The Brazilian banking system is one of the most modern in the world. As customers, we carry out a multitude of transactions with a few clicks. Payments, transfers, investments, risk analysis, contact the Professional Financial Institution and many other operations that are available in the palm of our hands. On the side of the bank, have you ever stopped to think about the amount of platforms and technological solutions needed for many products and services are available 24 hours a day, seven days a week?
The options are many and though stand out as a highly technological and automated area, the banking system still does not make use of all available solutions and can deliver better performance and compliance in its operations, especially with regard the obligations imposed by regulatory bodies such as the Central Bank of Brazil. Examples are solutions that reduce operational errors, fraud and money laundering (LD).
Let’s look, for example, the fact that resources generated in collusive tendering processes can be “washed”, causing damage relevant to the public coffers of Brazil and the world.
Detect an operation with money laundering evidence is not a simple task. For starters, the LD involves not only large transactions in cash, generated by some illegal activities. For this reason, the first concern of those involved in the washing process is to put the money into the financial system through regular operations, such as deposits, purchase of securities, payment of charges, among others. Once inserted in the financial institutions, initiated the second phase of transforming this asset into another form of active, to hinder their tracking. This can be done through investments in fixed income and equities, buying banking products or insurance, savings bonds, etc. Third, these financial products are rescued, formally incorporated and used to purchase other goods with supposedly origin “lawful”.
Money laundering can also be performed through numerous transfers between accounts – inside and outside the country – the money arising from any criminal offense. But the difficulty here is to detect which transaction involving illicit amount among thousands – perhaps millions -. That are made daily and, for the most part, legitimate
To prevent – or at least reduce – such operations, the Brazilian financial system has several regulations, instructions and recommendations of the Central Bank (Central Bank of Brazil) and CVM (Brazilian Securities Commission). An example is the Circular Letter 3,542 / 12, which lists the situations and operations that may constitute a criminal offense occurrence of evidence, as established in Law 9.613 / 98, which are capable of being disclosed to COAF (Council for Financial Activities Control ), a body established under the Ministry of finance, established by Law 9613, 1998, and which acts primarily on the prevention and combating money laundering and terrorist financing.
It is the Coaf receive, examine and identify the suspicions of illicit activities; notify the competent authorities for the establishment of the procedures applicable in situations where the Council establish the existence or grounded evidence, laundering crimes, concealment of assets, rights and values, or any other unlawful; coordinate and propose mechanisms for cooperation and exchange of information that enable fast and efficient actions to combat concealment or disguise of property, rights and values; and disciplinary and administrative penalties apply.
However, keep in line with best practices is a major challenge. There are countless products available from private pension, insurance, current accounts, savings accounts, among others and generate new transactions all the time. The effort to generate data and information is huge and many institutions still have empirical controls.
Many may wonder: With so much technology available, for which reason not scan all these operations? The challenge that arises is the integration of systems. We have many banks in the market, each with its environment running on a particular platform, this integration difficult.
This lack of integration affects the monitoring action, since it limits the capture of data, event correlation and mapping unusual behaviors, such as – transacted amounts that may lead to such operations relating to wash money.
Delete this gap is not easy, but the banks and regulators are always working with this focus. And, to support them in this challenge, they rely on the commitment and expertise of companies that develop solutions that offer alternatives to the digital transformation of these financial institutions.
The use of an agnostic technology that integrates quickly to other market platforms is one of the main outputs that result in gains for all levels: the processes gain automation and monitoring; transactions gain more security; managers gain transparency; the institution earns governance and visibility, and customers gain credibility.
Ivan Silva – D retor presales Software AG
Alberlei Aparecido de Oliveira – Analyst torts in a Financial Institution and author of Prevention Mechanisms of Money Laundering – Identifying fraud in public procurement 
No comments:
Post a Comment