Summary
This document is a guide on the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Brazil. It outlines the legal framework established by Brazil's Anti-Money Laundering and Counter Financing of Terrorism law, detailing the obligations of both legal and natural persons in preventing money laundering and terrorist financing. The guide specifies the necessary requirements for identity verification, including due diligence measures, compliant customer due diligence methods, and the types of documents required for verification. It emphasizes the importance of ongoing identity verification processes and the conditions under which enhanced due diligence measures should be applied. The document also discusses the potential reliance on external services for fulfilling AML and KYC obligations, while reiterating that the ultimate responsibility for compliance lies with the client. Additionally, it includes record retention requirements mandated by Brazilian law, necessitating the retention of data for a minimum of five years.
