Circular No. 3001 — Regulates the recording of values corresponding to receipts and payments on behalf of third parties

CIRCULAR NO. 003001

Regulates the recording of values corresponding to receipts and payments on behalf of third parties.

The Executive Board of the Central Bank of Brazil, in a session held on August 23, 2000, based on Article 4, item XII, of Law No. 4,595, of December 31, 1964, by competence delegated by the National Monetary Council, by act of July 19, 1978, and having in view the provisions of Article 19 of Law No. 9,311, of October 24, 1996,

D E C I D E D:

Article 1. Amend Article 3 of Circular No. 2,535, of January 19, 1995, which shall now read as follows:

"Article 3. The values corresponding to the following operations must be recorded in a demand deposit account of the beneficiary:

I - collection of credits of any nature, rights or values, represented or not by titles, including checks;

II - receipt of installment books, bills or invoices from public service concessionaires and consortium payments, as well as any other values not covered by the preceding item;

III - collection of cash, including checks, carried out through a specialized service maintained or contracted by the financial institution or by the interested party itself;

IV - interdependent postings and others similar.

Sole Paragraph 1. The accounting recording of the operations referred to in this article must be made in the demand deposit account of the creditor of the amounts collected, raised, or made available to their disposal.

Sole Paragraph 2. In the case of a beneficiary who is not the holder of a demand deposit account in the institution, the resources received by it in the manner of the main text must be transferred to the institution where the beneficiary maintains a demand deposit account, to which the provisions of this article also apply.

Sole Paragraph 3. The making of deposits under the terms of this article is dispensed with when the institution is acting in the provision of resource administration services destined for the application and redemption of investments on behalf and order of its clients, in which case the resources may be registered in a demand deposit account owned by the institution, linked to non-checkable current accounts opened in the name of the respective clients, whose movement must observe the conditions established in the applicable legislation and regulation."

Article 2. The following are considered bad-faith artifices, with the objective of evading the provisions of this Circular:

I - the artificial or undue use of the accounting rubrics provided for in Circular No. 2,535, of 1995, including through accounting in controlled, affiliated, or contracted companies, formally or informally, financial or non-financial, of operations, businesses or services subject to the accounting regime established in the aforementioned Circular;

II - the total or partial offsetting of amounts or values subject to accounting recording and the operational conditions provided for in Article 3 of Circular No. 2,535, of 1995, with the wording given by this Circular, with debts or obligations of responsibility of the creditor;

III - the acquisition, by a financial institution or by an institution authorized to operate by the Central Bank of Brazil, of checks, credits or values, with the purpose of avoiding the recording in a demand deposit account of the beneficiary of the operations provided for in Article 3 of Circular No. 2,535, of 1995, with the wording given by this Circular.

Sole Paragraph. The Central Bank of Brazil may disregard operations that, in its discretion, fall under the hypotheses described in this article, including when carried out through the use of checks.

Article 3. The provisions of this Circular also apply to services provided through correspondents.

Article 4. Non-compliance with the provisions of this Circular subjects the institution and its administrators to the sanctions provided for in the legislation and regulation in force.

Article 5. This Circular enters into force on the date of its publication.

Brasília, August 24, 2000

Sérgio Darcy da Silva Alves
Director