RegAlert2001-01-10 | Lei Complementar 105/2001Added
Complementary Law No. 105 of January 10, 2001 — Secrecy of Operations of Financial Institutions
Complementary Law No. 105 establishes the obligation of financial institutions to maintain secrecy regarding their active and passive operations and services, while defining specific exceptions that do not constitute a breach of this duty, such as information exchange between institutions, reporting to credit protection entities, and communication of criminal acts to competent authorities. The law authorizes the lifting of secrecy by judicial order for the investigation of specific crimes including terrorism, drug trafficking, money laundering, and offenses against the financial system, and permits access by the Central Bank of Brazil, the Securities and Exchange Commission (CVM), and tax authorities under strict regulatory and procedural conditions. It imposes criminal penalties of one to four years imprisonment and fines for unauthorized breaches of secrecy or the unjustified delay or falsification of required information, and holds public servants personally liable for damages resulting from the misuse of confidential information obtained through such breaches.
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Presidency of the Republic
Civil House
Undersecretariat for Legal Affairs
COMPLEMENTARY LAW No. 105, OF JANUARY 10, 2001.
Provides for the secrecy of operations of financial institutions and gives other provisions.
THE PRESIDENT OF THE REPUBLIC Makes it known that the National Congress decrees and I sanction the following Complementary Law:
Art. 1
Financial institutions shall maintain secrecy in their active and passive operations and services provided.
§ 1 Financial institutions, for the purposes of this Complementary Law, are considered:
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Lineage: In force
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Source: Congresso Nacional 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
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