BCB Resolution No. 177, OF DECEMBER 22, 2021

Regulatory document revoked by BCB Resolution No. 507, of 9/26/2025.

Approves the Pix Penalties Manual.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 22, 2021, based on art. 10, item IV, of Law No. 4.595, of December 31, 1964, art. 10 of Law No. 10.214, of March 27, 2001, arts. 6, 7, 9, 10, 14, and 15 of Law No. 12.865, of October 9, 2013, Resolution No. 4.282, of November 4, 2013, Communication No. 32.927, of December 21, 2018, and Communication No. 34.085, of August 28, 2019,

RESOLVES:

Art. 1. The Pix Penalties Manual, as set forth in Annexes I and II to this Resolution, is hereby approved.

Sole Paragraph. The Pix Penalties Manual governs the conditions and procedure for applying the penalties referred to in Chapter XIX of the Regulation annexed to BCB Resolution No. 1, of August 12, 2020 (Pix Regulation).

Art. 2. Conduct practiced during the period in which the Penalties Manual referred to in Annexes I and II of Resolution No. 31, of October 29, 2020, was in force, remains subject to it.

Sole Paragraph. The provisions of the main text are excepted regarding the procedural rules to be observed and cases in which the consequences foreseen for the conduct of participants are less severe, in which cases the rules of the Penalties Manual referred to in Annexes I and II of this Resolution will apply.

Art. 3. BCB Resolution No. 31, of 2020, is hereby revoked.

Art. 4. This Resolution enters into force on the date of its publication.

João Manoel Pinho de Mello

Director of Organization of the Financial System and Resolution

ANNEX I TO BCB RESOLUTION NO. 177, OF DECEMBER 22, 2021

PIX PENALTIES MANUAL

Establishes the conditions and procedure for applying the penalties referred to in Chapter XIX of the Regulation annexed to BCB Resolution No. 1, of August 12, 2020.

Art. 1. The provisions of this Manual apply to Pix participating institutions and institutions in the process of adhering to Pix, as per the Regulation annexed to BCB Resolution No. 1, of August 12, 2020 (Pix Regulation).

Art. 2. The following penalties are applicable to the institutions mentioned in art. 1, either individually or cumulatively:

I - fine;

II - suspension; and

III - exclusion.

Art. 3. Institutions that fail to comply, in whole or in part, with the provisions of the Pix Regulation, or with the other documents that comprise it, are subject to the application of the fine penalty, except for the case referred to in art. 93-B of said Regulation.

Art. 4. The fine penalty is calculated as follows:

I - identification of the base value assigned to the infraction;

II - multiplication of the base value by the result of the sum of the weighting factors, set forth in Annex II, applicable to the case;

III - application of the rules for increasing and reducing the penalty, in this order, on the result obtained after observing items I and II.

Art. 5. The base value of the fine applicable to infractions practiced within the scope of Pix corresponds to:

I - R$50,000.00 (fifty thousand reais), when the institution:

a) fails to comply with the rules and procedures regarding:

1. use of the Pix brand, including in its contractual relationship with commercial establishments or banking correspondents;

2. initiation of a Pix, including with respect to transactions initiated through the payment transaction initiation service;

3. value or quantity limits for Pix transactions;

4. charging of fees to end-users;

5. disclosure to end-users, natural persons and legal entities, of the fees, free services, and any benefits related to sending and receiving a Pix;

6. offering of Pix and its products, including Pix Automatic, with respect to the channel provided, approval in homologation tests, minimum required functionalities, operational procedures, including those related to authorization, settlement, and communication processes among participants involved in a transaction, and, when applicable, the mandatory offer to end-users;(Amended, effective 10/1/2024, by BCB Resolution No. 361, of 12/7/2023.)

7. diligent acting as a responsible participant and as a special liquidator;

8. participation in Pix;

9. offering of Pix API, including its mandatory availability, when applicable;

10. access to the Directory of Transactional Account Identifiers (DICT) and use of its functionalities, except as provided in item “b” of this item;

11. orderly exit from Pix;

12. outsourcing of activities;

13. reimbursement of costs and distribution to withdrawal agents within the scope of Pix Withdrawal and Pix Change;

14. end-user experience;

15. facilitation of withdrawal service;

b) fails to observe, in a recurrent manner, the requirements regarding rejection of transactions, the rules for precautionary blocking and return of a Pix, including with respect to the Special Return Mechanism;

c) fails to observe the service level agreements provided for in the Pix Times Manual;

d) fails to comply with the determination of the Central Bank of Brazil in providing information for the purpose of monitoring and oversight of Pix or, in the case of periodic provision of information, in the frequency and form established by the Central Bank of Brazil; (Amended, effective 3/1/2023, by BCB Resolution No. 270, of 12/1/2022.)

e) fails to guarantee the correct functioning of the third party with a view to ensuring the security, efficiency, reliability, integrity, confidentiality, and quality of the payment service, as referred to in item VII of § 2 and item IV of § 5, both of art. 116 of the Pix Regulation;(Amended by BCB Resolution No. 342, of 9/26/2023.)

f) fails to comply with Pix technical security requirements, except as provided for in items II and III; (Included by BCB Resolution No. 342, of 9/26/2023.)

II - R$100,000.00 (one hundred thousand reais), when the institution:

a) offers Pix to end-users in a modality not provided for in the Pix Regulation;

b) uses the DICT for purposes distinct from those provided for in the Pix Regulation;

c) fails to comply with Pix technical security requirements, resulting in a security incident with the following repercussions: (Amended by BCB Resolution No. 342, of 9/26/2023.)

1. compromise, even if partial, of the execution of Pix transactions involving its end-users; or (Included by BCB Resolution No. 342, of 9/26/2023.)

2. compromise of the confidentiality, integrity, or availability of information linked to Pix keys, Pix transactions, or Pix end-users, except for events whose consequences are limited to the exposure of information that may be made available under the conditions provided for in the Pix Regulation; (Included by BCB Resolution No. 342, of 9/26/2023.)

d) fails in liquidity risk management, resulting in the occurrence of insufficient funds to process payment orders from end-users in at least 3 (three) instances in the calendar year; and

III - R$1,000,000.00 (one million reais), when the institution:

a) fails to inform the Central Bank of Brazil of facts of which it has knowledge and that may seriously compromise the image, integrity, and security of Pix;

b) fails to comply with Pix technical security requirements, resulting in a security incident with the following repercussions: (Amended by BCB Resolution No. 342, of 9/26/2023.)

1. compromise, even if partial, of the functioning of components or infrastructures of Pix; or (Included by BCB Resolution No. 342, of 9/26/2023.)

2. theft of resources in the transactional account of an end-user; (Included by BCB Resolution No. 342, of 9/26/2023.)

c) as a participant providing a transactional account for the paying user, fails to reject, in a recurrent manner, transactions involving the movement of resources originating from or destined for end-users sanctioned by resolutions of the United Nations Security Council, as provided for in Law No. 13.810, of March 8, 2019; (Amended, effective 3/1/2023, by BCB Resolution No. 270, of 12/1/2022.)

d) having knowledge of an increase in the number of occurrences of fraud or infractions related to the prevention of money laundering and terrorist financing, fails to implement effective mitigating measures to address the problem; and (Amended, effective 3/1/2023, by BCB Resolution No. 270, of 12/1/2022.)

e) assigns to a non-participant third party the performance of the activities referred to in art. 90-A of the Pix Regulation. (Included, effective 3/1/2023, by BCB Resolution No. 270, of 12/1/2022.)

§ 1. The base value of infractions punishable by fine not listed in the main text corresponds to the amount provided for in item I of the main text.

§ 2. The base value assigned to the infraction shall be multiplied by the result of the sum of the weighting factors provided for in Tables 1, 2, and 3 of Annex II, which are based, respectively, on the type of institution, the percentage of the total Pix transactions of the participant processed in the Instant Payment System (SPI), and the percentage of the total potentially compromised Pix keys in a security incident. (Amended by BCB Resolution No. 342, of 9/26/2023.)

§ 3. If the institution is a Pix participant in the special liquidator modality, as per the Pix Regulation, for the purpose of identifying the weighting factor provided for in Table 2 of Annex II, the result of the sum of transactions of contracting participants shall be considered to determine the percentage of the total Pix transactions sent and settled in the SPI.

§ 4. If the institution is a Pix participant in the transactional account provider modality and acts as a settlement institution for other Pix participants in the SPI, for the purpose of identifying the weighting factor referred to in Table 2 of Annex II, in addition to the Pix transactions of its own institution, the transactions of the institutions for which it provides settlement service must be summed to calculate the percentage of the total Pix transactions sent and settled in the SPI.

Art. 6. The fine penalty shall be increased when:

I - the infraction:

a) causes damage or the danger of damage to the image, integrity, reliability, and security of Pix, the institutions referred to in art. 1, the Central Bank of Brazil, and third parties;

b) is committed through fraud or simulation;

c) is practiced with the intent to obtain undue economic advantage;

d) contributes to generating indiscipline within the scope of Pix;

II - non-compliance, in whole or in part, with the notification referred to in art. 91-B of the Pix Regulation is verified, including with respect to the ineffectiveness of the measures referred to in items I and II of § 1 of the same article; (Amended by BCB Resolution No. 342, of 9/26/2023.)

III - the participant fails to act promptly to cease or mitigate events that compromise the security of Pix; (Included by BCB Resolution No. 342, of 9/26/2023.)

IV - the participant fails to prove that it adopted measures to restore service availability as quickly as possible, in cases where such availability is affected; (Included by BCB Resolution No. 342, of 9/26/2023.)

V - there is a compromise of the confidentiality of data evidencing the financial, tax, or asset situation of end-users; or (Included by BCB Resolution No. 342, of 9/26/2023.)

VI - there is a compromise of the confidentiality of data used for security purposes. (Included by BCB Resolution No. 342, of 9/26/2023.)

§ 1. In cases of continued conduct, the duration of the infraction, prior to its detection by the Central Bank of Brazil, shall be considered for the configuration of item “a” of item I.

§ 2. The increase in the fine penalty provided for in this article is 20% (twenty percent) for each of the situations listed in the items of the main text, being limited to half of the value of the fine assigned to the infraction after the application of the weighting factors.

Art. 7. The fine penalty shall be reduced:

I - by 20% (twenty percent), when the damage caused is repaired, provided it is documented by the offender prior to the decision referred to in art. 13; and

II - by 30% (thirty percent) when the irregularity is remedied prior to its detection by the Central Bank of Brazil.

Art. 8. Institutions are subject to the application of the suspension penalty if they:

I - fail to pay the fine, as per this Manual, between 15 (fifteen) and 30 (thirty) days after the deadline established for compliance with the obligation; or

II - fail to comply, in whole or in part, with provisions of the Pix Regulation or the other documents that comprise this Regulation, in a manner that:

a) causes serious risk to the regular functioning of Pix;

b) generates relevant damage to Pix end-users; or

c) contributes to creating an environment of indiscipline in Pix.

§ 1. The duration of the suspension penalty is 30 (thirty) days in the case of item I and 60 (sixty) days in the case of item II.

§ 2. The suspension penalty, in the case of item I, does not exclude the obligation to pay the fine.

§ 3. The suspension penalty, in the case of item II, is cumulative with the fine penalty.

Art. 9. Institutions are subject to the application of the exclusion penalty if they:

I - fail to correct, within 60 (sixty) days, the irregularity that resulted in the application of the suspension penalty;

II - fail to comply, in whole or in part, with provisions of the Pix Regulation or the other documents that comprise this Regulation, in a manner that causes serious prejudice to the regular functioning of Pix or serious damage to Pix end-users; (Amended, effective 3/1/2023, by BCB Resolution No. 270, of 12/1/2022.)

III - fail to pay the fine, as per this Manual, or the coercive fine, as per the Pix Regulation, for more than 30 (thirty) days after the deadline established for compliance with the obligation; or

IV - fail to cease the practice that resulted in the application of precautionary suspension, as per the Pix Regulation.

§ 1. An excluded institution may only submit a new application to adhere to Pix after 60 (sixty) days have elapsed from the date its exclusion was effected, and the application must be accompanied by documentation proving the complete remediation of the situation that gave rise to the application of this penalty and compliance with the duties imposed by art. 16.

§ 2. The exclusion penalty does not exclude the application of the fine penalty, with respect to the conduct that caused the exclusion and other conduct subject to fine as per this Manual, except as provided for in the sole paragraph of art. 93-B of the Pix Regulation.

Art. 10. The application of the penalties provided for in this Manual shall be carried out through a penalty process that ensures the interested institution the right to adversarial proceedings and full defense.

Art. 11. The penalty process begins with the preparation of the Establishment Opinion by the competent authority, which shall contain, at a minimum, a description of the facts, the classification of the irregular conduct, and an assessment regarding the non-application of the fine exemption hypothesis referred to in art. 93-A of the Pix Regulation.

Art. 12. Upon issuance of the Establishment Opinion, the interested institution shall be notified to present a defense, within 10 (ten) days, regarding the irregularity attributed to it.

Art. 13. Upon presentation of a defense by the participant, or upon expiration of the deadline for its presentation, the records shall be concluded and sent for a reasoned decision by the competent authority.

Art. 14. The institution shall be notified of the decision referred to in art. 13, and it shall have the option, in the event of a decision applying a penalty, to file an appeal, within 10 (ten) days.

§ 1. The appeal referred to in the main text:

I - shall be addressed to the authority that issued the decision; and

II - shall be received with devolutive and suspensive effects.

§ 2. If the appealed authority does not reconsider the decision, the records shall be sent to the competent authority, for judgment of the appeal in the second and final instance.

Art. 15. Final decisions applying the fine penalty shall be communicated to the participant, so that it may make the corresponding payment within 30 (thirty) days.

§ 1. Failure to pay the fine within the deadline fixed in the main text shall result in an addition of:

I - late payment interest:

a) of 1% (one percent), in the month of payment; and

b) equivalent to the Special Settlement and Custody System (Selic) reference rate for federal bonds, accumulated monthly, in the other months, counted from the first day of the month following the month of maturity until the last day of the month prior to the month of payment; and

II - late payment fine of 2% (two percent), applied from the first day after maturity and increased, every 30 (thirty) days, by an equal percentage, up to a limit of 20% (twenty percent), incident on the updated value of the fine.

§ 2. The notification referred to in the main text shall observe the provisions of art. 17.

Art. 16. A participant that suffers the application of the suspension or exclusion penalties, in a final decision, shall immediately notify its end-users, informing them of the consequences of the measure.

Sole Paragraph. In the event of application of the exclusion penalty, the participant shall arrange for the closure or transfer of operations and contracts with commercial establishments that are end-users and, in the case of facilitation of the withdrawal service, with withdrawal agents, to another Pix participant.

Art. 17. Communications within the scope of the penalty process shall occur preferably by electronic means, and may also be carried out by:

I - via postal mail, sent to the address of the institution listed in the Pix participants registry, with proof of receipt;

II - by knowledge of the content of the communication duly declared by the institution.

§ 1º When the location where the institution is found is unknown, uncertain, or inaccessible, or in case of evasion, the communication shall be effected by publication of a notice on the website of the Central Bank of Brazil.

§ 2º The communication is considered effected on the date:

I - of knowledge by the interested institution or by its duly constituted attorney;

II - of delivery at the addressee's address;

III - of access to the electronic system of the Central Bank of Brazil;

IV - on which the refusal is attested; or

V - of publication of the notice on the website of the Central Bank of Brazil.

§ 3º The citation is considered effected on the sixth day following the date of availability of the act in the electronic system of the Central Bank of Brazil, if the institution does not access it within said period.

Art. 18. Deadlines shall be counted continuously, excluding the start day and including the due date.

Sole paragraph. The first day of the count and the due date of the deadline, if they coincide with a weekend or holiday, shall be extended to the first business day following.

Art. 19. Procedures related to the penalty process may be developed in any of the locations where there is representation of the Central Bank of Brazil, at the discretion of the Administration.

Art. 20. The daily fine referred to in art. 111 of the Pix Regulation is established at R$50,000.00 (fifty thousand reais) during the restricted operation phase and at R$100,000.00 (one hundred thousand reais) during the full operation phase of Pix.

Art. 21. The daily fine referred to in art. 112 of the Pix Regulation is established at R$25,000.00 (twenty-five thousand reais) during the restricted operation phase and at R$50,000.00 (fifty thousand reais) during the full operation phase of Pix.

Art. 22. The daily fine referred to in art. 120 of the Pix Regulation is established at:

I - R$50,000.00 (fifty thousand reais), for participants whose participation in the total of Pix transactions paid and received in the SPI between July 2023 and June 2024 is greater than 0.5% (five tenths percent); and

II - R$25,000.00 (twenty-five thousand reais), for participants whose participation in the total of Pix transactions paid and received in the SPI between July 2023 and June 2024 is less than or equal to 0.5% (five tenths percent).

(Article 22 included, from 10/01/2024, by Resolution BCB No. 361, of 12/07/2023.)

ANNEX II TO RESOLUTION BCB NO. 177, OF DECEMBER 22, 2021

Weighting Factors for Fine Calculation

Table 1 – Weighting factor by type of institution

Type of institution	Weighting Factor
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank and Savings Bank that are part of a prudential conglomerate classified in Segment 1 (S1), in accordance with Resolution No. 4.553, of January 30, 2017	25
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank, Development Bank and Savings Bank, except institutions that are part of a prudential conglomerate classified in Segment 1 (S1), in accordance with Resolution No. 4.553, of 2017	5
Authorized Payment Institution	3
Leasing Company and Savings and Loan Association	3
Central Credit Cooperative and Credit Confederation	2
Credit, Financing and Investment Company and Singular Credit Cooperative	2
Direct Credit Company and Peer-to-Peer Lending Company	2
Unauthorized Payment Institution	0.5
Others	0.5

Table 2 – Percentage of the total of Pix transactions paid and received in the Instant Payments System (SPI) in the period comprising the 3 (three) previous base dates prior to the penalty infraction

Percentage of the total of Pix transactions paid and received in the SPI	Weighting factor
> 5%	25
<= 5% to 3%	5
<= 3% to 1%	3
<= 1% to 0.5%	2
<= 0.5%	0.5

ANNEX II TO RESOLUTION BCB NO. 177, OF DECEMBER 22, 2021

(Annex II with wording given by Resolution BCB No. 342, of 9/26/2023.)

WEIGHTING FACTORS FOR FINE CALCULATION

Table 1 - Weighting factor by type of institution

Type of institution	Weighting Factor
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank and Savings Bank that are part of a prudential conglomerate classified in Segment 1 (S1), in accordance with Resolution No. 4.553, of January 30, 2017	25
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank, Development Bank and Savings Bank, except institutions that are part of a prudential conglomerate classified in Segment 1 (S1), in accordance with Resolution No. 4.553, of 2017	5
Authorized Payment Institution	3
Leasing Company and Savings and Loan Association	3
Central Credit Cooperative and Credit Confederation	2
Credit, Financing and Investment Company and Singular Credit Cooperative	2
Direct Credit Company and Peer-to-Peer Lending Company	2
Unauthorized Payment Institution	0.5
Others	0.5

Table 2 - Percentage of the total of Pix transactions paid and received in the Instant Payments System (SPI) in the period comprising the 3 (three) previous base dates prior to the penalty infraction

Percentage of the total of Pix transactions paid and received in the SPI	Weighting factor
> 5%	25
<= 5% to 3%	5
<= 3% to 1%	3
<= 1% to 0.5%	2
<= 0.5%	0.5

Table 3 - Percentage of the total of potentially compromised Pix keys in security incidents relative to the total of Pix keys registered in the DICT on the date of cessation of the event

Percentage of the total of potentially compromised Pix keys	Weighting factor
> 0.5%	25
<= 0.5% to 0.3%	5
<= 0.3% to 0.1%	3
<= 0.1% to 0.05%	2
<= 0.05%	0.5
= 0	0