Regulatory Alerts2020-04-30 | Resolução CMN 4811Central Bank Resolution CMN No. 4811 Amending Exchange Market and Correspondent Contracting Rules
The Central Bank of Brazil issued Resolution CMN No. 4811 to amend Resolution No. 3.568/2008 and Resolution No. 3.954/2011, raising the limit for ready settlement foreign exchange operations with clients to US$300,000 and exempting transactions up to US$3,000 from underlying legal documentation requirements. The regulation imposes strict transparency and operational standards on correspondent institutions, including mandatory disclosure of the Total Effective Value (VET), provision of detailed receipts, exclusivity clauses, and public identification of services. Financial institutions are required to adapt existing correspondent contracts to these new provisions by December 30, 2020, with most changes taking effect on July 1, 2020.
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