Compliance forces the famous bank to close Bolsonaro’s account

I wrote in Policy he 7/20/2023 9:39 PM

because of your requirement complianceHey Bank of Brazil Forced to close, Thursday (20), the account of the former Jair Bolsonaro (PL) was in the United States.

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• “Compliance” is indeed a very popular, albeit recent, term in Brazil.
• Refers to the sector in every large company, which is responsible for ensuring that the company complies with all laws, regulations, internal policies and ethical principles, in order to avoid problems with justice and the public.
• Banco do Brasil gave some clues about what was verified internally and led the managers to such a decision.
• The institution said in a note to the press that it had “a strict protocol for monitoring the transactions of its clients” and that it “fully respects the banking legislation of the countries in which it operates.”
• Bolsonaro opened the account in December 2022 at BB Americas [braço internacional do Banco do Brasil].
• At that moment he fled to the United States so that he would not have to attend Lula’s inauguration in Brasilia.
• At the time of its closure, the account contained $135,000, equivalent to R$650,000. The amount was transferred to reals, and the former president must have paid a good fee, and transferred it to his account in Brazil.

Note from the Bank of Brazil

Banco do Brasil reported that it has strict protocols in place to monitor the financial transactions of its clients and that both BB and BB Americas fully respect the banking legislation and regulations of the countries in which they operate.

Out of respect for banking secrecy, neither BB nor BB Americas comment on specific financial transactions by their clients.