The Brazilian Foreign Exchange Association (Abracam) is a non-profit civil entity that represents institutions and entities operating in the foreign exchange and foreign trade market, with the purpose of contributing to the improvement of best practices and the strengthening of this market.
The entity's objective is to fully align its members with the requirements set forth in Circular No. 3,978 of the Central Bank of Brazil, which establishes the policy, procedures and internal controls to be adopted by authorized institutions aimed at preventing the "laundering" or concealment of assets, rights and values ??and combating the financing of terrorism.
Thus, the Association instituted the Abracam Seal of Compliance, so that institutions authorized to operate in this market, and their agents, can prove full compliance with these legal and regulatory provisions.
The entity already has a long series of seals according to the activity developed by the companies and is now ready to launch a new series, aimed at service providers that work with sports betting and online gaming companies.
Abracam's CEO, Kelly Massaro, confirmed the launch of the seal for companies that work with bets during the 8th Compliance & Business Day and also commented that the entity has actively collaborated with public consultations of the Central Bank that affect the foreign exchange segment.
Among them, the proposal to regulate banking as a service (BaaS), which affects EFX (Electronic Foreign Exchange, a segment of digital international payments and transfers) service providers, and also the consultation for the regulation of virtual assets.
Source: GMB
