Circular Letter No. 3260 — Clarifies Procedures Regarding Circular 3,290 of 2005 on Check Deposit Identification and Resource Transfer Instruments

CIRCULAR LETTER NO. 003260

Clarifies procedures regarding Circular 3,290 of 2005, which provides for the identification and registration of check deposit operations and the settlement of checks deposited in another financial institution, as well as the issuance of resource transfer instruments.

In light of doubts raised by financial market institutions regarding provisions contained in Circular 3,290 of September 5, 2005, which establishes procedures to be observed regarding the identification and registration of check deposit operations and the settlement of checks deposited in another financial institution, as well as the issuance of resource transfer instruments, we clarify that:

I - for the purposes of Article 1, item II, of the aforementioned regulation, a simultaneous operation is understood as a deposit made immediately after a withdrawal, in the presence of the teller, who is thereby able to register the origin of the cash resources deposited, noting that the obligation to register remains even when several simultaneous operations are carried out, whenever a cash withdrawal is made and, subsequently, the deposit, in full or in part, of these resources into a deposit account indicated by the interested party;

II - although the registration of information pertinent to checks withdrawn at the teller is not covered by the aforementioned circular, it is incumbent upon the drawee institution, in withdrawals exceeding R$100.00 (one hundred reais), to collect the receipt endorsement and register the beneficiary's identity document on the back of the check;

III - in addition to the resource transfer instruments cited in Articles 2 and 3 - administrative check, payment order check, payment order, Credit Document (DOC) and Electronic Available Transfer - TED - the registrations referred to in those articles must also apply to resource transfers carried out electronically directly between accounts maintained at the same institution, as well as any transfers carried out using new instruments of the kind that may be created;

IV - the value of R$1,000.00 (one thousand reais), cited in Article 2 of the norm in question, must be considered for each transaction carried out, without prejudice to the registration of transactions in their total amount, even of lower value, when they constitute series transactions, which, by their habitual nature and form, may have the objective of circumventing the requirement to register information, in accordance with the controls required in the form of Circular 2,852 of December 3, 1998, which provides for procedures to be adopted to prevent money laundering practices, and complementary regulation;

V - for the purposes of registering the information required in the same Article 2, in the case of resource transfer operations involving a resident individual abroad, as provided in § 1 of that article, it is up to the institution itself to define the standards of acceptability of the respective supporting documentation;

VI - for the purposes of identification provided for in Article 2, item III, of Circular 3,290 of 2005, the code that identifies the institution in the Deferred Settlement System of Interbank Credit Order Transfers - SILOC, of the Interbank Payments Chamber - CIP, must be used;

VII - in the event of resource movement via TED, the provisions of Circulars 3,115 of April 18, 2002, and 3,122 of April 23, 2002, must be observed;

VIII - the record retention period provided for in Article 5 of the aforementioned regulation must be counted from the year following the year in which the corresponding bank transaction, the origin of the registration, was carried out;

IX - foreign currency accounts are not covered by the provisions of Circular 3,290 of 2005; in the case of withdrawal or issuance of a payment order in cash involving these accounts, the norms regarding foreign exchange contracts must be observed;

X - subject to the maximum period established in Article 8 of Circular 3,290 of 2005, electronic files maintained by financial institutions shall be forwarded to the Central Bank of Brazil, when requested, according to the layout published in Circular Letter 3,254 of December 8, 2006.

Brasília, December 29, 2006.

Department of Norms of the Financial System

Amaro Luiz de Oliveira Gomes
Head