INVALID CPF: BIG RISK FOR INTERNATIONAL COMPANIES THAT SELL THEIR SERVICES IN BRAZIL

The Brazilian market is one of the main in the world. Companies worldwide have sought to enter this market or expand their revenues in the main country of Latin America. In 2020, online sales grew by 34.76% in Brazil. In 2021, the growth was still strong, at 28.45%. The expectation is that in 2022 and the coming years, the growth will be at 20% per year and that in 2025 the sales volume will already reach an impressive R$465 billion reais.

There are several segments with an eye on this market. Service companies in entertainment, streaming, education, tourism, sports betting, financial services, Forex, and many others have been closely watching every opportunity.

Considering the high volumes handled, the level of risk of the business, and the regulatory needs in Brazil, companies operating in these sectors must remain attentive to the regulation and legal requirements of the country. These international companies, which have their headquarters in several countries around the world, must comply, in addition to the regulations imposed by the countries of origin, with the Brazilian legislation on the Prevention of Money Laundering and Financing of Terrorism (PLD-FT). The law deals with the crimes of laundering or hiding assets, rights and values, and establishes measures to prevent using the financial system for these crimes.

Payment method operators in Brazil are required to create a risk classification and monitoring system for suspected Money Laundering or Financing of Terrorism operations, providing periodic reports to the government on these operations.

Beeteller, a Fintech specializing in payments throughout Latin America, with customers in several countries around the world, also offers its customers a specialized service for onboarding and KYC that helps international companies throughout the onboarding process (completion of data) and validation of its clients, guaranteeing a simplified and quick adhesion, and, preventing the companies from the risk of denied financial operations or even the acquisition of unwanted users, which exposes them to fines and legal risks.

Through a simplified CPF smart query API, Beeteller's artificial intelligence allows any company to block registrations with invalid or false CPFs, ensuring the veracity of the user's information at the time of registration, checking, for example, whether the CPF entered matches the name and date of birth.

In addition to this query, it is possible to cross over 100 international databases with data on the Identification of Politically Exposed Persons (PEP), National and International Sanctions Lists, Interpol, and Terrorism.

Learn more about Beeteller and know the international payment solutions and everything else from Onboarding, KYC, gateway, and banking. Access www.beeteller.com

Inside Job

Rômulo Barreto Beeteller Head of Marketing & Products