Instruction no. 13/2018, of 19 September 2018 was published recently and establishes procedures that financial and banking institutions must comply with to identify the risk profile of their clients in carrying out import and export of goods transactions. The Instruction also addresses measures to prevent money laundering, terrorism financing and underlying infractions (jointly the “AML” rules) that must be applied to clients classified as “high-risk”.
Under the Instruction, banks must have “in-depth knowledge” of the client’s business model. The client must provide and update information concerning: (i) the business model, (ii) the main counterparties and countries, (iii) the goods and services traded and (v) history and prospects for annual volume and value of operations.