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Superintendence of Private Insurance (SUSEP) publishes Circular 612, which brings new provisions on prevention of money laundering

04/09/2020

The Superintendence of Private Insurance (Susep) published on Wednesday (September 2) in the “Federal Official Gazette” (DOU) Circular 612, which provides for policies and procedures aimed at combating crimes of money laundering and prevention of terrorism. The instrument must be complied by insurance companies, brokers, capitalization companies, reinsurers and open private pension entities.

The norm imposes new rules on insurance companies that must develop and implement effective internal policies, procedures and controls, consistent with the nature, complexity and risks of the operations carried out. These include the identification, assessment, control and monitoring of the risks of being involved in situations related to money laundering and terrorist financing.

To that end, the circular contains minimum and detailed guidelines for the elaboration of policies, establishment of governance systems, risk monitoring and customer due diligence procedures. Governance structures must ensure compliance with policies, procedures and internal controls to prevent money laundering. In addition, a director responsible for compliance with the rules must be appointed, with immediate and unrestricted access to the identification data of customers, beneficiaries, third parties, other related parties and final beneficiaries.

In addition, companies must conduct internal risk assessment procedures, which must be reviewed every two years, as well as when there are significant changes in risk profiles. If the results of the analysis indicate atypicality or evidence of financial crime, the companies must report directly to the Brazilian Financial Activities Control Council (Coaf), within twenty-four hours counted from the conclusion of the analysis or the awareness of what happened.

Infringement of the provisions of the Circular, may result in administrative liability of those involved, under the terms of the Brazilian Money Laundering Law (Law No. 9,613 / 1998). The standard will come into force on March 1, 2021, except for articles 45 and 46, which come into force on the date of their publication.

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