BC relaxes rules on money laundering to make it possible to develop

The Central Bank (BC) announced this Wednesday (4) that “specific adjustments” were made in a January 2020 circular on the prevention of money laundering and terrorist financing within the financial system, to cover situations of very low risk. The changes cover the resolution that regulates the sharing of data and information of debtors who have renegotiated their debts.

As a result, financial institutions are exempt from surveying, classifying and qualifying customers who have renegotiated debts through the Desenrola Brasil program. Under the new rules, financial institutions will not need to share debtors’ financial history to carry out customer qualification and classification procedures in federal debt renegotiation programs in three situations:

• when the renegotiated operations are in default (more than 90 days late) on the date of establishment of the respective program;
• when the resources released in the renegotiation operation are transferred directly to the creditor of the renegotiated debt, without any interference from the debtor; It is
• when the renegotiation refers to defaulted debts with non-financial legal entities or institutions authorized to operate by the BC that are responsible for registering the debtor on defaulter registers.

According to the BC, the change was only made now due to the sanction of Desenrola, informed the Brazil Agency. The body highlighted that the changes do not cover the other provisions of the standard for combating terrorism and money laundering.

In a note, the BC highlighted that the change occurred because the banks participating in the program were facing difficulties in classifying and qualifying customers, as in several situations, the debtor had no prior relationship with the institution that granted the credit or had even not been a customer. from any other institution before contracting the debt.