CMN Resolution No. 4753 — Provisions on the Opening, Maintenance, and Closure of Deposit Accounts

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The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on September 26, 2019, based on Articles 3, item V, and 4, item VIII, of the aforementioned Law, and Article 69, sole paragraph, of Law No. 7,357 of September 2, 1985,

R E S O L V E D:

Art. 1 This Resolution establishes the requirements to be observed by financial institutions in the opening, maintenance, and closure of deposit accounts.

Art. 2 The institutions referred to in Art. 1, for the purpose of opening deposit accounts, must adopt procedures and controls that allow them to verify and validate the identity and qualification of the account holders and, where applicable, their representatives, as well as the authenticity of the information provided by the client, including by cross-referencing this information with data available in public or private databases.

§ 1 Qualification is considered to be the information that allows institutions to appreciate, evaluate, characterize, and classify the client for the purpose of knowing their risk profile and economic-financial capacity.

§ 2 The opening of a deposit account based on a simplified qualification process is admitted, provided that adequate and compatible limits for balance and resource contributions for its movement are established.

§ 3 In the case of a deposit account owned by an incapacitated person, as per current legislation, the responsible person who assists or represents them must also be identified and qualified.

§ 4 Identification and qualification information for deposit account holders and their representatives, if any, must be kept up to date by the institutions.

§ 5 Institutions must adapt the procedures set forth in the main text to provisions related to the prevention of money laundering and terrorist financing, as well as observe current legislation and regulations.

Art. 3 The opening and closure of deposit accounts may be carried out based on a request submitted by the client through any service channel made available by the financial institution for this purpose, including electronic means; the use of voice telephony channels is not permitted.

Sole Paragraph. For the purposes of this Resolution, electronic means are considered to be instruments and remote channels used for communication and exchange of information without face-to-face contact between clients and institutions.

Art. 4 The contract for the provision of deposit account services shall provide, at a minimum, for:

I - procedures for identification and qualification of account holders, observing the provisions of Art. 2;

II - the characteristics of the account and basic rules of its operation, including regarding available forms of movement, procedures for charging fees, and deadlines for providing receipts and other documents;

III - security measures for the purpose of moving funds in the account;

IV - the rights and duties of account holders;

V - any limits on the balance maintained in the account and on resource contributions, as referred to in Art. 2, § 2;

VI - procedures for updating holder information, including for the purpose of complying with Art. 2, § 5;

VII - the provision for inclusion of the holder's name in the Register of Check Issuers with Insufficient Funds (CCF), in accordance with current regulations, in the event of issuing a check with insufficient funds, with the return of checks in the holder's possession to the institution, when the account is movable by means of a check; and

VIII - the hypotheses, conditions, and procedures for closing the account, observing the provisions of Arts. 5 and 6 of this Resolution.

Sole Paragraph. Institutions must provide or make available to account holders a copy of the contract referred to in the main text through any available service channel, including electronic.

Art. 5 For the closure of an account, the following measures must be adopted, at a minimum:

I - communication between the parties of the intention to rescind the contract, informing the reasons for rescission, if they refer to the hypothesis provided for in Art. 6 or another provided for in current legislation or regulation;

II - indication by the client of the destination of any credit balance in the account, which must cover the transfer of funds to a different account in the same or another institution or the placement of funds at their disposal for subsequent withdrawal in cash;

III - return by the client of unused check sheets or the cancellation thereof by the institution;

IV - provision of information by the institution to the account holder regarding:

a) the deadline for adopting measures related to the rescission of the contract, limited to thirty calendar days, counted from the fulfillment of the requirement referred to in item I;

b) procedures for payment of commitments assumed with the institution or resulting from legal provisions; and

c) products and services eventually contracted by the holder at the institution that remain active or that end together with the deposit account; and

V - communication to the holder about the date of account closure or about the reasons that prevent closure, after the expiration of the period referred to in item "a" of item IV.

§ 1 The closure of a deposit account may be processed even in the event of the existence of stopped, revoked, or cancelled checks for any cause.

§ 2 The holder of the deposit account must be assured the possibility of requesting its closure through the same channel used when requesting its opening, if still available.

Art. 6 Institutions must close deposit accounts regarding which they verify irregularities in the information provided, considered to be of a serious nature.

Art. 7 Institutions, through the procedures and technologies used in the opening, maintenance, and closure of deposit accounts, must ensure:

I - the integrity, authenticity, and confidentiality of the information and electronic documents used; and

II - protection against unauthorized access, use, alteration, reproduction, and destruction of information and electronic documents.

Art. 8 The criteria for defining the information necessary for the identification and qualification of account holders, as well as the control procedures adopted, must be formalized in a specific document.

Sole Paragraph. The document referred to in the main text must be kept up to date and available to the Central Bank of Brazil.

Art. 9 Institutions must indicate to the Central Bank of Brazil a director responsible for compliance with the obligations provided for in this Resolution.

Sole Paragraph. The director mentioned in the main text may perform other functions in the institution, provided there is no conflict of interest.

Art. 10. Observed specific regulation, the provisions of this Resolution also apply to deposit accounts in national currency owned by natural or legal persons residing, domiciled, or headquartered abroad, as well as to deposit accounts in foreign currency in the country.

Art. 11. Resolution No. 3,972 of April 28, 2011, shall enter into force with the following alterations:

"Art. 2 ........................................................

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§ 1 The rules for the supply of check sheets to the checking account holder must be established based, among others, on the following criteria:

I - sufficient balance for the payment of checks;

II - registration restrictions;

III - history of practices and occurrences in the use of checks;

IV - stock of check sheets in the possession of the checking account holder;

V - registration in the Register of Check Issuers with Insufficient Funds (CCF); and

VI - regularity of the data and identification documents of the checking account holder.

§ 2 The contracts referred to in the main text cannot contain clauses that prevent or establish unreasonable procedures for stopping or revoking a check.

§ 3 The supply of check sheets is prohibited while the checking account holder appears in the CCF.

§ 4 Institutions must maintain an updated signature of the checking account holder." (NR)

Art. 12. Resolution No. 4,539 of November 24, 2016, shall enter into force with the following alterations:

"Art. 5 ........................................................

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XII - transfer of relationship to another institution, at the client's request;

XIII - eventual goal and performance incentive systems for employees and third parties acting on their behalf; and

XIV - identification and qualification of clients and users for the purpose of initiating and maintaining a relationship." (NR)

Art. 13. The Central Bank of Brazil is authorized to issue norms and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Art. 14. The following are repealed:

I - Resolution No. 2,025 of November 24, 1993;

II - Resolution No. 2,078 of June 15, 1994;

III - Resolution No. 2,747 of June 28, 2000;

IV - Resolution No. 2,817 of February 22, 2001;

V - Resolution No. 2,953 of April 25, 2002;

VI - Resolution No. 3,211 of June 30, 2004;

VII - Resolution No. 3,222 of July 29, 2004;

VIII - Resolution No. 4,480 of April 25, 2016;

IX - Resolution No. 4,697 of November 27, 2018; and

X - the sole paragraph of Art. 2 of Resolution No. 3,972 of 2011.

Art. 15. This Resolution enters into force on January 1, 2020.

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