Account Compliance

Compliance is an analysis sector at Fitbank that, through a set of practices and procedures, can ensure the company complies with all the rules and definitions required by the Brazilian regulatory agencies.

AML

It is a set of laws, regulations, and procedures designed to prevent the generation of income and resources obtained through illegal means from passing as legitimate income, a practice also known as money laundering. At FitBank, we have adopted solutions for identity verification, the documentscopy process, PEP list verification, sanctions screening, transaction monitoring, and behavioral analysis, which aim to prevent illegal practices.

KYC

The Know Your Customer is a term used to represent the process of knowing your customer. Within Fitbank, KYC applies a set of Compliance strategies aimed at preventing crime, identity fraud, terrorist financing and money laundering. KYC is regulated by Law 9.613/98, which provides for the prevention of the use of the financial system for illicit purposes. For KYC to occur, the client's data is requested when opening accounts in Fitbank.

Learn more at: Fitbank Ethics and Compliance

KYB

Know Your Business is a process to verify company registration, business license updates, and the identity of directors and other owners. Checks are also performed against sanctions, PEP, and Disqualified Directors through QSA analysis and adverse media presence based on country, nature of business, the value of transactions, and any suspicious reports.

PLD

Fits has a Fraud Prevention area, which uses a specific set of rules for monitoring transactions and activities. It is important to note that the activities carried out by the Fraud Prevention area do not constitute an absolute guarantee of the absence of fraud or financial loss for BaaS service providers or their clients. The security of the BaaS operation is based on multiple layers (environments, applications, users, etc.) and depends on the security controls and processes maintained by the BaaS Service Provider on its own platform.