The FATF – Financial Action Task Force (known in Portuguese as GAFI) is an intergovernmental body created by the G7 in connection with the OECD to establish international standards and promote the implementation of measures to prevent money laundering and terrorist financing. FATF's principal instrument takes the form of recommendations that function as a global standard, covering matters such as the criminalization of money laundering, the risk-based approach, the duty to identify clients and ultimate beneficial owners, the reporting of suspicious transactions, and the supervision of the financial sectors.

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Brazil has been a member of the FATF since 2000, and the CVM (the Brazilian Securities and Exchange Commission) is the principal government agency responsible for implementing the recommendations in the Brazilian capital markets, which are consolidated in CVM Resolution No. 50 of 2021, regularly updated since then.

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The recently enacted CVM Resolution No. 254 introduced amendments to CVM Resolution No. 50 to establish an obligation for individuals and legal entities operating in the securities market — such as entities managing organized markets, credit rating agencies, securitization companies, and independent auditors — to adopt enhanced due diligence measures for transactions and situations involving investors not resident in countries or jurisdictions that insufficiently comply with FATF recommendations, including those on the so-called grey and black lists. These measures impose an obligation to adopt greater restrictions or additional conditions on business relationships, requiring the refusal of transactions involving higher-risk assets, the request for additional documents and information, or even the termination of business relationships where unacceptable or non-mitigable risks are identified.

The new obligations also extend to corporate structures, ownership chains, and ultimate beneficial owners or representatives that are directly or indirectly linked to FATF-listed jurisdictions.

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