Circular No. 4019 — Amends Circular No. 3.691 of December 16, 2013, Regarding the Foreign Exchange Market

The Collegiate Board of the Central Bank of Brazil, in a session held on May 13, 2020, based on Art. 23 of Law No. 4,131, of September 3, 1962, Arts. 9, 10, item X, and 11, item III, of Law No. 4,595, of December 31, 1964, Art. 38 of Resolution No. 3,568, of May 29, 2008, and Art. 21 of Resolution No. 3,954, of February 24, 2011, and considering Resolution No. 4,811 of April 30, 2020,

R E S O L V E:

Art. 1º Circular No. 3,691, of December 16, 2013, shall enter into force with the following alterations:

“Art. 34. .....................................................

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III - ..........................................................

a) foreign exchange operations with clients for immediate settlement of up to US$300,000.00 (three hundred thousand United States dollars) or its equivalent in other currencies; and

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“Art. 39. .....................................................

§ 1º The contracting institution referred to in the main text must follow the provisions of Resolution No. 3,954, of 2011, insofar as applicable, as well as keep a copy of the identification documentation of the clients of the operations conducted by the contracted company, under the conditions set forth in Title IV, Chapter VI.

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§ 4º The contracting institution referred to in the main text must disclose, in open data format, in the manner and under the conditions established by the Central Bank of Brazil, information regarding its contracted companies.” (NR)

“Art. 137. ....................................................

Sole Paragraph. Without prejudice to the duty of client identification, in operations for the purchase and sale of foreign currency up to US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, the presentation of documentation regarding the underlying legal transactions is waived, provided that, in the case of operations without the participation of contracted companies as correspondents, the keeping of a copy of the client's identification documents is also waived.” (NR)

Art. 2º This Circular enters into force:

I - on the date of its publication, regarding the new wording given to Art. 34 of Circular No. 3,691, of 2013;

II - on July 1, 2020, regarding the remaining provisions.

Otávio Ribeiro Damaso Paulo Sérgio Neves de Souza Director of Regulation Director of Supervision

Mauricio Costa de Moura Director of Relationship, Citizenship and Conduct Supervision