COAF seeks support to review 7.5 million suspicious transaction reports

Brazil’s Financial Activities Control Council (COAF) president Ricardo Saadi requested help from the National Secretariat of Public Security to address a backlog of 7.5 million suspicious transaction reports, including submissions from betting companies. Saadi said nine employees handle the analysis, some of which has taken three to five years; he also expects a replacement technology system to use artificial intelligence within a year.