On February 17, the Superintendency of Companies published the Norms for the Prevention of Money Laundering, Financing of Terrorism and other crimes. The rule establishes the policies, procedures and mechanisms required to prevent money laundering, to be followed by the entities or companies regulated by the Superintendency. In other news, the Economic Development Committee began the study of the bill for the Comprehensive Organic Consumer Protection Law. The committee is expected to continue its study in the short term.
Money Laundering Prevention Regulations
The resolution stipulates that the corresponding entities must implement a Risk Prevention System detailing the policies, procedures, mechanisms and methodology set in place to manage risks and prevent and detect any unusual, unjustified or suspicious transactions, enabling them to be appropriately reported. The regulation will become effective as of its publication in the Official Gazette.
The procedures used must make it possible to identify both client and final beneficiary, allowing information to be properly checked, in order to establish their profile and determine whether the volume of operations corresponds to the information provided. In addition, any unusual economic transactions detected should be reported to the Financial and Economic Analysis Unit (UAFE).
Reform of the Consumer Defense Law
During the session, legislator César Rohon (PSC – opposition) indicated that the country does not have a “proper” consumer defense law. Rohon explained that market “abuses” should be regulated and proposed that the committee move forward with the preparation of the report for first debate, in order for the new Assembly to resume its study of this legislation