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Banpará Takes Steps to Prevent Money Laundering and Terrorism Financing
Belém, Pará - In order to prevent being associated with risk, illegal or political activities, Banpará has defined sectors in which it does not want to operate and sectors and persons for whom it recommends the adoption of stricter procedures and continuous diligence.
Sectors and Entities of Concern
The bank has identified several sectors and entities that are considered high-risk and therefore will not be served by Banpará. These include:
- Bingo halls
- Companies headquartered in border areas
- Offshore companies seeking tax privileges
- Non-resident individual clients
- Shell banks
Additionally, the bank prohibits relationships with:
- Commercial or mercantile development companies
- Lottery shops
- Travel agencies
- Churches, temples, and religious congregations
- Non-governmental organizations
- Gas stations
- Politically exposed persons
“Get to Know Your Customer” Policy
The “Get to Know Your Customer” policy is a crucial tool for preventing and combating money laundering and terrorism financing. This policy involves:
- Identifying, evaluating, and recording information of natural persons and legal entities in the contracting of financial products and services.
Monitoring Operations and Situations
Banpará has established procedures for monitoring operations and situations that can indicate money laundering or concealing of property, rights, and proceeds. These procedures include:
- Clipping news articles
- Restricted lists
- Internal communications
- Authorities’ requirements
- Queries and complaints made by other institutions
Employee Responsibilities
All employees of Banpará are responsible for maintaining a permanent control environment to monitor all operations of clients, individuals, politically exposed persons, and legal entities. The bank’s products and services must not be used for illicit purposes.
Compliance with Federal Laws and Regulations
The measures taken by Banpará are in compliance with federal laws 9,613 and 12,683, as well as circular letters from the Central Bank of Brazil and other regulations.
By taking these steps, Banpará demonstrates its commitment to preventing money laundering and terrorism financing, and ensuring a safe and secure environment for its customers.