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Compliance Money Laundering Prevention (PLD)

Money Laundering Prevention (PLD)

Last update: May 13, 2023

Money Laundering Prevention (PLD) is equivalent to the term in English Anti-Money Laundering (AML). PLD, therefore, refers to the work to prevent financial resources obtained illicitly from being inserted into the country's economic cycle with the appearance of 'clean' money. For this, it is necessary to implement various processes and norms in accordance with the determinations of the regulatory bodies, such as the Financial Activities Control Council (COAF). Therefore, PLD practices assist compliance work within SmartFastPay Technology and Services following the requirements of legislation and internal norms.

Applying AML to processes

Compliance work to assess the risks involved in the acceptance and monitoring process is complex and requires seriousness, care, and respect. The engagement of all employees in this mindset is fundamental to follow legal rules and maintain the company's integrity.

Using the Data Engine service, we consult our customers' information (KYC), rely on data for AML, prevention of terrorism financing (FT) personal relationships, Politically Exposed Person (PEP), restrictive lists, negative media, lawsuits, embargoes, penalties at IBAMA, and many other information.

We conduct queries, unify data, instantly in an automated search across dozens of sources, receiving a structured report with all the information for an accurate decision-making.

We optimize our time by validating compliance information, thus better understanding our customer, checking reputational information and AML & background Check, minimizing the risk of fraud and money laundering.

Policy for the Prevention of Money Laundering and Terrorist Financing

To ensure that the Risk-Based Approach is done correctly and guarantees the best prevention of money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction (AML/CFT), we adopt the following practices:

  • Structuring an AML/CFT Policy;
  • Periodic elaboration of an internal risk assessment;
  • Reformulation of its rules, procedures, and internal controls.

Another issue is related to the definition of the steps linked to the conduct of the “Know Your Customer” or Know Your Client (KYC) Policy, including detailing the routines related to the full knowledge of the final beneficiary.

Also, greater detailing of the warning signs to be monitored and the points that should integrate the operation analysis, as well as the presentation of the minimum elements that should be part of a report to the Financial Activities Control Council – COAF.

Through the Data Engine, our company can comply with all CVM standards automatically and centrally. Through our risk classification process, SmartFastPay Technology and Services can perform the entire analysis, based on criteria, of what risk the client represents to the business. Moreover, with the Corporate Web, we get a complete view of all the final beneficiaries of the consulted client, with a Monitoring of Queries, where, automatically and in periods that the client makes a new request, the system will search for the client again, reporting for new information in their data

Another feature of the Data Engine that meets 100% of CVM is the Hierarchical Query. It returns the information of partners and administrators in relation to PEP - Politically Exposed Person. In this regard, we identify whether this investor is controlled by a PEP, or, alternatively, if it can be classified as a nonprofit organization, under current legislation.

Know Your Client (KYC) Anti-Money Laundering (AML)

Our data query platform, developed by Cedro Technologies, the Data Engine, allows SmartFastPay to validate the data of any individual or legal entity. The tool quickly accesses various different sources, unifying the processing of information.

  • Credit score
  • Credit bureau for negative analysis, bounced checks, and protests
  • Boa Vista/SCPC (organization that carries out restrictions)
  • CPF/CNPJ status at the Federal Revenue
  • Judicial Actions
  • Slave Labor
  • PEP - Politically Exposed Person
  • Basic Registration Data
  • Addresses
  • Phones
  • Emails

KYC Validations

  • Validation of all personal data of individuals;
  • Validation of all registration data of legal entities;
  • Complete query of individual's data;
  • Validation of CNH x CPF;
  • Validation of RG x CPF;
  • Information on QSA (Partners and Administrators);
  • Money Laundering/PLD with public and private sources;
  • Search for processes in courts of justice;
  • Validation of Person included in the OFAC (Office of Foreign Assets Control) database for international crimes;
  • Validation of CPF on slave labor lists;
  • Validation of CPF classified as PEP (Politically Exposed Person) SISCOAF;
  • Validation of Person included in the BNMP (National Bank of Arrest Warrants);
  • Validation of Individual (CPF) and/or Legal Entity (CNPJ) with credit bureaus, such as SERASA;
  • Negative media verification;
  • Others available;

Additionally, SmartFastPay has a negative media service. In this sense, negative media, information extracted from Google's database and other sites, are important tools because they indicate the involvement of a certain person - whether physical or legal - in various crimes. With the automation of news research, which uses a set of disruptive technologies, such as artificial intelligence, machine learning, and Natural Language Processing (NLP), it is possible to obtain, in addition to information, an evaluation of the sentiment attached to each entity mentioned in the news, which can be classified as negative, positive, or neutral. This type of analysis helps to understand the impact of the content in the context and for the image of those involved. It indicates to whom the researchers are associated: the analysis of negative media not only allows to follow what is said about the researcher, but also indicates what type of content the person or company is associated with. That is, even if the researcher is not the protagonist of the material, his link with whoever is will be identified.

We combine advanced technology with innovative tools to combat and accurately identify customer risk and stay ahead of evolving financial crime compliance regulations. We simplify customer identification procedures with account opening, accelerate ongoing financial services transaction workflows and KYC processes without adding significant friction to the customer experience, leveraging specific Know Your Customer (KYC) and Customer Due Diligence (CDD) tools that allow SmartFastPay to isolate finances from criminal compliance risks and anti-money laundering (AML)

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Top questions answered

FAQ Portal
What does SmartFastPay do? Toggle content

SmartFastPay Technology and Services is a Brazilian company that offers local payment methods for national or international websites. We process payments in local currency or market-specific solutions. To use our services, you must be registered on the partner Sites to whom we offer the services.

As SmartFastPay is a payment and technology company, we do not have the autonomy to cancel and/or decide any internal processes of our partners. Therefore, all information about delivery, tracking, refunds, and other details of your purchase should be requested directly from your shopping site.

How long does it take to confirm my payment? Toggle content

The payment processing time may vary according to the payment method used.

We do not have autonomy over the processing time since we depend on the settlement/confirmation of the bank. When we receive the payment confirmation from the bank, the transaction is automatically approved, and the credit is sent to the purchase site.

If the indicated processing time has exceeded the expected period, we ask that you contact the purchase site sending the payment voucher.

  • PIX: Instantaneous or up to 11 minutes
  • Traditional Boleto: Between 24h to 72h
  • Credit Card: Instantaneous
  • Debit Card: Instantaneous
  • TED Bank Transfer: If made within business hours, TED transfers can take up to 2 hours to be identified by the receiving bank and compensated in your contact's account. However, if transfers are made outside business hours or on weekends, they will be scheduled for the next business day.
  • DOC Bank Transfer: an option for transfers from one bank to another, when performed until 9:59 PM on a business day, the operation is compensated on the next business day. After this time and on weekends and holidays, the credit only occurs on the second business day.

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