I. Purpose and Scope
The Compliance Department of FUTURUM CAPITAL GESTÃO DE RECURSOS LTDA. (“Futurum” or “Company”) is responsible for monitoring and overseeing compliance with the rules and policies to be followed by all its employees, collaborators, and administrators (“Members”), identifying potential risks and preventing unethical or illegal conduct.
The purpose of this policy is to ensure a complete and effective understanding of the Company’s clients and partners. The acceptance and maintenance of relationships with clients and partners should consider the integrity of their activities, and not only the commercial interest or profitability they may provide to Futurum.
Proper identification of clients allows for effective monitoring of their transactions, aiding in the prevention of money laundering and mitigating risks of financing terrorism. Monitoring is carried out by the Compliance Department, which, through access to a database, evaluates transactions based on established parameters.
II. What is "Money Laundering"
Money Laundering is the process by which wrongdoers seek to make legitimate appearances of resources derived from illicit activities.
It is often used to disguise the proceeds of corruption, being widely practiced by drug traffickers, white-collar criminals, and terrorists.
The process theoretically involves three phases:
Placement: Introduction of money into the financial system, in a dispersed manner (deposits, purchase of negotiable instruments or assets), to make it difficult to trace the source.
Layering: Electronic movement of funds, with multiple transfers, to complicate accounting tracking.
Integration: Definitive introduction of the funds into the formal economy.
III. Legal Basis
The prevention of money laundering by the Company is legally based on the following rules, in particular:
Law No. 9.613/98 (as amended);
CVM Resolution No. 50, of August 31, 2021 (as amended).
IV. General Principles
Futurum adopts the following general principles:
(i) Prohibition of Knowledgeable Participation: No Member should knowingly participate in prohibited financial operations or assist clients, partners, or third parties in violation of anti-money laundering laws. This includes the obligation to avoid “willful blindness.”
(ii) Know Your Customer (KYC): Members must sufficiently know their clients through Know Your Customer (KYC) and suitability procedures, ensuring that the Company conducts business only with companies and individuals that meet the required standards. This includes knowing the source of funds, especially if the client operates in sanctioned countries or is listed on restricted persons lists (UN, governments).
(iii) Alert and Report: All Members must remain vigilant to detect possible criminal or suspicious activities and immediately report questionable operations to the head of the Compliance Department.
V. Procedure
The Company's approach to preventing money laundering follows these points:
Know Your Customer (KYC): Inquiries to know the clients.
Know Your Partner: Inquiries to know the partners.
Know Your Employee (KYE): Inquiries to know the team members.
Risk-Based Approach: Focus efforts where there is greater impact.
Continuous Monitoring: Surveillance of suspicious activities.
Communications to COAF: Reporting transactions to the Financial Activities Control Council.
Training: Training programs for Members.
Audit: Internal verification of practices and procedures.
Restrictive Lists: Checking lists, search engines, and regulatory bodies.
Risk Analysis: Acceptance of clients based on money laundering risk analysis.
Identification and Analysis: Documentation of situations that may indicate crimes.
Product Evaluation: Analysis of risk exposure in the approval of new products and services.
Monitoring is conducted immediately and automatically. High-risk transactions are those listed in applicable laws and regulations.
Daily and monthly processes assess risks, including verification of the source of funds and seeking information (negative news, political exposure).
VI. Inquiries to Know Your Clients (KYC)
The main KYC procedures of Futurum include:
Identifying clients and ultimate beneficiaries, especially Politically Exposed Persons (PEPs), and the source of their assets.
Verifying the identity of clients and ultimate beneficiaries (PEPs) through reliable and independent sources.
Knowing the origin and destination of the funds being moved.
Identifying and verifying legal representatives and indirect owners.
Obtaining information about the purpose and nature of the business relationship.
Analyzing transactions to verify compatibility with the client’s profile.
Analyzing the possibility of vetoing relationships based on risk.
Periodically reviewing the adequacy of client information.
If the procedures indicate high risk, the Company will veto the initiation or continuation of the relationship.
VII. Risk-Based Approach
Futurum adopts a risk-based approach to focus its efforts against money laundering where there is more impact, balancing resources with a realistic assessment of the threat.
The criteria for defining the degree of risk include:
Geographical location: Countries considered high risk.
Professional activity: Risk associated with the profession or activity.
Type of service/product: Products with a higher risk of being used for illicit purposes.
The Company's risk-based approach:
Recognizes that the threat of money laundering/financing of terrorism varies among clients, jurisdictions, and products.
Allows differentiation between clients to balance risk.
Helps create a more viable and effective system.
VIII. Continuous Monitoring of Suspicious Activities
The obligation to prevent money laundering is continuous. Members must be vigilant for unusual activities and immediately report any suspicious transaction to the Compliance Department.
The Compliance Department conducts independent reviews to identify trends or unusual issues, confronting registration information with transactions, as per Resolution 50.
Transaction analyses consider:
Compatibility of transactions with the client's financial situation and professional occupation.
Ultimate beneficiaries and payments to third parties.
Cash transactions.
Politically Exposed Persons.
Power of attorneys and legal representatives.
IX. Inquiries to Know Your Partners (Know Your Partner)
Futurum identifies and assesses its business partners to prevent dealings with unscrupulous counterparts, ensuring they maintain anti-money laundering practices.
This assessment may include questionnaires, due diligence visits, or hiring specialized third-party services.
X. Inquiries to Know Your Members (KYE)
From the moment of hiring, Futurum adopts procedures to: (i) ensure Members adhere to standards of ethics and conduct, and (ii) identify involvement in illegal activities.
The Company also makes efforts to identify subsequent violations, such as a sudden change in the economic pattern of employees, seeking possible illicit origins for such resources.
XI. Communications Addressed to COAF
Members encountering transactions that may indicate the crime of money laundering must report them to the Financial Activities Control Council – COAF, as per Resolution 50.
Communications are made through the Financial Activities Control System – SISCOAF, in the applicable modality.
Situations that may constitute indicators of crime include, but are not limited to:
Transactions with atypical values concerning the client's economic activity or financial capacity.
Resistance or provision of false or difficult-to-verify information.
Irregularities in identification procedures.
Opening accounts without identifying the ultimate beneficiary.
Multiple persons/entities at the same address or representatives.
Incompatibility between economic activity and transaction patterns.
Maintaining accounts incompatible with wealth or occupation.
Transactions that constitute a device to evade identification.
Investments by individuals known to be involved in terrorist acts.
Indicators of financing terrorism.
Records of communication decisions (or lack thereof) to COAF must be filed for 5 years. Such communications are confidential and restricted to the involved employees and should not be communicated to the client.
XII. Training
All Members participate in a training program upon joining the Company, certified by a term of adhesion. The training ensures that Members are aware of the conduct and responsibilities related to the policy.
The training is, at minimum, annual, but may have a shorter frequency depending on the role or when the Compliance Department deems necessary.
Training sessions are conducted in person (in groups or individually) by the head of the Compliance Department, someone designated, or by a third-party company.
XIII. Audit
The practices and procedures of this policy are subject to internal audits for analysis and suggestions for improvements, ensuring compliance with current regulations.
XIV. Review
At least once a year, the Compliance Department conducts a complete review of the Compliance Program, including this policy, the regulatory agenda, and the training program.
XV. Responsibility
Each Member is responsible for knowing and following the policies and procedures of this document. Supervisors are responsible for those under their supervision. The head of the Compliance Department is responsible for monitoring compliance. Non-compliance will be documented and reported for corrective actions.
