Resolution No. 2, of April 13, 1999 - Revoked

Published on 17/09/2020 01:38 Modified on 16/12/2020 15:35

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Provides for the procedures to be observed by factoring companies - revoked by Resolution No. 12

The President of the Financial Activities Control Council – COAF, using the attribution conferred by item IV of art. 9 of the Statute approved by Decree No. 2,799, of October 8, 1998, makes public that the Plenary of the Council, in a session held on April 7, 1999, based on § 1 of art. 14 of Law No. 9,613, of March 3, 1998, resolved:

Section I
Preliminary Provisions
Art. 1. With the objective of preventing and combating the crimes of "money laundering" or concealment of assets, rights, and values, as established in Law No. 9,613, of March 3, 1998, regulated by Decree No. 2,799, of October 8, 1998, factoring companies shall observe the provisions contained in this Resolution. Sole Paragraph. The provisions of this Resolution apply to legal entities that exercise the activity of commercial funding (factoring) on a permanent or occasional basis, as a main or accessory activity, cumulatively or not, in their various modalities.

Section II
Identification of Clients and Maintenance of Registries Art. 2. The persons mentioned in art. 1 shall identify the contracting companies and maintain an updated registry, in accordance with this Resolution. Art. 3. The registry shall contain, at a minimum, the following information:
I – qualification of the contracting company:
a) corporate name; b) form and date of company formation (registration with the respective commercial board); c) Business Registration Identification Number – NIRE – and registration number in the National Registry of Legal Entities – CNPJ; d) full address (street, complement, neighborhood, city, federation unit, ZIP code), telephone; and e) main activity developed; II – qualification of the owner(s), controller(s), representative(s), attorney(s), and agent(s) of the contractor:
a) name, sex, date of birth, parentage, place of birth, nationality, marital status, and name of spouse or partner; b) registration number in the Individual Taxpayer Registry – CPF; c) identification document number, name of the issuing body, and date of issuance or passport or civil ID data, if foreign; d) full address (street, complement, neighborhood, city, federation unit, ZIP code), telephone; and e) main activity developed. Sole Paragraph. The registry shall also contain the name of the employee of the factoring company responsible for contracting the services and for verifying and checking the documents presented by the contractor.

Section III
Records of Transactions
Art. 4. Factoring companies shall maintain a record of every transaction that exceeds a value equivalent to R$ 10,000.00 (ten thousand reais).
Art. 5. The transaction record shall contain, at a minimum, the following information:
I - description of the operation;
II - date of transaction completion, value of acquired titles, statement discriminating purchase factor and ad valorem service commission; and III - description of services rendered.
§ 1. Internal records and controls shall allow verification of the compatibility between the corresponding movement of resources, the economic activity developed by the client company, and its financial capacity, as well as that of its debtors. § 2. Operations that, carried out by the same company, conglomerate, or group, in the same calendar month, exceed, in their entirety, the limit established in the previous article shall also be recorded.

Section IV
Suspicious Operations
Art. 6. The persons mentioned in art. 1 shall pay special attention to operations or proposals that, in accordance with the Annex to this Resolution, may constitute serious indications of the crimes provided for in Law No. 9,613, of 1998, or be related to them.

Section V
Communications to COAF
Art. 7. The persons mentioned in art. 1 shall communicate to COAF, within a period of twenty-four hours, abstaining from informing the clients of such act, the proposal or the realization of transactions provided for in art. 6. Art. 8. Communications to COAF made in good faith, as provided for in § 2 of art. 11 of Law No. 9,613, of 1998, shall not entail civil or administrative liability. Art. 9. The information mentioned in art. 7 may be sent via electronic process.

Section VI
General and Final Provisions
Art. 10. The registries and records provided for in this Resolution shall be preserved by the persons mentioned in art. 1 for a minimum period of five years from the conclusion of the transaction. Art. 11. The persons mentioned in art. 1 shall comply, at any time, with information requests made by COAF regarding their clients, owners or controllers, representatives, attorneys, agents, and agreed operations. Art. 12. The persons mentioned in art. 1 shall indicate, prior to the beginning of the effects of this Resolution, the name and qualification of the person responsible for implementing and monitoring compliance with the provisions herein. Art. 13. To the legal entities mentioned in art. 1, as well as to their administrators, who fail to comply with the obligations of this Resolution, the sanctions provided for in art. 12 of Law No. 9,613, of 1998, in the manner provided for in Decree No. 2,799, of 1998, and in Ordinance of the Minister of State of Finance No. 330, of December 18, 1998, shall be applied, cumulatively or not, by COAF. Art. 14. COAF shall make available, prior to the beginning of the effects of this Resolution, an Internet electronic address for receiving communications. Art. 15. The Presidency of the Council is authorized to issue complementary instructions to this Resolution, especially regarding the provisions contained in Section V – Communications to COAF. Art. 16. This Resolution enters into force on the date of its publication, producing effects from August 2, 1999. Brasília, April 13, 1999. Adrienne Giannetti Nelson de Senna

Annex
List of suspicious operations

1. Substantial increases in the volume of assets sold or assigned by the contracting company to the factoring company, without apparent cause, especially if there is instruction for payments to third parties.
2. Volume of sales or assignment of assets incompatible with the equity, economic activity, and presumable financial capacity of the contracting society.
3. Action aimed at inducing the employee of the factoring company not to keep in file specific reports of any operation to be carried out.
4. Operations that by their frequency, value, and form constitute an artifice to circumvent identification mechanisms.
5. Other operations that, by their characteristics, with respect to involved parties, values, method of realization, instruments used, or by the lack of economic or legal foundation, may constitute a hypothesis of crimes provided for in Law No. 9,613, of March 3, 1998, or be related to them.

(*) Republished because it was published with an error in the original published in the Official Gazette of the Union (DOU) of April 14, 1999, section I, page 8