Council for Financial Activities Control is the financial intelligence unit that works to prevent money laundering in Brazil. Responsible for analyzing risks and collecting information where money laundering is suspected.
COAF issues regulations to prevent financial crime and obliges certain financial institutions to comply with these regulations. Institutions and organizations such as stock exchanges, banks, credit card issuers, money managers, insurers and brokers, real estate agents, luxury goods salespeople are subject to these regulations.
What Does Council for Financial Activities Control Do?
The council for Financial Activities Control was established in 1988 under the Ministry of Finance. He was tasked with detecting illegal activities related to money laundering, collecting information, regulating and enforcing administrative sanctions. Apart from money laundering, it also carries out studies on terrorist financing and tax evasion.
COAF's responsibilities to prevent financial crime include:
- To update and publish regulations,
- Making the KYC Process mandatory for risky institutions,
- To examine and follow the compulsory reports received from financial institutions,
- Representing Brazil on anti-money laundering platforms such as the FATF,
- Informing institutions about how to comply with AML/CFT regulations with the information collected,
- To do anti-corruption work.
Comply With The Council for Financial Activities Control
To comply with the Council for Financial Activities Control, the implementation of the regulations it publishes must be met. Compliance with these regulations for financial institutions becomes easier with technological solutions.
Many processes such as Know Your Customer (KYC), Sanction Screening, Adverse Media Screening, Customer Onboarding, Transaction Screening ensure that companies comply with regulations and avoid significant fines. Sanction Scanner provides software support to make these processes easy.
With the AML Screening Tool, you can scan your customers in more than 3000 lists and access Adverse Media Data about them. With Transaction Monitoring Software, you can control your customers' transactions and create risk cards. In addition, you can receive automatic alarms from customers who go out of the scenario you have determined. For more information about the products, you can request a demo or contact us.