Circular No. 3.788

The Collegiate Board of the Central Bank of Brazil, in a session held on 6 April 2016, based on art. 17 of Resolution No. 2.025, of 24 November 1993, and in view of the provisions of arts. 33, item VII, and 35, item III, of Decree No. 3.000, of 26 March 1999,

R E S O L V E S :

Art. 1 The financial institutions and other institutions authorized to operate by the Central Bank of Brazil, when opening deposit accounts and when updating registration data for the purpose of complying with the provisions of Resolution No. 2.025, of 24 November 1993, must verify the status of the registration of the account holder(s) in the Individual Taxpayer Registry (CPF).

Sole paragraph. The situations of registration in the CPF "suspended", "cancelled" or "null" are characterized as registration irregularities, as defined in a normative instruction of the Federal Revenue of Brazil (RFB).

Art. 2 The deposit account with a registration irregularity in the CPF must only be closed after adopting the procedures provided for in art. 12 of Resolution No. 2.025, of 1993.

Art. 3 The prior communication of the intention to terminate the contract mentioned in art. 12, item I, of Resolution No. 2.025, of 1993, must contain an express reference to the situation motivating the termination, as well as stipulate a period for eventual regularization of the pending issue, which may not exceed ninety days.

Art. 4 This Circular enters into force on the date of its publication.

Art. 5 Circular No. 3.006, of 5 September 2000, and Circular Letter No. 3.372, of 14 January 2009, are revoked.

Otávio Ribeiro Damaso Director of Regulation