On August 22, the Financial Investigation Unit (UIF) approved the new Compliance Instructive for Financial Intermediation Entities based on risk management of Legitimation of Illicit Profits, Financing of Terrorism and Previous Crimes that will come into force in October of this year.
The objective of this Instructive is to establish specific guidelines for the implementation of the risk management of Legitimation of Illicit Profits, Financing of Terrorism and/or Previous Crimes, in activities developed by the Financial Entities regulated by the Financial System Supervision Authority (ASFI).
Under the guidelines of this Instruction, the subjects targeted by the UIF will be:
- People who receive large money credits in a bank account that was inactive for a long time.
- Customers who are reluctant to fill out forms.
- Those who pay their credits in advance.
The update of this Instruction was carried out in order to comply with the recommendations made by the International Financial Action Task Force (FATF).