Clipping of news on Brazilian Culture, Law and Citizenship
07/05/2012
This article was translated by an automatic translation system, and was therefore not reviewed by people.
SAO PAULO - The SUSEP (Private Insurance Superintendence) published last Wednesday (4) in the Official Gazette, Circular No. 445 which aims to prevent and combat the crime of money laundering in insurance.
According to the published text, insurance companies will have to do a lot with specific internal controls designed to combat the crimes of laundering or concealment of assets.
Now the companies are not obliged to monitor operations, even when there is suspicion of money laundering. Among the procedures required in the circular is a requirement for an in depth analysis of the operations and implementation of customer identification procedure, beneficiaries, contractors and other related parties.
Insurance companies will have a period of 90 days to adjust to circulate.
Source: The Day Online
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This article was translated by an automatic translation system, and was therefore not reviewed by people.