Compliance

We have a dedicated team with expertise in business activities across both regulated and non-regulated sectors, who will proactively assist in the implementation of policies and procedures that will enable PARES' clients to continue conducting their businesses in an ethical and profitable manner.

• In the Financial sector, PARES assists Management Companies, Investment Funds, Investment Companies, Insurance Companies, Mediators, and Tied Agents in complying with the regulatory and Compliance rules to which they subject, and in managing their internal control systems and the prevention of money laundering and terrorist financing. We also handle a significant part of our clients’ interactions with sector supervisors such as CMVM, ASF, and Banco de Portugal.
• In the non-financial sector, we work closely with real estate companies, the automotive sector, auction houses, gallerists, luxury goods dealers, and other non-financial entities to provide advice on the implementation and management of Anti-Money Laundering Programs, Whistleblowing Channels, and Anti-Corruption Programs.

Due to its proximity to these topics, the Compliance team works in a multidisciplinary manner alongside the Banking and Finance and Criminal Departments, always taking into account the regulatory impact of its choices when providing its services, particularly in relation to authorization, registrations and fund management processes, internal control, and the management of investment funds and companies.

Services:

Financial Compliance

Advising the compliance departments of Management Companies, Investment Funds, Investment Companies, Insurance Companies and Mediators in their day-to-day internal control activities, as well as in carrying out specific operations for the Companies or Funds under Management. This support can range from simple advice to, in certain cases, the direct assumption of the role of Head of Compliance by Pares | Advogados’ Lawyers. We have extensive experience in this area, regularly providing the following services:

1. Drafting and reviewing company internal control policies and procedures;
2. Conducting verifications and executing control processes;
3. Monitoring reports and preparing Compliance area reports;
4. Responding to supervision actions from CMVM, Banco de Portugal, and ASF;
5. Conducting suitability (fit and proper) processes for directors and supervisory board members with the Supervisory Authorities (Banco de Portugal, CMVM, and ASF);
6. Providing training on internal controls and inducement processes for financial companies.

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and Corruption Prevention

PARES provides support to the Compliance departments of Financial Companies to ensure they meet the AML/CFT regulations they are subject to. We have extensive experience in this area, regularly providing the following services:

• Conducting investor and counterparty verifications (“KYC”) for financial entities (complying with identification, diligence, and analysis obligations);
• Implementing AML/CFT compliance programs in financial entities, including: (i) Drafting Policies and Procedures; (ii) Risk Matrices; (iii) Monitoring and verification programs; (iv) Transaction monitoring;
• Providing training on AML/CFT and awareness programs in financial entities;
• Preparing/advising on the submission of suspicious activity reports to the UIF and DCIAP,
• Preparing/advising on responses to KYC processes;
• Preparing/advising on AML/CFT reports;
• Acting as the Normative Compliance Officer (RCN) (usually while serving as Compliance Officer);
• Preparing, updating, and submitting the Beneficial Ownership Register (RCBE) statements;
• Support in the unblocking of bank accounts.

PARES has also been developing mechanisms and procedures to prevent and combat corruption for its clients, through the implementation of prevention policies and procedures, as well as through daily support for clients in this area.

Compliance Processes for Non-Financial Entities

PARES advises non-financial companies subject to Compliance rules or seeking to strengthen their internal structures, either because they are required to comply with AML/CFT obligations with entities such as ASAE or IMPIC, or because their size obligates them to adopt anti-corruption programs and whistleblowing channels. We have extensive experience in this area, regularly providing the following services:

• Support in responses to supervision actions by ASAE, IMPIC, or other entities;
• Implementing AML/CFT compliance programs for non-financial companies, including: (i) Real estate companies; (ii) High-value goods merchants – such as sellers; (iii) Auction houses; (iv) Pawnbrokers; (v) Consulting Services Providers for companies;
• Conducting AML/CFT training and awareness programs in non-financial entities;
• Implementing corruption prevention programs, including: (i) Drafting Codes of Conduct; (ii) Drafting Corruption Prevention Plans and related offenses; (iii) Drafting risk matrices and procedures related to the plans;
• Implementing internal whistleblowing channels: (i) Structuring of Whistleblowing Channels; (ii) Drafting the necessary regulations for the Channels.

In this area, PARES is increasingly offering consulting and training services that allow its clients to adapt to the best market practices, as well as providing training and assistance to internal Compliance Officers.