Circular No. 2.938

CIRCULAR No. 002938 ------------------ Amends the minimum amount for requiring identification of clients in the Central Credit Risk system. The Board of Directors of the Central Bank of Brazil, in a session held on 13 October 1999, based on the provisions of Resolution No. 2.390 of 22 May 1997, D E C I D E D: Art. 1 Amend Art. 1 of Circular No. 2.768 of 16 July 1997, which shall henceforth have the following wording: "Art. 1 The institutions mentioned in Art. 1 of Resolution No. 2.390 of 22 May 1997, with a view to implementing the provisions of that normative act, must list the amounts of transactions for which their clients, individuals and legal entities, are liable, whose total, on the reference date, is equal to or greater than R$20,000.00 (twenty thousand reais), and the amounts of transactions for which they are liable - including therein the guarantees of which the aforementioned clients are beneficiaries. Paragraph 1 With respect to the other clients whose total respective transactions, on the reference date, is less than R$20,000.00 (twenty thousand reais) - for whom identification is waived -, only the consolidated global amount of the transactions must be reported, separating the liabilities of individuals and legal entities. Paragraph 2 The information must include: I - the identification of the client; II - the amount of debts due, overdue and written off as a loss, for which the client is liable; III - the amount of joint obligations assumed and guarantees provided to the client." Art. 2 This Circular enters into force on the date of its publication, producing effects as of 1 November 1999. Brasília, 14 October 1999 Sérgio Darcy da Silva Alves Luiz Carlos Alvarez Director Director