The Circular Letter obliges to establish a self-control, money laundering and terrorism financing risk management system (LA/FT), according to the features of each business, the goods and services offered, their marketing, the main geographical areas of operation, among other aspects that may be relevant in terms of its design.
The Circular Letter hereby sets minimum requirements to be met by the aforementioned system, some of which are:
1) To identify situations that may generate risks of LA/FT to the company in its operations, business dealings or contracts.
2) To establish procedures of due diligence, namely, customer knowledge, politically exposed people, suppliers, associates, workers and employees.
3) To regulate the handling of cash within the company.
4) To communicate the policy and procedures that has been adopted to the employees that should receive the information in order to prevent the aforementioned risk and to comply the proposed objectives.
5) To train employees, in the specific manner determined by the company, about the prevention of the aforementioned risk at least once a year.
6) To establish tools to identify unusual or suspicious operations.
7) To attest all the operations, business dealings and contracts with supports.
8) To report all attempted and suspicious operations to the UIAF, ROS.
You can also download the complete Law in PDF format Here.