COAF president seeks task force for 7.5 million suspicious transaction reports
Brazil’s Financial Activities Control Council (COAF) president Ricardo Saadi asked the National Secretariat of Public Security to help organise a task force to address 7.5 million suspicious transaction reports from financial institutions and betting companies. Saadi said nine employees handle the work and that some cases wait up to five years for review; he expects a replacement system using artificial intelligence to be operating within a year.
The backlog and proposed system replacement affect the review of financial intelligence reports involving betting companies and banks.