RESOLUTION No. 21, OF DECEMBER 20, 2012

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Provides for the procedures to be adopted by commercial factoring companies, in accordance with § 1 of art. 14 of Law No. 9,613 of 1998. Text with record of subsequent normative amendments Original text

RESOLUTION No. 21, OF DECEMBER 20, 2012

Provides for the procedures to be adopted by commercial factoring companies, in accordance with § 1 of art. 14 of Law No. 9,613 of 3.3.1998.

THE PRESIDENT OF THE COUNCIL FOR THE CONTROL OF FINANCIAL ACTIVITIES – COAF, exercising the authority granted by item IV of art. 9 of the Statute approved by Decree No. 2,799 of 8.10.1998, makes public that the Council Plenary, based on art. 7, items II, V and VI of the said Statute, in a session held on 5.12.2012, deliberated and approved the following Resolution, in conformity with the rules contained in arts. 9, 10, 11 and 14, caput and § 1, all of Law No. 9,613 of 3.3.1998.

Section I

Scope

Article 1 The purpose of this Resolution is to establish general anti‑money‑laundering and counter‑terrorist financing rules to be observed by commercial or mercantile factoring companies (factoring), in any of their modalities, including asset, securities or receivable securitisation and related managers.

Article 1 The purpose of this Resolution is to establish general anti‑money‑laundering and counter‑terrorist financing rules to be observed by commercial or mercantile factoring companies (factoring), in any of their modalities. (Amended by Resolution No. 33, of 6 March 2020)

Single paragraph. The persons referred to in this article must observe the provisions of this Resolution in all business and operations they carry out, including those that involve:

I – the purchase or sale of other goods or the provision of other services not related to or linked to the main activity developed; and
II – the purchase or sale of movable or immovable assets that form part of their assets.

Section II

Prevention Policy

Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at:

I – identifying and conducting due diligence to qualify clients and other parties involved in the operations they carry out;
II – obtaining information on the purpose and nature of the business relationship;
III – identifying the ultimate beneficiary of the operations they carry out;
IV – identifying suspicious operations or proposals of operations or mandatory communications;
V – mitigating the risks that new products, services and technologies may be used for money laundering and terrorist financing;
VI – classifying the operations they carry out and the clients into money‑laundering and terrorist‑financing risk categories, taking into account, at minimum, the following criteria:
- a) types of clients and other parties involved in the operations they carry out;
- b) types of products and services traded;
- c) payment methods used; and
- d) manner in which the operations are carried out;
VII – periodically verifying the effectiveness of the adopted policy.

Single paragraph. The policy mentioned in the caput must be formally expressed, approved by the holder of the highest management authority, and must also include procedures for:

I – selection and training of employees;
II – dissemination of its content to staff through continuous institutionalised processes;
III – monitoring of employees’ activities; and
IV – preventing conflicts between commercial/enterprise interests and the anti‑money‑laundering and counter‑terrorist‑financing mechanisms.

Article 3 The persons referred to in Article 1 must assess the existence of suspicion in the proposals and/or operations of their clients, giving special attention to those that are unusual or that, by their characteristics regarding parties involved, amounts, manner of execution, purpose, complexity, instruments used or lack of economic or legal basis, may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or that are related to them.

Section III

Client and Operation Risk Classification

Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients:

I – about the contracting company:
- a) corporate charter information:
  1. object;
  2. capital amount; and
  3. time of existence;
- b) activities actually performed, including types of goods and services traded, client characteristics and geographic area of operation;
- c) effective operating time;
- d) address;
- e) accounting statements, at minimum, of the previous year; and
- f) facilities, number of employees, receivable‑generation capacity and inventories;
II – about the partners, representatives and attorneys of the contracting company:
- a) socioeconomic profile;
- b) other activities performed;
- c) participation in other companies, including as attorney or holder of any other type of mandate;
- d) nationality;
- e) residential address; and
- f) status as politically exposed person, pursuant to COAF Resolution No. 16 of 28.3.2007.

Single paragraph. The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons:

I – legal entity whose ultimate beneficiary cannot be identified or whose identification is difficult or costly;
II – client whose due diligence cannot be completed;
III – client habitually represented by third parties;
IV – client represented by, or whose shareholding includes, a person domiciled in jurisdictions with strategic deficiencies in anti‑money‑laundering and counter‑terrorist‑financing prevention, or in a region considered a tax haven; and
V – any client related to a person covered by any of the conditions set out in Article 1 of COAF Resolution No. 15 of 28.3.2007.

Article 5 For the classification of operations into the categories referred to in Article 2, item VI, the operations covered by Articles 12 and 13 must be classified in the highest risk category.

Article 6 Classification of a client in the highest risk category does not necessarily imply communication of all its operations to COAF.

Section IV

Client and Other Parties Registry

Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum:

I – for clients classified in the lowest risk category:
- a) corporate name and trade name;
- b) registration number in the National Registry of Legal Entities – CNPJ;
- c) identification of ultimate beneficiaries or record of measures adopted to identify them, pursuant to Article 10, as well as their classification under any of the conditions set out in items I, II and III of Article 1 of COAF Resolution No. 15 of 28.3.2007 or as politically exposed person, pursuant to COAF Resolution No. 16 of 28.3.2007;
- d) date of incorporation;
- e) address;
- f) telephone number;
- g) main activity(ies) developed;
- h) turnover value for each of the last three years;
- i) record of the analysis that determined the client’s risk categorisation, pursuant to Article 4;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets:
  1. full name;
  2. registration number in the Individual Taxpayer Registry – CPF;
  3. residential and commercial address, including electronic;
  4. landline and mobile telephone numbers;
  5. classification under any of the conditions set out in items I, II and III of Article 1 of COAF Resolution No. 15 of 28.3.2007; and
  6. classification as politically exposed person, pursuant to COAF Resolution No. 16 of 28.03.2007;
- k) record of the purpose and nature of the business relationship;
- l) date of registration and, where applicable, its updates;
- m) printed and electronic correspondence concerning the execution of operations;
II – for clients classified in the highest risk category:
- a) all information required in item I;
- b) copy of the corporate charter and amendments;
- c) copy of the CNPJ registration card;
- d) visitation report containing information on:
  1. turnover of the last civil semester, when dealing with micro or small companies, or updated accounting statements for others; and
  2. compatibility of facilities, number of employees, receivable‑generation capacity and inventories with turnover; and
- e) copies of the following documents for all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets:
  1. identification document; and
  2. proof of registration in the Individual Taxpayer Registry – CPF.

Paragraph 1. In intermediate risk category(ies), if any, the persons referred to in Article 1 must, in addition to the provisions of item I of the caput, include in the registry information or documents proportionate to the respective risk.

Paragraph 2. The registry must also contain the record of the procedures and analyses referred to in Article 9.

Article 8 For the execution of the operations covered by this Resolution, the persons referred to in Article 1 must ensure that the client’s registry information is up‑to‑date at the time of the transaction.

Article 9 The persons referred to in Article 1 must adopt additional verification procedures whenever there is doubt about the reliability of the information contained in the registry or when there is suspicion of the crimes provided for in Law No. 9,613 of 3.3.1998, or of situations related to them.

Article 10 The persons referred to in Article 1 must adopt appropriate measures to understand the shareholding composition and control structure of corporate‑person clients, with the aim of identifying their ultimate beneficiary.

Single paragraph. When it is not possible to identify the ultimate beneficiary, the persons referred to in Article 1 must give special attention to the operation, evaluating the convenience of carrying it out or establishing/maintaining the business relationship.

Section V

Operation Record

Article 11 The persons referred to in Article 1 must keep a record of all services they provide and all operations they carry out, which must contain, at minimum:

I – client identification;
II – about the client’s representative:
- a) name of the signatory of the amendment;
- b) CPF of the signatory of the amendment; and
- c) position/function of the signatory of the amendment;
III – about the operation:
- a) date;
- b) gross amount;
- c) net amount, if any;
- d) detailed description of the difference between gross and net amounts, if any;
- e) payment method and instructions; and
- f) receipt(s)/proof of settlement, containing:
  1. payment method;
  2. payment date; and
  3. in the case of cash payment or bearer‑check, identification of the company’s representative signatory and of the bearer;
IV – about the backing of the operation:
- a) if a commercial or mercantile factoring operation, in any of its modalities:
  1. types of securities traded;
  2. identification of the securities traded (number, date, amount, etc.);
  3. name/legal entity of the drawees; and
  4. CPF/CNPJ of the drawees; or
- b) if operation provided for in the sole paragraph of Article 1:
  1. types of goods, assets or services commercialised, acquired or alienated;
  2. detailed description of the goods, assets or services commercialised, acquired or alienated (date, amount, reason, etc.);
  3. name/legal entity of the counter‑party in the operation; and
  4. CPF/CNPJ of the counter‑party in the operation;
V – record of the analysis that determined the operation’s risk categorisation, pursuant to Article 5;
VI – reasoned record of the decision to proceed or not with the communications referred to in Article 12, as well as the analyses referred to in Article 3.

Section VI

Communications to COAF

Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF:

I – operation that does not appear to result from the client’s usual activities or business line;
II – operation whose economic or legal basis is not clearly ascertainable;
III – operation incompatible with the client’s assets, economic‑financial capacity, or receivable‑generation capacity;
IV – operation with a client whose ultimate beneficiary cannot be identified;
V – operation involving a legal entity domiciled in jurisdictions considered by the Financial Action Task Force (FATF) high‑risk or with strategic deficiencies in AML/CFT prevention, or in countries or dependencies considered by the Brazilian Federal Revenue Service (RFB) as tax‑favoured or with privileged fiscal regimes;
VI – operation involving a legal entity whose ultimate beneficiaries, partners, shareholders, attorneys or legal representatives reside in jurisdictions considered by FATF high‑risk or with strategic deficiencies in AML/CFT prevention, or in countries or dependencies considered by RFB as tax‑favoured or with privileged fiscal regimes;
VII – resistance, by the client or other parties, to provide information or provision of false, difficult or costly‑to‑verify information for the purpose of registration or operation recording;
VIII – client or other parties, including partners and shareholders, acting to induce non‑performance of the records required by AML/CFT legislation;
IX – operation that results in payment, at the client’s or other parties’ request, not made by Electronic Transfer Available (TED), Credit Document (DOC), inter‑account transfer or nominative check;
X – operation involving payment to a third party, even when authorised by the client, provided it is not demonstrably destined to a supplier of the client’s goods or services, or receipt originating from a third party that is not the drawee;
XI – payment distributed among several persons or using different means;
XII – operation backed by false securities or receivables or simulated businesses;
XIII – operation in which the client waives advantages, prerogatives or special conditions normally considered valuable to any client;
XIV – any attempts to circumvent the controls and records required by AML/CFT legislation, including through:
- a) structuring;
- b) cash payments;
- c) payment by bearer‑check; or
- d) other means;
XV – other situations designated by act of the COAF President; and
XVI – any other operations that, considering the parties and other involved, the amounts, manner of execution and means of payment, or the lack of economic or legal basis, may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them.

Article 13 Operations and proposals of operations in the situations listed below must be reported to COAF, regardless of analysis or any other consideration:

I – any operation involving payment or receipt of an amount equal to or greater than R$ 50,000.00 (fifty thousand reais), or equivalent in another currency, in cash, including the purchase or sale of movable or immovable assets that form part of the assets of the persons referred to in Article 1;
II – any operation involving payment or receipt of an amount equal to or greater than R$ 50,000.00 (fifty thousand reais), by bearer‑check, including the purchase or sale of movable or immovable assets that form part of the assets of the persons referred to in Article 1;
III – any of the hypotheses provided for in COAF Resolution No. 15 of 28.3.2007; and
IV – other situations designated by act of the COAF President.

Article 14 If, during the calendar year, no operations or proposals referred to in Articles 12 and 13 are identified, the persons referred to in Article 1 must declare such fact to COAF by January 31 of the following year.

Article 15 The communications referred to in Articles 12 and 13, as well as the declaration referred to in Article 14, must be made electronically on COAF’s website, at www.coaf.fazenda.gov.br, in accordance with the instructions defined there.

Single paragraph. The information provided to COAF will be protected by confidentiality.

Section VII

Preservation and Conservation of Records and Documents

Article 16 The persons referred to in Article 1 must preserve the registries and records referred to in Articles 7 and 11, as well as the correspondence referred to in Article 7, for at least five (5) years, counted from the termination of the contractual relationship with the client.

Section VIII

Final Provisions

Article 17 Procedures for assessing suspicion must be recurring, including, when necessary, the performance of other diligences beyond those expressly provided for in this Resolution.

Article 18 The use of information existing in public or private entity databases does not replace or satisfy the requirements set out in Articles 7, 8, 9 and 10, although its use is admitted as complementary to confirm data and information previously collected.

Article 19 The persons referred to in Article 1 must register and keep their registration updated on COAF’s website, in accordance with the instructions defined there.

Article 20 Good‑faith communications made in the manner provided for in Article 11 of Law No. 9,613 of 3.3.1998 will not give rise to civil or administrative liability.

Article 21 The persons referred to in Article 1, as well as their administrators, who fail to comply with the obligations of this Resolution are subject to the sanctions provided for in Article 12 of Law No. 9,613 of 3.3.1998.

Article 22 In order to improve the controls addressed by this Resolution, especially the establishment of the policy referred to in Article 2, and for the purposes set out in Articles 3 and 12, the persons referred to in Article 1 must monitor on COAF’s website the disclosure of additional information, as well as information relating to the locations covered by items V and VI of Article 12.

Article 23 The persons referred to in Article 1 must comply with requests made by COAF regarding periodicity, form and conditions established by it, preserving, pursuant to law, the confidentiality of the information provided.

Article 24 The President of COAF is authorized to issue complementary instructions for the compliance with this Resolution.

Article 25 This Resolution shall enter into force on 1.3.2013, at which time Resolutions No. 13 of 30.9.2005 and No. 20 of 29.8.2012 are revoked.

Brasília, December 20, 2012.

ANTONIO GUSTAVO RODRIGUES

President

What changed in the obligations

Against Resolution No. 20, of August 29, 2012 - Revoked (2012-08-29)

53 new obligations · 5 changes of scope · 1 change of who is bound · 11 not carried over

39 obligations are the same in both texts.

Changed (6)

Scope
Before
IV – identifying suspicious operations or proposals for operations;
Now
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - IV – identifying suspicious operations or proposals of operations or mandatory communications;
Scope
Before
IV – the records and analyses referred to in Articles 5, 6, and 11, as well as the correspondence referred to in Article 12.
Now
Paragraph 2.* The registry must also contain the record of the procedures and analyses referred to in Article 9.
Who is bound
Before
§ 2. The registry must be subject to periodic updates, without prejudice to contextual updates that may be necessary, to ensure constant reliability of information.
Now
Article 8 For the execution of the operations covered by this Resolution, the persons referred to in Article 1 must ensure that the client’s registry information is up‑to‑date at the time of the transaction.
Scope
Before
§ 3. The persons referred to in Article 1 must adopt additional verification procedures whenever there is doubt regarding the reliability of information contained in the registry or when there is suspicion of the practice of crimes provided for in Law No. 9,613, of 3.3.1998.
Now
Article 9 The persons referred to in Article 1 must adopt additional verification procedures whenever there is doubt about the reliability of the information contained in the registry or when there is suspicion of the crimes provided for in Law No. 9,613 of 3.3.1998, or of situations related to them.
Scope
Before
I – identification of clients, third-party interveners, and other parties involved; and
Now
Article 11 The persons referred to in Article 1 must keep a record of all services they provide and all operations they carry out, which must contain, at minimum: - I – client identification;
Scope
Before
Article 12. The persons referred to in Article 1 must preserve the registries and records referred to in Articles 4, 5, 6, 7, and 11 of this Resolution, as well as printed and electronic correspondence regarding the execution of operations, for at least 5 (five) years, counted:
Now
Article 16 The persons referred to in Article 1 must preserve the registries and records referred to in Articles 7 and 11, as well as the correspondence referred to in Article 7, for at least five (5) years, counted from the termination of the contractual relationship with the client.

New in this text (53)

Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - V – mitigating the risks that new products, services and technologies may be used for money laundering and terrorist financing;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 1. object;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 2. capital amount; and
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 3. time of existence;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - b) activities actually performed, including types of goods and services traded, client characteristics and geographic area of operation;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - c) effective operating time;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - d) address;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - e) accounting statements, at minimum, of the previous year; and
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - f) facilities, number of employees, receivable‑generation capacity and inventories;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) socioeconomic profile;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - b) other activities performed;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - c) participation in other companies, including as attorney or holder of any other type of mandate;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - d) nationality;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - e) residential address; and
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - f) status as politically exposed person, pursuant to COAF Resolution No. 16 of 28.3.2007.
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - I – legal entity whose ultimate beneficiary cannot be identified or whose identification is difficult or costly;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - II – client whose due diligence cannot be completed;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - III – client habitually represented by third parties;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - IV – client represented by, or whose shareholding includes, a person domiciled in jurisdictions with strategic deficiencies in anti‑money‑laundering and counter‑terrorist‑financing prevention, or in a region considered a tax haven; and
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - V – any client related to a person covered by any of the conditions set out in Article 1 of COAF Resolution No. 15 of 28.3.2007.
Article 5 For the classification of operations into the categories referred to in Article 2, item VI, the operations covered by Articles 12 and 13 must be classified in the highest risk category.
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 1. full name;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 2. registration number in the Individual Taxpayer Registry – CPF;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 3. residential and commercial address, including electronic;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 4. landline and mobile telephone numbers;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 5. classification under any of the conditions set out in items I, II and III of Article 1 of COAF Resolution No. 15 of 28.3.2007; and
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 6. classification as politically exposed person, pursuant to COAF Resolution No. 16 of 28.03.2007;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - d) visitation report containing information on: 1. turnover of the last civil semester, when dealing with micro or small companies, or updated accounting statements for oth…
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - d) visitation report containing information on: 2. compatibility of facilities, number of employees, receivable‑generation capacity and inventories with turnover; and
- e) copies of the following documents for all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 1. identification document; and
- e) copies of the following documents for all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 2. proof of registration in the Individual Taxpayer Registry – CPF.
- V – record of the analysis that determined the operation’s risk categorisation, pursuant to Article 5;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - I – operation that does not appear to result from the client’s usual activities or business line;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - III – operation incompatible with the client’s assets, economic‑financial capacity, or receivable‑generati…
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - IV – operation with a client whose ultimate beneficiary cannot be identified;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - V – operation involving a legal entity domiciled in jurisdictions considered by the Financial Action Task …
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - VI – operation involving a legal entity whose ultimate beneficiaries, partners, shareholders, attorneys or…
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - VIII – client or other parties, including partners and shareholders, acting to induce non‑performance of t…
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - IX – operation that results in payment, at the client’s or other parties’ request, not made by Electronic …
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - X – operation involving payment to a third party, even when authorised by the client, provided it is not d…
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - XI – payment distributed among several persons or using different means;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - XII – operation backed by false securities or receivables or simulated businesses;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - XIII – operation in which the client waives advantages, prerogatives or special conditions normally consid…
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - a) structuring;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - b) cash payments;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - c) payment by bearer‑check; or
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - d) other means;
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - XVI – any other operations that, considering the parties and other involved, the amounts, manner of execut…
Article 13 Operations and proposals of operations in the situations listed below must be reported to COAF, regardless of analysis or any other consideration: - I – any operation involving payment or receipt of an amount equal to or greater than R$ 50,000.00 (fifty thousand reais), or equivalent in another currency, in cash, including the purchase or sale of movable or immovable assets that form…
Article 13 Operations and proposals of operations in the situations listed below must be reported to COAF, regardless of analysis or any other consideration: - II – any operation involving payment or receipt of an amount equal to or greater than R$ 50,000.00 (fifty thousand reais), by bearer‑check, including the purchase or sale of movable or immovable assets that form part of the assets of the…
Article 13 Operations and proposals of operations in the situations listed below must be reported to COAF, regardless of analysis or any other consideration: - IV – other situations designated by act of the COAF President.
Article 22 In order to improve the controls addressed by this Resolution, especially the establishment of the policy referred to in Article 2, and for the purposes set out in Articles 3 and 12, the persons referred to in Article 1 must monitor on COAF’s website the disclosure of additional information, as well as information relating to the locations covered by items V and VI of Article 12.
Article 23 The persons referred to in Article 1 must comply with requests made by COAF regarding periodicity, form and conditions established by it, preserving, pursuant to law, the confidentiality of the information provided.

Not carried over (11)

§ 2. The provisions of § 1 of this article do not apply to legal persons classified under the Unified Special Regime for Collection of Taxes and Contributions due by Microenterprises and Small Businesses – SIMPLES NACIONAL.
II – information allowing assessment of their economic and financial capacities;
III – the risk category in which they were classified; and
§ 1. In high-risk categories or situations designated by an act of the President of COAF, it is required to:
II – initiate, continue, or conclude the operation or client relationship only after explicit authorization recorded by the Board of Directors.
II – values, dates, and payment methods and forms involved.
Article 8. The persons referred to in Article 1 must communicate to COAF, within 24 (twenty-four) hours, refraining from informing clients, third-party interveners, and other parties involved, the proposal or execution of operations:
I – considered suspicious due to: a) the parties, third-party interveners, and other parties involved;
I – considered suspicious due to: b) the values, manner of execution, and payment methods and forms;
I – considered suspicious due to: II - defined as requiring automatic communication in an act of the President of COAF.
In issuing instructions, the President of COAF may, considering the specificities of the obligated sectors, exempt them from compliance with obligations established in this Resolution that are incompatible with the type of operation they carry out.

Against COAF Resolution No. 13 of September 30, 2005 – Revoked by COAF Resolution No. 21 of December 20, 2012 – Provides procedures to be observed by commercial or mercantile factoring companies (2005-09-30)

79 new obligations · 2 amounts or limits changed · 1 deadline changed · 5 changes of scope · 21 not carried over

15 obligations are the same in both texts.

Changed (8)

Scope
Before
g) accounting statements of the last fiscal year, updated up to the last civil semester, when dealing with companies taxed under actual profit;
Now
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - e) accounting statements, at minimum, of the previous year; and
Scope
Before
b) registration number in the National Register of Legal Entities – CNPJ or registration number in the National Register of Individuals – CPF or, if foreign, without CPF, passport or other official identification document;
Now
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 2. registration number in the Individual Taxpayer Registry – CPF;
Scope
Before
f) site‑visit report containing information on gross revenue, expenses and net revenue for the last civil semester, when dealing with micro or small companies;
Now
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - d) visitation report containing information on: 1. turnover of the last civil semester, when dealing with micro or small companies, or updated accounting statements for oth…
Amount or limit
Before
5. Operation, valued at R$ 50,000.00 or more, incompatible with the client’s assets, economic activity or presumed financial capacity;
Now
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - III – operation incompatible with the client’s assets, economic‑financial capacity, or receivable‑generati…
Amount or limit
Before
2. Proposal or operation, valued at R$ 50,000.00 or more, whose payment is made to a third‑party account, except when that party is part of the client’s production chain;
Now
Article 12 Operations and proposals of operations in the situations listed below may constitute serious indications of the crimes provided for in Law No. 9,613 of 3.3.1998, or be related to them, and must be analysed with special attention and, if considered suspicious, reported to COAF: - X – operation involving payment to a third party, even when authorised by the client, provided it is not d…
Deadline
Before
Factoring companies that, during a civil semester, have not made communications as provided in the main clause of this article, must declare to COAF the non‑occurrence of the operations or situations described in the main clause, within 30 days after the end of the respective semester.
Now
Article 14 If, during the calendar year, no operations or proposals referred to in Articles 12 and 13 are identified, the persons referred to in Article 1 must declare such fact to COAF by January 31 of the following year.
Scope
Before
Art. 11 The registries and records provided for in this Resolution must be retained by the persons mentioned in Art. 1 for a minimum period of five years from the conclusion of the transaction.
Now
Article 16 The persons referred to in Article 1 must preserve the registries and records referred to in Articles 7 and 11, as well as the correspondence referred to in Article 7, for at least five (5) years, counted from the termination of the contractual relationship with the client.
Scope
Before
Art. 12 The persons mentioned in Art. 1 must, at any time, comply with information requests formulated by COAF regarding their corporate and financial situation, their clients and respective owners, controllers, mandataries or proxies, and proposals or operations agreed upon.
Now
Article 23 The persons referred to in Article 1 must comply with requests made by COAF regarding periodicity, form and conditions established by it, preserving, pursuant to law, the confidentiality of the information provided.

New in this text (79)

The persons referred to in this article must observe the provisions of this Resolution in all business and operations they carry out, including those that involve: - I – the purchase or sale of other goods or the provision of other services not related to or linked to the main activity developed; and
The persons referred to in this article must observe the provisions of this Resolution in all business and operations they carry out, including those that involve: - II – the purchase or sale of movable or immovable assets that form part of their assets.
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - I – identifying and conducting due diligence to qualify clients and other parties involved in the operations they carry out;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - II – obtaining information on the purpose and nature of the business relationship;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - III – identifying the ultimate beneficiary of the operations they carry out;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - IV – identifying suspicious operations or proposals of operations or mandatory communications;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - V – mitigating the risks that new products, services and technologies may be used for money laundering and terrorist financing;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - b) types of products and services traded;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - c) payment methods used; and
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - d) manner in which the operations are carried out;
Article 2 The persons referred to in Article 1 must establish and implement an anti‑money‑laundering and counter‑terrorist financing policy compatible with their size and volume of operations, which must at minimum cover procedures and controls aimed at: - VII – periodically verifying the effectiveness of the adopted policy.
The policy mentioned in the caput must be formally expressed, approved by the holder of the highest management authority, and must also include procedures for: - I – selection and training of employees;
The policy mentioned in the caput must be formally expressed, approved by the holder of the highest management authority, and must also include procedures for: - II – dissemination of its content to staff through continuous institutionalised processes;
The policy mentioned in the caput must be formally expressed, approved by the holder of the highest management authority, and must also include procedures for: - III – monitoring of employees’ activities; and
The policy mentioned in the caput must be formally expressed, approved by the holder of the highest management authority, and must also include procedures for: - IV – preventing conflicts between commercial/enterprise interests and the anti‑money‑laundering and counter‑terrorist‑financing mechanisms.
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 1. object;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 2. capital amount; and
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) corporate charter information: 3. time of existence;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - b) activities actually performed, including types of goods and services traded, client characteristics and geographic area of operation;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - c) effective operating time;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - d) address;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - f) facilities, number of employees, receivable‑generation capacity and inventories;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - a) socioeconomic profile;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - b) other activities performed;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - c) participation in other companies, including as attorney or holder of any other type of mandate;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - d) nationality;
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - e) residential address; and
Article 4 For the classification of clients into the categories referred to in Article 2, item VI, the persons referred to in Article 1 must use, at minimum, the following information about the respective clients: - f) status as politically exposed person, pursuant to COAF Resolution No. 16 of 28.3.2007.
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - I – legal entity whose ultimate beneficiary cannot be identified or whose identification is difficult or costly;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - II – client whose due diligence cannot be completed;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - III – client habitually represented by third parties;
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - IV – client represented by, or whose shareholding includes, a person domiciled in jurisdictions with strategic deficiencies in anti‑money‑laundering and counter‑terrorist‑financing prevention, or in a region considered a tax haven; and
The persons referred to in Article 1 must include in the highest risk category, at minimum, the following persons: - V – any client related to a person covered by any of the conditions set out in Article 1 of COAF Resolution No. 15 of 28.3.2007.
Article 5 For the classification of operations into the categories referred to in Article 2, item VI, the operations covered by Articles 12 and 13 must be classified in the highest risk category.
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - c) identification of ultimate beneficiaries or record of measures adopted to identify them, pursuant to Article 10, as well as their classification under any of the conditi…
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - e) address;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - f) telephone number;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - h) turnover value for each of the last three years;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - i) record of the analysis that determined the client’s risk categorisation, pursuant to Article 4;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 1. full name;
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 5. classification under any of the conditions set out in items I, II and III of Article 1 of COAF Resolution No. 15 of 28.3.2007; and
- j) the following information about all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 6. classification as politically exposed person, pursuant to COAF Resolution No. 16 of 28.03.2007;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - k) record of the purpose and nature of the business relationship;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - l) date of registration and, where applicable, its updates;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - m) printed and electronic correspondence concerning the execution of operations;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - a) all information required in item I;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - b) copy of the corporate charter and amendments;
Article 7 The persons referred to in Article 1 must maintain a registry of their clients and other parties involved in the operations they carry out, including representatives and attorneys, which must contain, at minimum: - d) visitation report containing information on: 2. compatibility of facilities, number of employees, receivable‑generation capacity and inventories with turnover; and
- e) copies of the following documents for all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 1. identification document; and
- e) copies of the following documents for all partners, representatives and attorneys, except in the case of publicly‑held corporations, whose information must reach controllers, president and officers authorised to perform management acts that affect assets: 2. proof of registration in the Individual Taxpayer Registry – CPF.
Paragraph 1.* In intermediate risk category(ies), if any, the persons referred to in Article 1 must, in addition to the provisions of item I of the caput, include in the registry information or documents proportionate to the respective risk.
Paragraph 2.* The registry must also contain the record of the procedures and analyses referred to in Article 9.
Article 8 For the execution of the operations covered by this Resolution, the persons referred to in Article 1 must ensure that the client’s registry information is up‑to‑date at the time of the transaction.
Article 9 The persons referred to in Article 1 must adopt additional verification procedures whenever there is doubt about the reliability of the information contained in the registry or when there is suspicion of the crimes provided for in Law No. 9,613 of 3.3.1998, or of situations related to them.
Article 10 The persons referred to in Article 1 must adopt appropriate measures to understand the shareholding composition and control structure of corporate‑person clients, with the aim of identifying their ultimate beneficiary.
When it is not possible to identify the ultimate beneficiary, the persons referred to in Article 1 must give special attention to the operation, evaluating the convenience of carrying it out or establishing/maintaining the business relationship.
Article 11 The persons referred to in Article 1 must keep a record of all services they provide and all operations they carry out, which must contain, at minimum: - I – client identification;
Article 11 The persons referred to in Article 1 must keep a record of all services they provide and all operations they carry out, which must contain, at minimum: - a) name of the signatory of the amendment;
- V – record of the analysis that determined the operation’s risk categorisation, pursuant to Article 5;
- VI – reasoned record of the decision to proceed or not with the communications referred to in Article 12, as well as the analyses referred to in Article 3.

The first 60 of 79 are shown.

Not carried over (21)

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, commercial or mercantile factoring companies must observe the provisions contained in this Resolution.
Art. 2 The companies mentioned in Art. 1 must register and keep their registration up to date with COAF, providing the following information: a) corporate name (legal name);
Art. 2 The companies mentioned in Art. 1 must register and keep their registration up to date with COAF, providing the following information: d) identification of the director responsible for compliance with the norms set out in this Resolution.
Art. 3 Factoring companies must identify contracting companies and keep an updated registry, pursuant to this Resolution.
Art. 4 The registry must contain, at a minimum, the following information:
d) full address (street, complement, neighborhood, city, federative unit, ZIP code), telephone;
h) credit‑rating issued by a specialized credit entity (Credit Bureau);
i) risk analysis, valid for a maximum of six months, including overall limit for operations and the respective commitment at the time of the operation.
a) name, gender, date of birth, parentage, place of birth, nationality, marital status and name of spouse or partner or corporate name;
If the controller of the company is a legal entity, the registration information must cover the natural persons who effectively control it and, if a foreign legal entity, the mandatary residing in Brazil.
Art. 5 Factoring companies must maintain a record of all transactions they carry out.
Factoring companies must develop and implement internal control procedures proportionate to their size, to detect operations that may contain indications of crime.
Art. 6 The transaction record must contain, in addition to the qualification of the contracting party, at least the following information:
I – specification of the titles or receivables involved in the operation and their essential elements, beneficiaries and operation value;
II – date of transaction completion, a statement detailing total value, purchase differential, ad valorem service commission and net value; and
III – description of the services provided.
The records and internal controls must be capable of demonstrating the compatibility between the corresponding movement of funds, the economic activity carried out by the client company and its financial capacity.
Art. 8 The persons mentioned in Art. 1 must communicate to COAF, within twenty‑four hours and refraining from informing the clients of such act, any proposal or execution of transactions: a) listed in Art. 7; and
Art. 10 The information mentioned in Art. 8 must be sent electronically or, in the event of impossibility, by any other means that preserve the confidentiality of the information.
4. Operations, valued at R$ 50,000.00 or more, carried out in locations situated at borders;
6. Transaction or proposal, valued at R$ 50,000.00 or more, with non‑regular clients from other locations;

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.