Central Bank Resolution No. 507 Approving the Pix Penalties Manual

Resolution No. 507

BCB RESOLUTION NO. 507,
OF SEPTEMBER 26, 2025

Approves the Pix Penalties Manual.

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on September 26, 2025, based on Article 10, caput, item IV, of Law No. 4,595, of December 31, 1964, Article 10 of Law No. 10,214, of March 27, 2001, Articles 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:

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

Sole Paragraph. The Pix Penalties Manual governs the assessment of non-compliance with the regulation annexed to BCB Resolution No. 1, of August 12, 2020 (Pix Regulation), and the parameters for applying the penalties referred to in Section II of Chapter XIX thereof.

Article 2. Conduct practiced during the period in which the Pix Penalties Manual referred to in Annexes I and II of BCB Resolution No. 177, of December 22, 2021, was in force, remains subject to it.

Sole Paragraph. The provisions of the caput do not apply to the procedural rules to be observed and to cases where the consequences foreseen for the conduct of participants are less severe, in which cases the rules of the Pix Penalties Manual referred to in Annexes I and II of this Resolution shall apply.

Article 3. BCB Resolution No. 177, of December 22, 2021, published in the Official Gazette of the Union on December 24, 2021, is hereby revoked.

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

RENATO DIAS DE BRITO GOMES

Director of Organization of the Financial System and Resolution

ANNEX I TO BCB RESOLUTION NO. 507, OF SEPTEMBER 26, 2025

PIX PENALTIES MANUAL

Establishes the procedure for assessing non-compliance with the regulation annexed to BCB Resolution No. 1, of August 12, 2020 (Pix Regulation), and the parameters for applying the penalties referred to in its Article 93.

CHAPTER I

ON THE OBJECT AND SCOPE OF APPLICATION

Article 1. This Manual provides for:

I - the procedure for the process of assessing non-compliance with the regulation annexed to BCB Resolution No. 1, of August 12, 2020 (Pix Regulation); and

II - the parameters for applying the penalties referred to in Article 93 of the Pix Regulation.

Sole Paragraph. For the purposes of this Manual, it is considered:

I - participating institution: the participating institutions of Pix, the institutions in the process of adhering to Pix, as per the Pix Regulation, and the non-participating institutions that acted as Pix participants at the time of the facts subject to assessment;

II - recidivism: when the participating institution commits a new non-compliance with the Pix Regulation after having been punished by a final decision, unless three years have elapsed since the fulfillment of the respective penalty or the extinction of the penalty; and

III - specific recidivism: when the participating institution commits the non-compliance with the same provision of the Pix Regulation after having been punished by a final decision, unless three years have elapsed since the fulfillment of the respective penalty or the extinction of the penalty.

CHAPTER II

ON THE PROCEDURE FOR ASSESSING NON-COMPLIANCE WITH THE PIX REGULATION

Article 2. The acts and procedural terms shall be formalized, communicated, and transmitted primarily via electronic means.

§ 1. The Central Bank of Brazil may use communication by mail or by knowledge in the process, in cases where these options prove more efficient.

§ 2. In situations where communication occurs via physical means, the document shall be discarded after its digitization and inclusion in the electronic case files.

§ 3. Procedural acts via non-electronic means may be performed in any branch of the Central Bank of Brazil.

Article 3. The right to consult the case and obtain copies thereof, while the final decision has not been rendered, shall be restricted to the interested participating institution, its legal representatives, or attorneys.

Sole Paragraph. After the final decision has been rendered, access restrictions shall be lifted, except regarding information protected by legal or constitutional confidentiality.

Article 4. The decision to open a process for assessing non-compliance with the Pix Regulation must be reasoned, containing a description of the irregular conduct.

Sole Paragraph. The opening of the process referred to in the caput shall occur via specific notification, which shall grant the participating institution a period of thirty days to present a defense.

Article 5. Notifications for the opening of the process for assessing non-compliance with the Pix Regulation and communications shall occur primarily via electronic means, and may also be performed:

I - by mail, with acknowledgment of receipt, sent to the address of the participating institution recorded in the Central Bank of Brazil's databases; or

II - by knowledge in the process, duly declared by the participating institution.

§ 1. Electronic notification and communication shall be effected by the Central Bank of Brazil's Electronic Mail System – BC Correio.

§ 2. Pix participating institutions and institutions in the process of adhering to Pix, as per the Pix Regulation, must have a registration in BC Correio.

§ 3. When the location of the participating institution is unknown, uncertain, or inaccessible, or in case of evasion, the notification or communication shall be effected via publication of a notice on the Central Bank of Brazil's website.

§ 4. Notification or communication is considered effected on the date:

I - of receipt via electronic means or access to the Central Bank of Brazil's electronic system;

II - of delivery to the address of the participating institution recorded in the Central Bank of Brazil's databases;

III. when refusal is attested;

IV. of knowledge by the participating institution or its appointed attorney; or

V. of publication of the notice on the Central Bank of Brazil's website.

§ 5. Notification or communication is considered effected on the sixth day following the availability of the act in BC Correio, if the participating institution does not access it within that period.

Article 6. The period for performing a procedural act under the responsibility of the participating institution shall be ten days, unless a specific regulatory provision or a different period fixed by the Central Bank of Brazil applies.

Article 7. Periods shall be counted continuously, excluding the start day and including the due date.

§ 1. The start day of the period is considered:

I. the date of notification or communication, as per Article 5, § 4, items I to IV, and § 5; or

II. the thirty-first day following the date of publication of the notice on the Central Bank of Brazil's website.

§ 2. The first day of the period count and the due date shall be extended to the next business day if they coincide with a weekend, holiday, or optional holiday at the location of the participating institution's headquarters or in case of unavailability of the Central Bank of Brazil's electronic case system.

Article 8. The date of document delivery is considered the date of protocol in the Central Bank of Brazil's electronic system.

Article 9. If it is proven that an unforeseen event, beyond the control of the participating institution, prevents it from performing the procedural act through its representative or attorney, the Central Bank of Brazil may grant a new period upon a reasoned request.

Article 10. The participating institution may waive the period established exclusively in its favor, provided it does so expressly.

Article 11. The institution shall be notified of the decision, and it shall be entitled, in case of penalty application, to file an appeal within thirty days, received with devolutive and suspensive effects.

§ 1. The appeal referred to in the caput shall be directed to the authority that rendered the decision, which shall forward it to the competent authority for judgment, provided for in the Internal Regulations of the Central Bank of Brazil, in the second and final instance.

§ 2. The legitimacy to appeal is exclusive to the penalized institution.

Article 12. The final decision shall be published on the Central Bank of Brazil's website in full or in a summary version.

CHAPTER III

ON THE APPLICATION OF PENALTIES

Section I

General Provisions

Article 13. In cases of permanent or continued non-compliance with the Pix Regulation, the regulation in force on the date the permanence ceases or the last non-compliance with the Pix Regulation is practiced shall apply.

Section II

Warning Penalty

Article 14. The warning penalty shall be applied to the participating institution that fails to comply with the rules and procedures regarding:

I - the use of the Pix brand, including in contractual relations with commercial establishments or banking correspondents;

II - the initiation of a Pix, including with respect to transactions initiated via the payment transaction initiation service;

III - the disclosure to end users of tariffs, free services, and any benefits related to sending and receiving a Pix;

IV - the offer of Pix API, including regarding its mandatory availability, when applicable;

V - the reimbursement of costs and distribution to cash-out agents within the Pix Cash and Pix Change services;

VI - the end-user experience;

VII - the facilitation of cash-out services; or

VIII - the non-compliance with determinations by the Central Bank of Brazil regarding the provision of information for the purpose of monitoring and overseeing Pix, as well as for providing other periodic information, as established by the Central Bank of Brazil.

Section III

Fine Penalty

Article 15. The application of the fine penalty to the participating institution that recidivates in non-compliance with the Pix Regulation previously punished with the warning penalty is permitted.

Article 16. The fine penalty shall be applied to the participating institution that:

I - fails to comply, in whole or in part, with the provisions of the Pix Regulation or other documents that compose, detail, or complement it, in the cases provided for in Article 18; or

II - recidivates specifically in non-compliance with the Pix Regulation previously punished with the warning penalty.

Article 17. In applying the fine penalty, a base value shall initially be fixed, considering, in its calculation, to the extent that they can be determined:

I - the damage caused to participating institutions, the Central Bank of Brazil, or third parties;

II - the total or partial non-compliance with the notification referred to in Article 91-B of the Pix Regulation, including with respect to compliance periods, determinations regarding the manner of compliance, and the ineffectiveness of the measures referred to in § 1, items I and II, of the cited article;

III - the lack of timely action by the participating institution to cease or mitigate events that compromise the security of Pix;

IV - the failure by the participating institution to prove the adoption of measures to restore service availability, in cases where such availability is affected; and

V - the participating institution's history in processes assessing non-compliance with the Pix Regulation.

Article 18. The base fine value applicable to each non-compliance with the Pix Regulation shall follow the following grading:

I - from R$50,000.00 (fifty thousand reais) to R$100,000.00 (one hundred thousand reais), multiplied by the weighting factor contained in Annex II, when the participating institution:

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

1. service level agreements provided for in the Pix Times Manual;

2. value or quantity limits for Pix transactions;

3. charging tariffs to end users;

4. participation in Pix;

5. access to the Transactional Account Identifiers Directory – DICT and use of its functionalities, except as provided for in item II, letters “c”, “d”, “e”, and “f”;

6. outsourcing of activities; or

7. orderly exit from Pix;

b) fails to ensure the correct operation of the third party with a view to ensuring the security, efficiency, reliability, integrity, confidentiality, and quality of the payment service; or

c) fails to meet the technical security requirements of Pix, including those related to mechanisms for preventing reading attacks on the DICT or the institution's internal database, except as provided for in items II and III;

II - from R$100,000.00 (one hundred thousand reais) to R$300,000.00 (three hundred thousand reais), multiplied by the weighting factor contained in Annex II, when the participating institution:

a) fails to offer Pix or its products, including with respect to the channel provided, approval in homologation tests, minimum required functionalities, and, when applicable, the mandatory offer to end users;

b) fails in diligence in its role as a responsible participant or liquidator;

c) operates in Pix in a modality for which it is not authorized;

d) fails to observe the requirements regarding transaction rejection, precautionary blocking rules, and Pix return;

e) fails to observe the requirements regarding the Special Return Mechanism, including rejecting, without just cause, violation notifications or failing to block funds after receiving a violation notification;

f) fails to observe rules and procedures regarding registration, deletion, alteration, portability, or claim of ownership of Pix keys;

g) uses the DICT for purposes other than those provided for in the Pix Regulation;

h) fails to adopt security mechanisms aimed at managing fraud risk;

i) fails in liquidity risk management, resulting in a lack of funds to process end-user payment orders on at least four days in the calendar year or for at least ten thousand transactions in a single day; or

j) fails to meet technical security requirements of Pix, when the conduct results in a security incident that causes any of the following repercussions, except as provided for in item III:

1. partial compromise, even in part, of Pix transactions involving its end users; or

2. compromise of the confidentiality, integrity, or availability of information related to Pix keys, Pix transactions, or Pix end users, excluding events whose consequences are limited to the exposure of information that may be made available under the conditions provided for in the Pix Regulation; or

III - from R$300,000.00 (three hundred thousand reais) to R$1,000,000.00 (one million reais), multiplied by the weighting factor contained in Annex II, when the participating institution:

a) fails to inform the Central Bank of Brazil of facts it is aware of that may compromise the image, integrity, or security of Pix;

b) fails to meet technical security requirements of Pix, when the conduct results in a security incident that causes any of the following repercussions:

1. partial compromise, even in part, of the functioning of Pix components or infrastructures; or

2. theft of funds from an end-user transactional account;

c) in the capacity of a transactional account provider for the paying user, fails to reject transactions involving funds originating from or destined for end users sanctioned by United Nations Security Council resolutions, as provided for in Law No. 13,810, of March 8, 2019;

d) having knowledge of an increase in the number of fraud occurrences or violations related to money laundering and terrorism prevention financing, fails to implement effective mitigating measures to address the problem; or

e) assigns to a non-participating third party the performance of the activities referred to in Article 90-A of the Pix Regulation.

§ 1. The grading of the base value for non-compliances with the Pix Regulation not listed in this article shall correspond to that provided for in item I of the caput.

§ 2. The weighting factor contained in Annex II is determined based on the Total Assets of the participating institution ascertained in the last balance sheet available at the Central Bank of Brazil.

Article 19. In calculating the fine penalty, after defining the base value, circumstances of increase and decrease of the penalty shall be applied, in this order.

Sole Paragraph. In the event of circumstances of increase, circumstances of decrease, or both, the increase or decrease of the fine penalty may not exceed half of the value fixed for its base value.

Article 20. The following are circumstances of penalty increase:

I - recidivism, in cases where it is not used for the purposes of Articles 15 and 16, caput, item II;

II - the occurrence of damage or the danger of damage to the image, integrity, reliability, or security of Pix, participating institutions, the Central Bank of Brazil, or third parties;

III - the commission of non-compliance with the Pix Regulation through fraud or simulation;

IV - the commission of non-compliance with the Pix Regulation with the intent to obtain undue economic advantage;

V - the compromise of the confidentiality of data evidencing the financial, tax, or patrimonial situation of end users; and

VI - the compromise of the confidentiality of data used for security purposes.

Sole Paragraph. The fine penalty shall be increased by 20% (twenty percent) for each circumstance verified.

Article 21. The following are circumstances of penalty reduction:

I - the repair of damages caused, provided it is documented by the participating institution before the decision, a circumstance that reduces the fine by 20% (twenty percent); and

II - the full compliance with the notification referred to in Article 91-B of the Pix Regulation within the period established by the Central Bank of Brazil, a circumstance that reduces the fine by 30% (thirty percent).

Article 22. The sum of fine penalties applied to the participating institution in a single process of assessing non-compliance with the Pix Regulation shall be limited:

I - for participating institutions authorized to operate by the Central Bank of Brazil, to the higher value between:

a) 25% (twenty-five percent) of the minimum capital required, when applicable; or

b) 25% (twenty-five percent) of Net Equity – NE, ascertained in the last balance sheet available at the Central Bank of Brazil; or

II - for other legal entities, to the value of R$1,250,000.00 (one million two hundred and fifty thousand reais).

Section IV

Exclusion Penalty

Article 23. The application of the exclusion penalty to the institution that:

I - fails to cease the practice that originated the application of precautionary suspension, as per the Pix Regulation; or

II - recidivates in non-compliance with the Pix Regulation previously punished with the fine penalty, applied based on Article 18, caput, item III.

Article 24. The exclusion penalty shall be applied to the participating institution that recidivates specifically in non-compliance with the Pix Regulation previously punished with the fine penalty, applied based on Article 18, caput, item III.

Section V

Effectiveness and Execution of Decisions

Article 25. Decisions applying the fine penalty shall be communicated to the participating institution so that it makes the corresponding payment within thirty days.

§ 1. If the participating institution does not file the appeal provided for in Article 11, the payment of the fine may be made at 70% (seventy percent) of its value until the end of the payment period fixed in the caput.

§ 2. Failure to pay the fine within the period fixed in the caput shall result in the loss of the discount provided for in § 1 and the addition to the total value of:

I - late interest:

a) counted from the first day of the month following the due month, equivalent to the Reference Rate of the Special Settlement and Custody System – Selic for federal bonds, accumulated monthly, until the last day of the month preceding the payment month; and

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

II - late fine of 2% (two percent), from the day following the due date for payment, added, every thirty days, by an equal percentage, up to a limit of 20% (twenty percent), applied to the updated value.

§ 3. If partial payment is made, the charges referred to in § 2 shall apply to the remaining value, if the period provided for therein is exceeded.

Article 26. Applied the exclusion penalty, in a final decision, the participating institution shall be effectively removed from Pix thirty days after the date of communication of the final decision.

Article 26. Applied the exclusion penalty, in a final decision, the participating institution shall be removed from Pix immediately after receiving the communication of the final decision. (Wording given by BCB Resolution No. 587, of 9/18/2026.)

§ 1. The participating institution shall be responsible for:

I - arranging the closure or transfer of operations and contracts with commercial establishments that are end users and, in the case of cash-out facilitation, with cash-out agents to another Pix participant;

II. notifying its end users, using the available communication channels, informing them of the consequences of the measure; and

III. proving to the Central Bank of Brazil the implementation of the measures provided for in items I and II.

III. proving to the Central Bank of Brazil, when requested, the implementation of the measures provided for in items I and II. (Wording given by BCB Resolution No. 587, of 9/18/2026.)

§ 2. The Central Bank of Brazil may, at its discretion, grant an extension of the period referred to in the caput, upon a justified request submitted by the participating institution before the due date.

§ 2. (Revoked by BCB Resolution No. 587, of 9/18/2026.)

ANNEX II TO BCB RESOLUTION NO. 507, OF SEPTEMBER 26, 2025

WEIGHTING FACTOR FOR FINE CALCULATION

Table 1 – Weighting factor based on institution size

Total Assets – TA (R$)	Weighting Factor – WF
TA ≤ 10 million	1
10 million < TA ≤ 100 million	2
100 million < TA ≤ 1 billion	3
1 billion < TA ≤ 10 billion	5
10 billion < TA ≤ 100 billion	10
100 billion < TA ≤ 1 trillion	100
TA > 1 trillion	500
Not reported	3

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