On August 14th, the Secretariat for the Prevention of Money Laundering and Assets ("SEPRELAD") issued Resolution No. 172, which approves the new Regulations for the Prevention of Asset Laundering and Financing of Terrorism ("AL/FT") for entities of the Stock Market, such as Brokerage Firms, Administrators of Investment Funds, Stock Exchanges, Product Exchanges and other agents created by special laws, subject to the supervision of the National Securities Commission ("CNV").
The new regulations update the previous regime, repealing Resolution 59/08 and establishing a new system consisting of two components: compliance and risk management of AL/FT.
The first, the compliance component, is composed of the policies, procedures and controls determined by the obligated company itself, in accordance with current regulatory provisions on the subject.
On the other hand, the management component must be integrated by the policies, procedures, identification controls, evaluation, mitigation and monitoring of AL/FT risks, according to the level of exposure established in the risk self-assessment of the obliged company.
With this new regulations, the requirements of the AL/FT prevention system for the entities supervised by the CNV undergo important modifications, so they must substantially update their respective AL/FT prevention procedures according to the new established guidelines.