Circular No. 3680 — Regulations on the Payment Account Used by Payment Institutions for Recording Payment Transactions of End Users

Executive Board of the Central Bank of Brazil, in an extraordinary session held on October 31, 2013, based on arts. 6, § 1, 9, and 15 of Law No. 12,865, of October 9, 2013, and considering the provisions of art. 13 of Resolution No. 4,282, of November 4, 2013,

R E S O L V E:

Art. 1. This Circular regulates the payment account used by payment institutions to record payment transactions of end users.

§ 1. The payment account mentioned in the caput is mandatory for use by payment institutions issuing electronic money and post-paid payment instruments.

§ 2. The payment account mentioned in the caput must be owned by the end user and used exclusively for recording debits and credits related to payment transactions.

§ 3. The provisions of this Circular apply to financial institutions and other institutions authorized to operate by the Central Bank of Brazil that manage payment accounts.

Art. 2. For the purposes of this Circular, payment accounts are classified as:

I - prepaid payment account: intended for the execution of payment transactions in electronic money based on funds denominated in reais previously deposited; and

II - postpaid payment account: intended for the execution of payment transactions that do not depend on the prior deposit of resources.

Art. 3. Payment institutions issuing electronic money must ensure that the end user has the possibility of full redemption, at any time, of the balances existing in prepaid payment accounts.

Sole Paragraph. The redemption of balances from social benefit programs established within the municipal, state, or federal scope, deposited in payment accounts, must observe the conditions provided in the respective legislation and regulations.

Art. 4. The payment institutions mentioned in art. 1 must identify the end user who is the holder of the payment account.

§ 1. In the case of a prepaid payment account whose balance is limited to R$1,500.00 (one thousand five hundred reais) and in which the sum of deposits made each month is limited to the same value, the identification must be performed with, at minimum, the following information:

I - natural persons:

a) full name; and

b) registration number in the Individual Taxpayer Registry (CPF); and

II - legal entities:

a) trade name or corporate name;

b) registration number in the National Registry of Legal Entities (CNPJ); and

c) registration number in the CPF and full name of the representatives, attorneys, or authorized agents authorized to execute payment instructions.

§ 2. In the case of a prepaid payment account intended for the execution of payment transactions without the limitations referred to in § 1 and of a postpaid payment account, the identification must be performed with, at minimum, the following information:

I - natural persons:

a) full name;

b) parentage;

c) nationality;

d) date and place of birth;

e) number of the official identification document legally established and issued by a public body or entity (type, number, date of issuance, and issuing body);

f) registration number in the CPF;

g) complete residential and commercial addresses; and

h) telephone number and Direct Distance Dialing (DDD) code; and

II - in the case of legal entities:

a) trade name or corporate name;

b) main activity;

c) form and date of incorporation;

d) information listed in item I, regarding administrators, attorneys, or authorized agents authorized to execute payment instructions; and

e) registration number in the CNPJ.

§ 3. It is prohibited to identify the end user of the payment account using an abbreviated name or in any way altered.

§ 4. The payment institutions mentioned in art. 1 must keep the required registration information updated, through verification tests, with a maximum frequency of one year, which ensures the adequacy of the registration data of their clients.

§ 5. The limitations established in § 1 must be calculated considering the sum of the balances and the deposits of all prepaid payment accounts of the same end user in the same payment institution.

§ 6. Condominiums, investment funds, and other entities without legal personality must be identified with the same information requested of legal entities, in accordance with §§ 1 and 2.

Art. 5. The payment institutions referred to in art. 1 must expressly designate a director responsible for compliance with the regulations regarding the payment account governed by this Circular.

Art. 6. The payment institutions mentioned in art. 1, for the purpose of complying with procedures for the prevention and combating of activities related to the crimes of "money laundering" or concealment of assets, rights, and values provided for in Law No. 9,613, of March 3, 1998, must comply with the provisions of Circular No. 3,461, of July 24, 2009, except for the criteria for maintaining updated registration information established in its arts. 2 and 3, for which the provisions of this Circular apply.

Sole Paragraph. Payment institutions must observe the provisions of art. 2, §§ 2 to 4, of Circular No. 3,461, of 2009, in the case of end users holding the payment accounts referred to in art. 4, § 2, of this Circular.

Art. 7. Payment institutions issuing electronic money must send the Central Bank of Brazil information about the end users of prepaid payment accounts, in the manner established by Circular No. 3,347, of April 11, 2007, which regulates the Client Registry of the National Financial System (CCS).

Art. 8. Art. 2 of Circular No. 3,347, of 2007, shall be amended as follows:

“Art. 2. .........................................................

..................................................................

§ 1. ............................................................

..................................................................

V - Group 5: deposits in national currency, in the country, held by a natural or legal person residing, domiciled, or with headquarters abroad; and

VI - Group 6: prepaid payment accounts.

...........................................................” (NR)

Art. 9. This Circular enters into force 180 (one hundred and eighty) days after the date of its publication, except for arts. 7 and 8, which enter into force 360 (three hundred and sixty) days after the date of its publication.

                             Luiz Edson Feltrim Acting Director of Regulation