The Financial Information Unit (FIU) adopted a new regulation regarding the obligated subjects to provide information in the capital market sector, with the objective of aligning the regulations with the recommendations of the International Financial Action Task Force (FATF).
It did so through UIF Resolution 78/2023 published today in the Official Gazette which, when it enters into force on July 1, will repeal the previous regulation of Resolution 21/2018.
The period of time is directed so that the obligated subjects readjust or adjust their money laundering prevention systems as well as their policies, procedures and internal controls.
This modification of the regulations targets Mutual Investment Funds: “regarding individuals and/or legal entities registered with the CNV that act in the placement of Mutual Investment Funds or other collective investment productsthe holders of shares of common investment funds and/or trust debt securities (VRD) and/or certificates of participation in financial trusts will be considered CLIENTS”, states the text in BO.
While, are not considered Obliged Subjects those Registered Agents under the subcategory of Settlement and Clearing Agents “provided that their activity is limited exclusively to registering operations in futures contracts and futures option contracts, negotiated in markets under the supervision of that Commission”; and do not offer intermediation services, nor opening operating accounts to third parties to place orders and operate the instruments”.
What is the new regulation about?
The reform to the regulation -the first in five years- adapts the minimum requirements that obligated subjects that operate in the capital market must meet for the “identification, evaluation, monitoring, administration and mitigation of money laundering and terrorist financing risks”as specified by the FIU through a statement.
The changes took into account current international standards, guides and guidelines issued by the International Financial Action Task Force (GAFI), and were made by consensus after holding meetings with the National Securities Commission (CNV) and the markets and chambers of the sector.
Likewise, the modifications were based on the results of the National Risk Assessments carried out in 2022.
1. The concept of “own portfolio” is introduced
It is understood as those operations carried out by stockbrokers for themselves, for members of the same economic group including controlled and controlling companies-; or for relatives.
2. update mechanism
In addition to regulating the obligations to be fulfilled for these operations, an automatic update mechanism is established taking as a parameter the Minimum Vital and Mobile Wage which will serve as a limit when applying the Simplified Due Diligence measures in the Crowdfunding Systems-
3. systematic reports
The standard referring to the obligation to carry out Systematic Reports is also readjusted, detailing the information that each of the different reports must contain.
4. The concept of “customer” is clarified
A series of cases considered high risk are identified and, consequently, imply the application of Enhanced Due Diligence by the reporting entities.
Indicative alert signals are also incorporated that must be considered by the obligated subjects in order to determine if it is appropriate to make a Suspicious Operation Report (ROS).
Another objective of the reform was to simplify the language of the regulations to achieve “a better understanding of it for its effective implementation”.
The change in the regulations is part of a process to update the entire regulatory framework of the FIU, promoting greater effectiveness of the money laundering prevention system, in line with the FATF recommendations and the results of the national risk assessments of money laundering. money laundering and terrorist financing.
The changes in the resolutions are made with a view to the Mutual Evaluation Process of the 4th. Round the FATF to the country, whose pre-evaluation process will begin on May 29 and will end in October of next year.
With the same objectives, at the end of April, a bill to reform Law 25,246 on anti-money laundering was approved in the Chamber of Deputies, the first modification since 2012.
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