COAF examines 9 cases in the last trial session of 2023

Summary:

The Plenary of Brazil's Financial Activities Control Committee (Coaf) concluded its examination of 9 Administrative Sanctioning Processes (PAS) on December 13, 2023, through a video conference. The cases involved companies directly supervised by Coaf in matters of preventing money laundering and financing of terrorism and proliferation of weapons of mass destruction. The infractions punished related to non-compliance with identification and maintenance of updated client records, record-keeping, and implementation of anti-money laundering/anti-terrorist financing policies. As a result, Coaf collected R$ 188.4 million in fines from the 647 PAS it has judged since exercising its residual competence to supervise companies subject to its oversight.