Customer Guide to Banking in the United States
Banco do Brasil (BB Americas) has a long history of banking internationally, and has offices all over the world.
Wherever we are located we must fully comply with the laws and
regulations of that country. As a Brazilian institution located in
the United States, Banco do Brasil, must fully comply with US laws.
To assist our clients with understanding the key US laws
regarding consumer banking activity in the US, Banco do Brasil,
has prepared an overview of some key laws affecting your banking activity in the US.
We targeted these specific regulations as an informal customer
Survey and it revealed that these issues are important to you.
You will find that some regulations, such as those requiring currency reporting, are similar to Brazilian laws. We hope that
this document is a good source of information about our banks responsibility to comply with US law.
We are also including important information on how to protect yourself from becoming a victim of identification theft and providing you with our Privacy Notice in its original form.
Please read all the information carefully and feel free to contact your Account Officer if you have any questions.
Important Information About Opening An Account
To help the government fight the funding of terrorism and money
laundering activities, banks must comply, among other rules, with
section 326 of the US Patriot Act. US law requires all financial institutions to obtain, verify and record information that identifies each
person who opens an account.
What this means for you: When you open account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. For non-individuals (entities), we will ask for the Entity Name, Principal Place of Business, Identification Number and other identifying information. We may also ask to see identifying documents or confirm the information on public sources
BANK SECRECY ACT (BSA) Currency Transaction Reporting
The Bank Secrecy Act (BSA) requires financial institutions to complete and file a currency transaction report (“CTR”) to report cash transactions of over USD $10,000.
To facilitate compliance with this law, you may be requested to provide information to confirm your identity or the transaction. The completion of a CTR in itself does not indicate any wrongdoing; however, any attempt to avoid or circumvent the reporting requirements is considered a violation of this law.
BSA - Report of Transportation of Currency or Monetary Instruments
US law requires that anyone transporting currency or other monetary
instruments over $10,000 in or out of the United States complete a
report of the transaction; the Report of International Transportation of
Currency or Monetary Instruments (“CMIR”). The completion of this
report is the responsibility of the person shipping or receiving the
BSA - Travel Rule
Financial institutions are required to collect and maintain information
for domestic and international wire transfers.
To facilitate compliance with the “Travel Rule”, Banco do Brasil may request identifying information for wire transfer requests such as
information about the beneficiary and / or beneficiary’s bank. Please note that payment orders require beneficiaries’ address, which include their countries. In case a payment order is missing the beneficiary address or if this information is incomplete, the order could be returned and processed only upon receipt of required information. Banco do Brasil may also confirm the identity of an originator on a wire transfer instruction.
In Case of Errors or Questions, About Your Electronic Transfers
In case of errors or questions about electronic transfers, please contact
us as soon as you can at +1 (407) 608 1680 or write us at Banco do
Brasil Orlando Servicing Center, 8325 South Park Circle, Suite 140,
Orlando, FL, 32819 USA. Attention Investigations Department. If you
think your statement of account or receipt is wrong or if you need more
information about the transfer listed there, we must hear from you no
later than 60 days after we sent the FIRST statement on which the
problem or error appeared. (1) Tell us your name and account number.
(2) Describe the error or transfer you are unsure about and explain as
clearly as possible why you believe it is an error or why you need more
information. (3) Tell us the Dollar amount of the suspected error. If you
tell us orally, we may require you that you send us to the address above
your complaint or question in writing within 10 business days. We will
tell you the results of our investigation and will correct the error
promptly. If we need more time, however, we may take up to 45 days
(up to 90 days if the transaction is related to a Debit Card, was not
initiated within the state your account is based, or if the transaction took
place within the first 30 days after the account received its first deposit)
to investigate your complaint or question. If we decide to do this, we
will credit your account within 10 business days for the amount you think is in error so that you have the use of the money during the time it takes us to complete the investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. If we determine that there was no error, we will send you a written explanation within 3 business days after we finish our investigation. You may ask for copies of the documents that we used during our investigation.
U. S. SANCTIONS
US Economic sanctions are a collection of laws administered by the US Department of Treasury – Office of Foreign Assets Control (OFAC). Which prohibit US persons from conducting transactions with certain countries, individuals and entities designated as sanctioned by the US government. US Financial Institutions must block any transaction that references US Sanctioned individuals, countries and entities and place the funds in an interest bearing account. The funds cannot be unblocked without a license from OFAC.
A comprehensive listing of sanctioned countries, individuals and entities as well as the US Sanctions regulations can be obtained at the OFAC’S website:
Notice to Customers regarding the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
Pursuant to the Unlawful Gambling Enforcement Act of 2006 and
Regulation GG, issued by the Department of Treasury and Federal
Reserve Board, “Restricted Transactions” such as those in which a person accepts credit, funds, instruments or other proceeds from
another person in connection with unlawful internet gambling are prohibited from being processed through commercial accounts or
relationships with any Banco do Brasil – U.S. Office. As defined in Regulation GG, unlawful Internet gambling means to ‘place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the internet, where such a bet or waver is unlawful under any applicable U.S. Federal or State Law, in which the bet or wager is initiated received or otherwise made’. The Bank reserves the right to decline processing or paying any transaction which it knows or suspects the transaction is related to or supports illegal internet gambling. If you or your company currently engages in an Internet Gambling business and has an account, or if you would like to open an account with an office of Banco do Brasil SA, in Miami or New York, we will ask you to provide evidence of your legal capacity to do so. Please promptly contact your Account Officer if your company engages in an Internet Gambling business. To protect your bank account, it is recommended that you refrain from using your bank account for gambling online or for transfers of any funds that may appear to violate the Unlawful Gambling Enforcement Act. Do not rely on gambling website to interpret law and protect your bank account. If you have any questions, please do not hesitate to contact your Account Officer.
What is IVTS?
An “informal value transfer system” refers to any system, mechanism,
or network of people that receives money for the purpose of making the
funds or an equivalent value payable to a third party in another
geographic location, whether or not in the same form. The transfers
generally take place outside of the conventional banking system through
non-bank financial institutions or other business entities whose primary
business activity may not be the transmission of money. The IVTS
transactions occasionally interconnect with formal banking systems (for
example, through the use of bank accounts held by the IVTS operator.).
Because IVTS provides security, anonymity, and versatility to the user,
the systems can be very attractive for misuse by criminals. If the IVTS
operator, like any other financial institution, fails to comply with the BSA
requirements, it becomes a “weak link” and therefore invites illicit
proceeds and terrorist money into the U.S. financial system.
The USA PATRIOT Act expanded the definition of “financial institution”
to include IVTS operators. As such, they now must comply with all BSA
registration, recordkeeping, reporting and AML program requirements.
“Money transmitting” occurs when funds are transferred on behalf of
the public by any and all means including, but not limited to, transfers
within the United States or to locations abroad by wire, check, draft, facsimile, or courier. Section 5330 of the BSA and FinCEN’s
implementing regulations require all money transmitting businesses (but not their agents) to register with FinCEN. A money transmitting business that fails to register with FinCEN as an MSB, is operating as an unlicensed money transmitter. Penalties for operating an illegal money transmitting businesses include civil and criminal fines, imprisonment for not more than five years, or both.
In line with the above regulations, Banco do Brasil New York and Miami Branches reserve the right to return payment orders and close accounts if the Bank suspects that the transfer or accounts facilitate an illegal money transmitting business. If you have any questions about IVTS or if you would like further information, please do not hesitate to contact your Account Officer.
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