Compliance and Legislation
In accordance with the current regulations of our regulatory bodies: THE CENTRAL BANK OF PARAGUAY and the SEPRELAD through Resolution No. 349/2013, provides the obligation to identify customers, through their identity document (Valid) for citizens from countries members of Mercosur and Chile, in any other case, a passport (Valid) is required to perform operations equal to or greater than USD 1 (US Dollars one) or its equivalent in other currencies.
We implore your support in compliance with the aforementioned regulations in our institution.
We beforehand, appreciate your cooperation, and we strengthen our commitment to provide better services.
For more information please go to:
CAMBIOS CHACO S.A. | Compliance Program
Cambios Chaco S.A. has implemented a compliance program based on national and international legislations, focused on the fight against Money Laundering and the Financing of Terrorism and Proliferation of Weapons of Mass Destruction, allocating important efforts and resources in constant staff training, as well as update in the recent regulations worldwide, in order to avoid that the structure of the company is used for illicit purposes.
The behavioral Manual for the Prevention and Identification of Money Laundering and Financing of Terrorism and Proliferation of Weapons of Mass Destruction is implemented by Cambios Chaco S.A. in an uncut and effective way for all its personnel and at all levels in the company, so that we can all know and enforce Law 1015/97, its Amendment to Law 3783/09 and the Resolutions in force, in addition to other governmental provisions and international Anti- Laundering measures.
The board of directors of Cambios Chaco S.A. emphasizes the collaboration of all its members so that joint work can provide the enforcement agencies with the valuable information and concrete elements needed to carry out their investigations, as confidentially as possible, in order to continue offering the best service to the company’s clients throughout the country.
The manual contains rules and procedures, which are intended to prevent the structure of Cambios Chaco S.A. to be used in the legalization or concealment of funds from illicit or illegal acts and for criminal purposes.
The tragic events of September 11, 2001, make compliance with domestic laws and regulations more important, because it has been seen that the terrorists were also involved in money laundering.
In order for the objectives of this regulation to be efficiently fulfilled, it is necessary that it be known, in addition to the financial system, by merchants, industrialists, authorities, other users of the exchange services and the community in general, and that these sectors can thus provide their collaboration and participation in the awareness of this evil, based on the sound practices established in this material.
BASIC INFORMATION ON MONEY LAUNDERING
What is money laundering?
Money Laundering is the attempt or action to conceal or disguise the nature, location, source, ownership or control of money obtained illegally. In general it is also defined as the introduction of large amounts of cash in the Financial System, from illicit or illegal activities.
Money laundering is the method by which a natural or legal person or criminal organization, processes the financial gains that come from criminal or illicit activities, giving them legal appearance. These assets not only come from activities such as drug trafficking, but also from crimes such as fraud, extortion, kidnapping, smuggling and others; which are used as a means for other criminal acts such as terrorism.
Money laundering in general, is the process of hiding or disguising the existence, illegal source, movement, destination or illegal use of illicitly derived goods or funds to make them appear legitimate. In general it involves the location of funds in the Financial System, the structuring of transactions to disguise the origin, ownership and location of the funds, and the integration of those funds in society in the form of assets that have the appearance of respectability. To a large extent these assets will be used for new crimes and especially for terrorism.
The International Financial Action Task Force (FATF), to join international efforts against money laundering, has issued this “definition of work” of money laundering: “the conversion or transfer of assets, knowing that it derives from a criminal offense, with the purpose of hiding or disguising its illegal origin”.
The US anti-laundering laws, although they do not define money laundering as a term, they make it a criminal offense when they say: “knowingly, conduct certain transactions with assets or funds originated from a criminal activity”.
These definitions cover a wide range of activities, what we need to understand and comprehend is the way in which money is laundered, so that we can identify the act and know how to help avoid it.
What is Terrorism Financing?
Commits the crime of Financing of Terrorism anyone who, by any means, collaborates in the collection of funds, with the intention that they are used, or knowing that they will be used in the financing of terrorist activities.
Likewise, “crimes committed for the purpose of causing death or serious bodily injury to a civilian or any other person not directly involved in hostilities in a situation of armed conflict, when the purpose of the said acts, made manifest by its nature or its context, intimidating a population or forcing a government or an international organization to perform an act or refrain from doing so, are considered of terrorist nature”.
OBJECTIVES OF THE “MANUAL OF POLICIES AND PROCEDURES FOR RISK ADMINISTRATION OF MONEY LAUNDERING, TERRORISM FINANCING AND PROLIFERATION OF MASS DESTRUCTION WEAPONS” OF CAMBIOS CHACO S.A.
- The Behavioral Manual for the Prevention and Identification of Money Laundering is intended to regulate the obligations, actions and procedures to prevent and avoid the use of the services offered by our company for the performance of acts aimed at the legitimation of money or of assets that come, directly or indirectly, from criminal or illegal activities, without this signifying alienation from clients.
- Implement in the aforementioned manual, norms, policies and internal processes tending to collaborate with the authorities in the supply of information and proof required for the investigation of suspicious activities.
- Create awareness among officials, directors, managers and shareholders of the importance of avoiding and combating Money Laundering, since the dissemination of prevention in our country is almost zero.
- Provide knowledge of the National Laws (Law 1,015 / 97 and its Amendment to Law 3783/09) Resolutions in force, and International Laws and Recommendations that prevent and repress the activities of Money Laundering and Financing of Terrorism and Proliferation of Weapons of Mass Destruction.
- Comply with legal norms, general commitments and sound practices regarding the prevention of the improper use of the services provided by our company.
- Provide a work tool to all employees, with the purpose of the good development of the activities.
- Narrow and formalize existing links with customers, according to the guarantees given to them on the quality of our services, through the commitment represented in this manual.
- The information contained in this manual will provide the company with the tools it needs to establish a program that complies with the requirements of Law 1.015 / 97 and international legislations; therefore, it is the obligation of all the employees of the company to know, comply and enforce the provisions of this manual.
- Our country is considered of high risk due to the informality of its markets, which forces us to develop strategies that include standards, procedures, instruction, information and updating, in order to fight money laundering with formal and serious work.
- The observance of the procedures, which will be indicated ahead, seek to prevent and protect the stability of our company and that of customers in general, trying to avoid, see us all, involved in fraudulent maneuvers.