Central Bank of Brazil issued Normative Instruction No. 739 requiring virtual asset service providers to submit an independent audit from an entity registered with the Brazilian Securities and Exchange Commission (CVM) to receive operational licenses. The audit must be a reasonable assurance report covering legal compliance across institutional policy, organizational structure, and employee training. It must evaluate internal risk assessment for money laundering and terrorism financing, customer due diligence procedures, and readiness for monitoring, selection, analysis, and reporting of suspected money laundering, terrorism financing, and weapons of mass destruction. It must also assess monitoring and analysis of evidence of fraud and scams and procedures for administrative asset freezes.
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