Brazilian Superintendence of Private Insurance discusses National Risk Assessment 2.0 and AML/CFT continuous improvement expectations at IPLD Congress

The Brazilian Superintendence of Private Insurance (SUSEP), represented by technical analyst Gustavo Dias, participated in the 7th International Congress of the Institute for Integrity, ESG, Prevention and Combatting Money Laundering and Terrorist Financing (IPLD) in Rio de Janeiro on 20–21 May, with Dias speaking on the “National Risk Assessment (NRA) 2.0: Adapting Policies and Procedures” panel. The session focused on recent updates to Brazil’s National Risk Assessment for AML/CFT and the resulting need for financial institutions to adjust internal policies and procedures to meet updated regulatory requirements. Dias, SUSEP’s representative on the Council for Financial Activities Control (COAF) and in ENCCLA and FATF-related work, stressed that the quality and maturity of supervised firms’ internal AML/CFT risk assessments are important both for protecting companies and markets and because these risk perceptions inform supervisors’ sectoral risk assessments that feed into the National Risk Assessment. He also referenced the continuous-improvement cycle set out in SUSEP Circular No. 612/2020, under which effectiveness assessments of a firm’s AML/CFT system should identify necessary enhancements to policies, procedures and controls and contribute to the next iteration of the firm’s internal risk assessment, supporting stronger reporting and protection against money laundering, terrorist financing and proliferation financing risks.