CMN Resolution No. 4,949 — Principles and Procedures for Client and User Relationships

Resolution No. 4,949

RESOLUTION
CMN No. 4,949, OF SEPTEMBER 30, 2021

Establishes principles and procedures to be adopted in the relationship with clients and users of products and services.

The
Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on September 30, 2021, based on Arts. 4, item VIII, of the aforementioned Law, 7 and 23, letter "a", of Law No. 6,099, of September 12, 1974, and 1, § 1, of Complementary Law No. 130, of April 17, 2009,

R E S O L V E D:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This
Resolution establishes principles and procedures to be adopted in the relationship with clients and users of products and services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

§ 1. The provisions of this Resolution do not apply to consortium administrators and payment institutions, which must follow the rules issued by the Central Bank of Brazil in the exercise of its legal competence.

§ 1. The provisions of this Resolution do not apply to consortium administrators, payment institutions, securities brokerage firms, securities distribution firms, and foreign exchange correspondent firms, which must observe the regulation issued by the Central Bank of Brazil in the exercise of their legal duties. (Amended, effective from 3/1/2024, by CMN Resolution No. 5,117, of 1/25/2024.)

§ 2. For the purposes of this Resolution, the relationship with clients and users covers the phases of pre-contracting, contracting, and post-contracting of products and services.

CHAPTER II
OF THE PRINCIPLES

Art. 2. The institutions referred to in Art. 1, in their relationship with clients and users of products and services, must conduct their activities with observance of principles of ethics, responsibility, transparency, and diligence, promoting the convergence of interests and the consolidation of an institutional image of credibility, security, and competence.

Art. 3. The observance of the provisions of Art. 2 requires, among others, the following actions:

I - promote organizational culture that encourages a cooperative and balanced relationship with clients and users; and

II - provide fair and equitable treatment to clients and users, considering their relationship profiles and associated vulnerabilities.

CHAPTER III
OF THE PROCEDURES

Section I
Of Contracting and Service Provision

Art. 4. The institutions referred to in Art. 1, in the contracting of operations and in the provision of services, must ensure:

I - adequacy of the products and services offered or recommended to the needs, interests, and objectives of clients and users;

II - integrity, compliance, reliability, security, and confidentiality of transactions carried out, as well as the legitimacy of contracted operations and provided services;

III - provision, in a clear and precise manner, of the information necessary for free choice and decision-making by clients and users, explicitly stating, among other things, rights and duties, responsibilities, costs or burdens, penalties, and any existing risks in the execution of operations and provision of services;

IV - use of clear, objective, and appropriate wording for the nature and complexity of the operation or service, in contracts, receipts, statements, vouchers, and documents directed to the public, in a way that allows understanding of the content and the identification of deadlines, values, charges, fines, dates, locations, and other conditions;

V - identification of the end users who are beneficiaries of payment or transfer in demonstrations and statements of deposit accounts and pre-paid payment accounts, including in situations where the payment service involves institutions participating in different payment arrangements;

VI - sending of payment instruments to the client's or user's home address or their activation only as a result of their express request or authorization; and

VII - timeliness and absence of barriers, criteria, or unreasonable procedures for:

a) attending to demands of clients and users, including the provision of contracts, receipts, statements, vouchers, and other documents and information related to operations and services;

b) the termination of the contractual relationship related to products and services, including the cancellation of contracts; and c) the transfer of the relationship to another institution, if applicable.

Section II
Of In-Person Service to Clients or Users

Art. 5. It is prohibited for the institutions referred to in Art. 1 to prevent access, refuse, hinder, or impose restrictions on in-person service in their premises, including at teller windows, to clients or users of products and services, even when service is available through other channels.

§ 1. The provisions of the
main text do not apply:

I - to collection or collection services provided to third parties, when:

a) there is no contract or agreement for their provision executed between the financial institution and the beneficiary entity; or

b) the respective contract or agreement executed does not include receipt at the teller window of the institution's premises;

II - to the receipt of payment slips standardized by the regulation of the Central Bank of Brazil issued outside the standard, specifications, or requirements in force for the instrument;

III - to the receipt of documents via payment by check;

IV - to institutions that do not have premises or to the premises of institutions without teller windows;

V - to service points installed in the premises of a government agency or entity or a private company with teller windows, in which services are provided exclusively in the interest of the respective agency or entity and its employees or the respective company and its employees and administrators, according to specific regulation on premises; and

VI - to exceptional situations provided for in legislation or specific regulation.

§ 2. For the purposes of the provisions of the main text, it is prohibited to impose restrictions regarding the quantity of documents, transactions, or operations per person, as well as regarding maximum or minimum amounts to be paid or received, or regarding the option for the client or user to choose cash payments, except for the exceptions provided for in legislation or specific regulation.

§ 3. The institutions referred to in Art. 1 must disclose in their premises and in the premises of correspondents in the country, in a visible location and in legible format, the situations referred to in items II, III, and V of § 1.

§ 4. The provisions of this article must be observed indistinctly with respect to clients and non- clients, except for credit cooperatives, which must observe the provisions of § 5.

§ 5. Credit cooperatives must inform in their premises, in a visible location and in legible format, whether they provide service to non-members and which services are made available, ensuring in this case the conditions provided for in this
article.

CHAPTER IV
OF THE INSTITUTIONAL POLICY FOR RELATIONSHIP WITH CLIENTS AND USERS

Section I
Of the Maintenance of the Institutional Policy for Relationship with Clients and Users

Art. 6. The institutions referred to in Art. 1 must maintain an institutional policy for relationship with clients and users that consolidates guidelines, strategic objectives, and organizational values, in order to guide the conduct of their activities in accordance with the provisions of Art. 2.

§ 1. The policy referred to in the
main text must:

I - be approved by the board of directors or, if none exists, by the executive board of the institution;

II - be subject to periodic evaluation;

III - define roles and responsibilities within the institution;

IV - be compatible with the nature of the institution and with the profile of clients and users, as well as with the other policies established;

V - provide for an employee training program and service providers who perform activities related to the relationship with clients and users;

VI - provide for the internal dissemination of its provisions; and

VII - be formalized in a specific document.

§ 2. It is admitted that the policy referred to in the main text be unified by:

I - a conglomerate; or

II - a cooperative credit system.

§ 3. The institutions that do not constitute their own policy as a result of the option provided for in § 2 must formalize the decision in a meeting of the board of directors or the executive board.

§ 4. The document referred to in item VII of § 1 must be kept available to the Central Bank of Brazil.

Section II
Of the Management of the Institutional Policy for Relationship with Clients and Users

Art. 7. The institutions referred to in Art. 1 must ensure the consistency of routines and operational procedures related to the relationship with clients and users, as well as their adequacy to the institutional policy for relationship referred to in Art. 6, including regarding the following aspects:

I - identification and qualification of clients and users for the purpose of initiating and maintaining the relationship;

II - design of products and services;

III - offering, recommendation, contracting, or distribution of products or services;

IV - security requirements related to products and services;

V - charging of fees resulting from the provision of services;

VI - disclosure and advertising of products and services;

VII - collection, processing, and maintenance of client information in databases;

VIII - management of service provided to clients and users, including the recording and handling of demands;

IX - conflict mediation;

X - system for collection in case of default on contracted obligations;

XI - termination of the contractual relationship related to products and services;

XII - early settlement of debts or obligations; and

XIII - transfer of the relationship to another institution.

§ 1. With respect to the provisions of items II and III of the main text, and in observance of Art. 4, item I, institutions must establish the profile of clients who make up the target audience for the products and services made available, considering their characteristics and complexity.

§ 2. The profile referred to in § 1 must include relevant information for each product or service.

Art. 8. The institutions referred to in Art. 1 must:

I - promote the balance of performance goals and incentives associated with the performance of employees and correspondents in the country with the guidelines and organizational values provided for in the institutional policy referred to in Art. 6; and

II - properly handle any deviations related to the content of item I.

Art. 9. With respect to the institutional policy for relationship with clients and users, the institutions referred to in Art. 1 must establish mechanisms for monitoring, control, and risk mitigation with a view to ensuring:

I - the implementation of its provisions;

II - the monitoring of its compliance, including through adequate metrics and indicators;

III - the evaluation of its effectiveness; and

IV - the identification and correction of any deficiencies.

§ 1. The mechanisms referred to in the
main text must be submitted to periodic tests by internal audit, consistent with the internal controls of the institution.

§ 2. The data, records, and information related to control mechanisms, processes, tests, and audit trails must be kept available to the Central Bank of Brazil for a minimum period of five years.

CHAPTER V
FINAL PROVISIONS

Art. 10. The institutions referred to in Art. 1 must indicate to the Central Bank of Brazil a director responsible for compliance with the obligations provided for in this Resolution.

Art. 11. The Central
Bank of Brazil may adopt complementary measures necessary for the execution of the provisions of this Resolution.

Art. 12. The following are revoked:

I - Art. 12 of Resolution No. 4,753, of September 26, 2019;

II - Resolution
No. 3,694, of March 26, 2009;

III - Resolution
No. 4,283, of November 4, 2013;

IV - Resolution
No. 4,479, of April 25, 2016;

V - Resolution
No. 4,539, of November 24, 2016; and

VI - Resolution
No. 4,746, of August 29, 2019.

Art. 13. This
Resolution enters into force on March 1, 2022.

Roberto de
Oliveira Campos Neto
President of the
Central Bank of Brazil