Circular No. 3681 — Regulates risk management, minimum capital requirements, governance of payment institutions, preservation of value and liquidity of balances in payment accounts, and other provisions

Payment institutions authorized by the Central Bank of Brazil must implement risk management structures for operational, liquidity, and credit risks, including specific security, contingency, and monitoring procedures. Post-paid payment instrument issuers must maintain adjusted net equity of at least 2% of monthly transaction averages, while electronic money issuers must hold equity equal to the greater of 2% of transaction averages or daily electronic money balances. Electronic money balances must be fully safeguarded in cash or federal public securities, with strict allocation rules and prohibitions for certain banks. The regulation mandates specific governance policies, the appointment of a risk management director, and internal control systems, with full compliance required within 180 days of publication.

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The Executive Board of the Central Bank of Brazil, in an extraordinary session held on October 31, 2013, based on arts. 9, items IX and XIV, 14 and 15 of Law No. 12,865, of October 9, 2013, and in view of art. 14 of Resolution No. 4,282, of November 4, 2013,

R E S O L V E:

CHAPTER I

ON THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Circular provides for procedures to be adopted by payment institutions authorized to operate by the Central Bank of Brazil for risk management, governance, calculation of their minimum capital requirements, safeguarding of resources held in payment accounts, as well as for compliance with regulations applicable to institutions integrated into the National Financial System (SFN).

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Lineage: In force

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Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works