Resolution CMN No. 3694 on Risk Prevention in Contracting Operations and Service Provision by Financial Institutions

RESOLUTION NO. 3694

Dispenses with the prevention of risks in the contracting of operations and in the provision of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

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 March 26, 2009, based on Article 4, item VIII, of the aforementioned law,

RESOLVES:

Art. 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must include, in their internal control systems and risk prevention systems provided for in current regulations, the adoption and verification of procedures, in the contracting of operations and in the provision of services, that ensure:

I - the provision of information necessary for the free choice and decision-making by their clients and users, explicitly including contractual clauses or practices that imply duties, responsibilities, and penalties, and providing timely copies of contracts, receipts, statements, proofs, and other documents related to operations and services rendered;

II - the use in contracts and documents of clear, objective, and adequate wording to the nature and complexity of the operation or service rendered, in a manner that allows understanding of the content and the identification of deadlines, values, charges, fines, dates, locations, and other conditions.

Art. 2. The institutions referred to in Art. 1 must disclose, in their premises and in the premises where their products are offered, in a visible location and in legible format, information regarding situations that imply refusal to make payments or receive checks, compensation slips, documents, including collection documents, accounts, and others.

Art. 3. It is prohibited for the institutions referred to in Art. 1 to refuse or hinder, for clients and users of their products and services, access to conventional service channels, including teller windows, even in the event of offering alternative or electronic service.

§ 1. The provisions of the caput do not apply to exclusively electronic premises nor to the provision of collection and receipt services resulting from contracts or agreements that provide for specific service channels.

§ 2. The option for the provision of services by means alternative to conventional ones is admitted provided that necessary measures are adopted to preserve the integrity, reliability, security, and confidentiality of the transactions carried out, as well as the legitimacy of the services rendered, in view of the rights of clients and users, and institutions must inform them of the existing risks.

Art. 4. This resolution enters into force on the date of its publication.

Art. 5. Resolutions Nos. 2,878, of July 26, 2001, and 2,892, of September 27, 2001, are hereby repealed.

Brasília, March 26, 2009.

Henrique de Campos Meirelles
President