in South America, Brazil faces unique challenges in curbing money laundering, corruption, and other financial crimes that threaten its economic stability.
Key Insights:
- AML Authorities: The Central Bank of Brazil (BCB) and the Council for Financial Activities Control (COAF) are pivotal in enforcing AML regulations. COAF, as the Financial Intelligence Unit, plays a central role in monitoring and analyzing suspicious transactions.
- Legislative Framework: Brazil's core AML legislation, Law No. 9,613, established in 1998 and amended in 2012, sets stringent guidelines for financial and non-financial institutions to follow, including mandatory reporting of suspicious activities.
- FATF Evaluations:The 2023 FATF report acknowledges Brazil's satisfactory AML measures but points out areas needing improvement, particularly in policy implementation and interagency cooperation.
This whitepaper serves as an essential guide for understanding the complexities of Brazil's AML efforts and the strategic measures implemented to safeguard its financial system. For a detailed exploration of Brazil's AML strategies and regulatory environment, fill out the form to access the full whitepaper.