RegAlert2007-03-28
Added
Resolution No. 16 of March 28, 2007 - Procedures for Regulated Persons Regarding Politically Exposed Persons
Resolution No. 16 establishes enhanced due diligence procedures for entities regulated by the Financial Activities Control Council (Coaf) when establishing business relationships or conducting operations with politically exposed persons (PEPs). It defines PEPs as public officials holding or having held relevant positions in Brazil or abroad within the last five years, including their close family members and associates. Regulated entities must obtain prior authorization from senior management to engage with PEPs, identify the source of funds, and report their PEP status in communications to Coaf. The resolution also mandates heightened scrutiny for PEPs from countries with significant financial ties to Brazil and imposes sanctions for non-compliance.
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Disposes on the procedures to be observed by persons regulated by the Coaf, in accordance with § 1 of Article 14 of Law No. 9,613 of March 3, 1998, regarding operations or proposals for operations carried out by politically exposed persons. It was revoked by Resolution No. 29 of December 7, 2017.
Published on 02/03/2022 18:26 Modified 5 years ago
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MINISTRY OF FINANCE
FINANCIAL ACTIVITIES CONTROL COUNCIL - COAF
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Source: Conselho de Controle de Atividades Financeiras — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works