CMN Resolution No. 5069 — Regulates the Local Currency Payment System (SML) and establishes guidelines for bilateral agreements among SML participants within Mercosul

CMN Resolution No. 5069 regulates the Local Currency Payment System (SML) and establishes guidelines for bilateral agreements among SML participants within Mercosul. It defines key terms, mandates that authorized institutions process international fund transfers exclusively in Brazilian reais, and sets deadlines for resource delivery to the Central Bank of Brazil. The resolution imposes compliance obligations on authorized institutions regarding anti-money laundering, client identification, and operational legality, while revoking Resolution No. 4,331 of 2014. It enters into force on October 1, 2023.

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CMN Resolution No. 5,069, of April 20, 2023

Regulates the functioning of the Local Currency Payment System (SML) and establishes guidelines for the regulation of bilateral agreements between participants of the said system celebrated within the scope of Mercosul.

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 April 20, 2023, based on Articles 3, item V, and 4, items V and VIII, of the aforementioned Law, and on Article 10, item I, of Law No. 9,613, of March 3, 1998, and considering the provisions contained in Article 9 of Law No. 11,803, of November 5, 2008, and Decree No. 6,374, of February 18, 2008,

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Lineage: In force

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Supersedes: Resolution No. 4331 dated 2014-05-26not in RegAlert
Issued under: Law No. 14,286 of December 29, 2021 – Brazilian foreign exchange market, Brazilian capital abroad and foreign capital in Brazil2021 Law No. 9,613 of March 3, 1998 — Money Laundering Crimes; Prevention of Financial System Use for These Illicit Acts; Creation of COAF1998Law No. 11803 dated 2008-11-05not in RegAlertLaw No. 4595 dated 1964-12-31not in RegAlertRegulation No. 6374 dated 2008-02-18not in RegAlert
Basis for: Normative Instruction BCB No. 435 — Establishes the effective date for new purpose classification codes for economic justification of operations registered in the SML Systems with the Central Banks of Argentina, Uruguay, and Paraguay2023

Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works