Brazil

Law 9,613/1998, otherwise known as the Brazilian Anti-Money Laundering Law, outlines the national legislation related to the prevention, detection, and punishment of financial crimes through the criminalization of the concealment or disguise of money derived from any criminal activity. This regulation is administered by the Council for Financial Activities Control (COAF), an organization that works alongside the central bank (CBF) and CVM in implementing stringent KYC and mandatory SAR reporting. The legislation took effect in March 1998 and underwent a major revision in 2012 through a critical amendment. The law imposes heavy penalties, such as imprisonment for a period not exceeding ten years for individuals, while administrative fines against firms do not exceed R$ 20 million. At present, the legislation is strictly implemented and covers the use of AI-based transaction monitoring systems and digital assets tracking laws.