CMN Resolution No. 4648 — Prohibits Financial Institutions from Receiving Payment Slips of R$10,000 or More in Cash

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on March 28, 2018, based on Article 4, item VIII, of the aforementioned Law,

RESOLVES:

Article 1. Financial institutions are prohibited, as of May 28, 2018, from accepting payment slips with a value equal to or greater than R$10,000.00 (ten thousand reais) using cash resources.

Sole Paragraph. Institutions may only refuse to accept payment slips with a value lower than R$10,000.00 (ten thousand reais) using cash resources if there is evidence of an attempt to circumvent the prohibition established in the main text.

Article 2. The institutions referred to in Article 1 must disclose to clients and users the prohibition provided for in this Resolution, with at least ten business days' notice prior to the date mentioned in Article 1.

Article 3. This Resolution enters into force on the date of its publication.

Ilan Goldfajn
President of the Central Bank of Brazil