Circular No. 3900 — Establishes Procedures for the Permanent Transfer of Credits from Salary Accounts to Deposit or Prepaid Payment Accounts

The Collegiate Board of the Central Bank of Brazil, in a session held on May 17, 2018, based on Article 9 of Law No. 4,595 of December 31, 1964, and Article 9, items II and X, and Article 15 of Law No. 12,865 of October 9, 2013, and considering the provisions of Resolution No. 3,402 of September 6, 2006, Article 8 of Resolution No. 3,424 of December 21, 2006, and Resolution No. 4,639 of February 22, 2018,

R E S O L V E:

Article 1. This Circular provides for procedures to be observed by financial institutions and payment institutions authorized to operate by the Central Bank of Brazil for the permanent transfer of credits provided in an account destined for the recording and control of the flow of resources related to the payment of salaries, pensions, wages, salaries, retirement benefits, pensions, and similar benefits (salary account), as provided for in Resolution No. 3,402 of September 6, 2006, to deposit or prepaid payment accounts (salary portability).

Article 2. The institutions mentioned in Article 1 that intermediate the sending of the indicative communication of the account to be credited, in accordance with Article 2-A, § 1, of Resolution No. 3,402 of 2006, must:

I - identify the payment beneficiary, obtaining the information provided for in Article 4, § 2, of Circular No. 3,680 of November 4, 2013, in the case of indication of transfer of credits to a prepaid payment account; and

II - confirm and guarantee the identity of the payment beneficiary, the legitimacy of the communication, and the authenticity of the required information.

Article 3. The communication sent in accordance with Article 2 must contain the following identification information:

I - of the beneficiary: name and registration number in the Register of Legal Entities (CPF);

II - of the institution contracted to provide the salary, pension, wage, salary, retirement benefit, pension, and similar payment service: registration number in the National Register of Legal Entities (CNPJ) of the financial institution;

III - of the contracting entity of the salary, pension, wage, salary, retirement benefit, pension, and similar payment service: social name or denomination and registration number in the CNPJ; and

IV - of the account to be credited in the receiving institution: registration number in the CNPJ of the financial or payment institution, agency number, if any, and account number.

Sole Paragraph. The communication referred to in the main text must be kept available to the Central Bank of Brazil for a minimum period of five years after its sending.

Article 4. Institutions contracted to provide the salary, pension, wage, salary, retirement benefit, pension, and similar payment service must define the electronic channel for receiving the salary portability communication provided for in Article 2.

Sole Paragraph. The channel referred to in the main text:

I - cannot restrict the salary portability process, including in terms of accessibility to receiving institutions; and

II - must be disclosed to other institutions interested in the salary portability process.

Article 5. This Circular enters into force on July 1, 2018.

Otávio Ribeiro Damaso
Director of Regulation