COAF examines 8 processes in the August trial session

Summary:

The Plenary of the Brazilian Financial Crisis Management System (Coaf) concluded its examination of eight Administrative Penalty Processes (PAS) by imposing fines totaling R$483,000. The processes involved companies directly supervised by Coaf in preventing money laundering, financing terrorism, and the proliferation of weapons of mass destruction. Infractions included failures to identify and maintain updated client databases, lack of policies to prevent money laundering and financing terrorism, and failure to report certain transactions to Coaf. This brings the total amount of fines imposed by Coaf to R$183.6 million in the 631 PAS it has examined since its inception.