RESOLUTION No. 003954

Amends and consolidates the rules governing the hiring of correspondents in the country.

The Central Bank of Brazil, pursuant to art. 9 of Law No. 4,595, of 31 December 1964, makes public that the National Monetary Council, in a session held on 24 February 2011, based on arts. 3, item V, 4, items VI, VIII and XXXI of the said Law, and art. 14 of Law No. 4,728, of 14 July 1965,

RESOLVES:

CHAPTER I

OF HIRING

Art. 1 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the provisions of this resolution as a condition for hiring correspondents in the country, aiming at the provision of services, by the hired party, of activities for attending clients and users of the contracting institution.

Paragraph sole. The provision of services covered by this resolution may only be contracted with a correspondent in the country.

Art. 2 The correspondent acts on account and under the guidelines of the contracting institution, which assumes full responsibility for the service provided to clients and users through the hired party, and must guarantee the integrity, reliability, security and confidentiality of the transactions carried out through the hired party, as well as compliance with the legislation and regulations relating to those transactions.

Art. 3 Only business corporations and associations, defined in Law No. 10,406, of 10 January 2002 – Civil Code, and the providers of notarial and registration services referred to in Law No. 8,935, of 18 November 1994, may be hired as correspondents.

§ 1. Except for the activities defined in art. 8, items V, VII and IX of this resolution, it is prohibited to hire an entity whose exclusive or principal purpose is the provision of correspondent services or whose corporate control is exercised by the contracting institution or by a common controller.

§ 2. It is prohibited to hire an entity whose corporate control, directly or indirectly, is exercised by an administrator of any institutions belonging to the conglomerate integrated by the contracting institution.

§ 3. Financial institutions and other institutions that are part of the National Financial System (SFN) may be hired as correspondents, observed the provisions of art. 18.

Art. 4 The contracting institution, for the execution or renewal of a correspondent contract, must verify the existence of facts that, at its discretion, discredit the hired entity or its administrators, establishing preventive and corrective measures to be adopted in the event of detection, at any time, of such facts, including, but not limited to, the suspension of service to the public and the termination of the contract.

Art. 5 Prior authorization of the Central Bank of Brazil is required for the execution of a correspondent contract with a non‑SFN entity whose denomination or trade name uses terms characteristic of the denominations of SFN institutions, or similar expressions in the vernacular or in a foreign language.

Art. 6 The execution of a correspondent contract that configures a franchise contract, under the terms of Law No. 8,955, of 15 December 1994, or whose effects are similar with respect to the rights and obligations of the parties or the methods employed for public service, is not admitted.

Art. 7 Sub‑delegation of the correspondent contract is allowed, at a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, among which is the consent of the contracting institution.

§ 1. The contracting institution, to consent to the sub‑delegation, must ensure compliance with the provisions of this resolution, including regarding the entities eligible for hiring under art. 3.

§ 2. Sub‑delegation of the contract concerning foreign‑exchange service activities is prohibited.

CHAPTER II

OF THE OBJECT OF THE CORRESPONDENT CONTRACT

Art. 8 The correspondent contract may have as its object the following service activities, aiming at the provision of products and services for which the contracting institution is responsible to its clients and users:

I – reception and forwarding of proposals to open checking, term and savings deposit accounts maintained by the contracting institution;

II – execution of receipts, payments and electronic transfers intended for the movement of deposit accounts owned by clients maintained by the contracting institution;

III – receipts and payments of any nature, and other activities arising from the execution of service provision contracts and agreements maintained by the contracting institution with third parties;

IV – active and passive execution of payment orders processed by the contracting institution at the request of clients and users;

V – reception and forwarding of proposals concerning credit operations and leasing granted by the contracting institution;

VI – receipts and payments related to accepted bills of exchange of the contracting institution;

VII – execution of extrajudicial collection services related to credits owned by the contracting institution or its clients;

VIII – reception and forwarding of proposals for the supply of credit cards for which the contracting institution is responsible;

IX – execution of foreign‑exchange operations for which the contracting institution is responsible, observed the provisions of art. 9.

Paragraph sole. The contract may include the provision of complementary services for the collection of registration information and documentation, as well as data control and processing.

Art. 9 The service provided by the correspondent in foreign‑exchange operations must be contractually limited to the following operations:

I – purchase and sale of foreign currency in cash, check or traveler's check;

II – active or passive execution of payment orders related to unilateral transfer to or from abroad;

III – reception and forwarding of proposals for foreign‑exchange operations.

§ 1. The operations mentioned in item I of the caput may only be performed by the following hired parties:

I – financial institution or institution authorized to operate by the Central Bank of Brazil;

II – legal entities registered with the Ministry of Tourism as remunerated tourism service providers, in accordance with current regulations;

III – the Brazilian Post and Telegraph Company (ECT);

IV – lottery service concessionaires.

§ 2. The contract that includes service in the foreign‑exchange operations referred to in items I and II of the caput must provide the following conditions:

I – limitation to the amount of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation;

II – obligation to deliver to the client a receipt for each foreign‑exchange operation performed, containing the identification of the parties, the indication of the foreign currency, the exchange rate and the amounts in foreign and national currency;

III – observance of the provisions of the Foreign Exchange and International Capital Market Regulation (RMCCI).

CHAPTER III

OF THE GENERAL CONDITIONS OF THE CORRESPONDENT CONTRACT

Art. 10 The correspondent contract must establish:

I – a requirement that the hired party maintain a formal relationship through an employment contract or another type of contractual link with the natural persons comprising its team who are involved in client and user service;

II – prohibition on the hired party’s use of premises whose architectural configuration, logo and indicative signs are similar to those adopted by the contracting institution in its branches and service points;

III – public disclosure, by the hired party, of its status as service provider to the contracting institution, identified by the name by which it is known in the market, with a description of the products and services offered and the phone numbers of the contracting institution’s service and ombudsman, through a visible panel maintained at the locations where service to clients and users is provided, and by other means if necessary for public clarification;

IV – financial reconciliations between the contracting institution and the correspondent, at most every two business days;

V – exclusive use by the correspondent of standards, operational norms and tables defined by the contracting institution, including in the proposal or application of fees, interest rates, exchange rates, calculation of Total Effective Cost (CET) and any amounts earned or owed by the client, inherent to the products and services supplied by the contracting institution;

VI – prohibition on the hired party issuing, in its own favor, payment slips or titles related to the operations performed, or charging on its own account, for any reason, amounts related to the products and services supplied by the contracting institution;

VII – prohibition on the correspondent providing advance payment to a client using resources to be released by the contracting institution;

VIII – prohibition on the provision of guarantees, including joint liability, by the correspondent in the operations referred to in the contract;

IX – performance, by the hired party, of service to clients and users concerning demands involving clarifications, document acquisition, releases, complaints and other matters related to the products and services provided, which shall be immediately forwarded to the contracting institution when not resolved by the correspondent;

X – permission for the Central Bank of Brazil to access the contracts concluded under this resolution, the documentation and information relating to the products and services supplied, as well as the hired party’s premises and the respective documentation concerning constitutive acts, registrations, registrations and licenses required by law;

XI – possibility for the contracting institution to adopt measures on its own initiative, under the terms of art. 4, or by determination of the Central Bank of Brazil;

XII – observance of the quality control plan for service, established by the contracting institution under art. 14, § 1, and the administrative measures provided therein;

XIII – declaration that the hired party is fully aware that the execution, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infractor to the penalties provided in Laws No. 4,595, of 31 December 1964, and No. 7,492, of 16 June 1986.

Paragraph sole. The prohibition referred to in item VIII does not apply to financing and leasing operations of goods and services supplied by the correspondent itself in the exercise of a commercial activity that is part of its corporate purpose.

CHAPTER IV

OF THE FORWARDING OF PROPOSALS FOR CREDIT AND LEASING OPERATIONS

Art. 11 The correspondent contract that includes activities related to credit and leasing operations referred to in art. 8, item V, must provide, with respect to those activities:

I – the obligation, in the service provided for financing and leasing operations concerning goods and services supplied by the correspondent itself, to present to clients, during the service, the plans offered by the contracting institution and by other financial institutions for which the correspondent provides services;

II – the use of a badge by members of the respective team who provide service in the operations covered by the caput, visibly displaying to the client or user the hired party’s denomination, the person’s name and their registration number in the Individual Taxpayer Registry (CPF);

III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying:

a) in the case of operations related to goods and services supplied by the correspondent itself, the identification of the person certified in accordance with the provisions of art. 12, § 1, responsible for the service provided;

b) in other operations, the identification of the certified person who performed the client’s service;

IV – the release of resources by the contracting institution in favor of the beneficiary, in the case of personal credit, or the supplying company, in the cases of financing or leasing, which may be performed by the correspondent on behalf and order of the contracting institution, provided that, daily, the total amount of payments made is identical to the total resources received from the contracting institution for that purpose.

Art. 12 The contract must also provide that the team members of the correspondent who provide service in credit and leasing operations be considered qualified in a certification exam organized by an entity of recognized technical capacity.

§ 1. In the case of correspondents that simultaneously supply financed or leased goods and services, certification of one person per service point is admitted, who will be responsible, before the contracting institution, for the service provided to clients.

§ 2. The certification referred to in this article must be based on a training process that covers, at a minimum, the technical aspects of the operations, the applicable regulation, the Consumer Defense Code (CDC), ethics and ombudsman.

§ 3. The correspondent must maintain a permanently updated registry of the team members referred to in the caput, containing data on the respective certification process, with access for consultation by the contracting institution at any time.

CHAPTER V

OF THE CONTROL OF CORRESPONDENT ACTIVITIES

Art. 13 The contracting institution must make available to the correspondent and its service team appropriate technical documentation, as well as maintain a permanent communication channel with the objective of providing timely clarifications to that team about its products and services, and must attend, in accordance with art. 10, item IX, the demands presented by clients and users to the hired party.

Art. 14 The contracting institution must adapt its internal control system and internal audit, with the objective of monitoring the public service activities carried out through correspondents, aligning them with the number of service points and with the volume and complexity of the operations performed.

§ 1. The contracting institution must establish, with respect to the correspondent’s activity, a quality‑control plan, taking into account, among other factors, client and user demands and complaints.

§ 2. The plan referred to in § 1 must contain administrative measures to be adopted by the contracting institution if irregularities or non‑compliance with the established standards are verified, including the possibility of suspending public service and the early termination of the contract in cases considered serious by the contracting institution.

§ 3. The Central Bank of Brazil is authorized to establish procedures to be integrated into the controls referred to in this article, as well as, alternatively or cumulatively:

I – determine the adoption of additional controls and procedures, setting a deadline for their implementation, should it find inadequacy in the control exercised by the contracting institution over the correspondent’s activities;

II – recommend the suspension of public service or the termination of the contract, in the manner provided in § 2 of this article;

III – condition the hiring of new correspondents on prior authorization by the Central Bank of Brazil, which will verify compliance with the measures referred to in items I and II.

CHAPTER VI

OF INFORMATION DISCLOSURE

Art. 15 The contracting institution must maintain, on an internet page accessible to all interested parties, an updated list of its hired parties, containing the following information:

I – corporate name, trade name, headquarters address and the registration number in the National Register of Legal Entities (CNPJ) of each hired party;

II – addresses of the public service points and their respective names and CNPJ registration numbers;

III – service activities referred to in art. 8, included in the contract, specified by service point.

Paragraph sole. The contracting institution must also make available, including by telephone, information on whether a given entity is a correspondent and on the products and services for which it is authorized to provide service.

Art. 16 The contracting institution must segregate information on demands and complaints received by the institution, in the respective service and ombudsman channels, presented by clients and users attended by correspondents.

CHAPTER VII

GENERAL PROVISIONS

Art. 17 It is prohibited for the contracting institution to charge clients attended by the correspondent any fee, commission, amounts related to reimbursement of services provided by third parties or any other form of remuneration for the supply of products or services for which the institution is responsible, except for the fees contained in the table adopted by the contracting institution, in accordance with Resolution No. 3,518, of 6 December 2007, and with Resolution No. 3,919, of 25 November 2010.

Art. 18 The following conditions apply to correspondent contracts in which the parties are financial institutions or institutions authorized to operate by the Central Bank of Brazil:

I – the requirements established in arts. 11 and 12 are waived when the hired institution offers the same type of operations to its own clients;

II – the prohibition established in art. 10, item VIII does not apply;

III – in the list of correspondents to be maintained on the internet page referred to in art. 15, at least the following data must appear:

a) corporate name, trade name, headquarters address and CNPJ registration number of the hired institution;

b) service activities referred to in art. 8, included in the contract.

Paragraph sole. The hiring of an institution whose corporate control is exercised by the contracting institution or by a common controller is admitted.

Art. 19 The contracting institution must carry out the following information procedures to the Central Bank of Brazil, in the manner defined by the said autarchy:

I – designate a director responsible for the hiring of correspondents in the country and for the service provided by them;

II – inform the execution of a correspondent contract, as well as subsequent updates and termination, detailing the contracted services;

III – update the information on correspondent contracts sent up to the date of entry into force of this resolution;

IV – prepare reports on the service provided through correspondents.

Art. 20 Art. 38 of Resolution No. 3,568, of 29 May 2008, shall apply with the following wording:

"Art. 38. ............................................

.......................................................

II – operational limits of tourism agencies, as well as of companies hired in the manner provided in specific regulation, including the criteria for their compliance." (NR)

Art. 21 The Central Bank of Brazil is authorized to issue the norms and adopt the measures necessary for the execution of the provisions of this resolution.

Art. 22 This resolution enters into force on the date of its publication, producing effects:

I – three years after its publication, with respect to arts. 11, item III, and 12;

II – one year after its publication:

a) with respect to art. 3, caput and § 1, and arts. 7 and 8, for the adjustment of contracts concluded up to the date of publication of this resolution; and

b) with respect to arts. 10, items I, IX and XII, 11, item II, 13, 14, 15 and 16;

III – on the date of its publication, with respect to the remaining provisions.

Art. 23 The following are revoked:

I – Resolutions Nos. 3,110, of 31 July 2003; 3,156, of 17 December 2003; and 3,654, of 17 December 2008;

II – items I, II and III and §§ 2, 3 and 4 of art. 4 of Resolution No. 3,568, of 29 May 2008.

III – paragraph III of § 1 and § 2 of art. 1 of Resolution No. 3,518, of 6 December 2007, as amended by Resolution No. 3,693, of 26 March 2009; and

IV – paragraph III of § 1 of art. 1 of Resolution No. 3,919, of 25 November 2010, effective from 1 March 2011.

Brasília, 24 February 2011.

Alexandre Antonio Tombini
President

What changed in the obligations

Against Resolution CMN No. 3654 — Amends Article 1 of Resolution No. 3,110 of 2003 (2008-12-17)

63 new obligations

1 obligation is the same in both texts.

New in this text (63)

Art. 1 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the provisions of this resolution as a condition for hiring correspondents in the country, aiming at the provision of services, by the hired party, of activities for attending clients and users of the contracting institution.
The provision of services covered by this resolution may only be contracted with a correspondent in the country.
Art. 2 The correspondent acts on account and under the guidelines of the contracting institution, which assumes full responsibility for the service provided to clients and users through the hired party, and must guarantee the integrity, reliability, security and confidentiality of the transactions carried out through the hired party, as well as compliance with the legislation and regulations re…
§ 1. Except for the activities defined in art. 8, items V, VII and IX of this resolution, it is prohibited to hire an entity whose exclusive or principal purpose is the provision of correspondent services or whose corporate control is exercised by the contracting institution or by a common controller.
§ 2. It is prohibited to hire an entity whose corporate control, directly or indirectly, is exercised by an administrator of any institutions belonging to the conglomerate integrated by the contracting institution.
§ 3. Financial institutions and other institutions that are part of the National Financial System (SFN) may be hired as correspondents, observed the provisions of art. 18.
Art. 4 The contracting institution, for the execution or renewal of a correspondent contract, must verify the existence of facts that, at its discretion, discredit the hired entity or its administrators, establishing preventive and corrective measures to be adopted in the event of detection, at any time, of such facts, including, but not limited to, the suspension of service to the public and t…
Art. 5 Prior authorization of the Central Bank of Brazil is required for the execution of a correspondent contract with a non‑SFN entity whose denomination or trade name uses terms characteristic of the denominations of SFN institutions, or similar expressions in the vernacular or in a foreign language.
Art. 6 The execution of a correspondent contract that configures a franchise contract, under the terms of Law No. 8,955, of 15 December 1994, or whose effects are similar with respect to the rights and obligations of the parties or the methods employed for public service, is not admitted.
Art. 7 Sub‑delegation of the correspondent contract is allowed, at a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, among which is the consent of the contracting institution.
§ 1. The contracting institution, to consent to the sub‑delegation, must ensure compliance with the provisions of this resolution, including regarding the entities eligible for hiring under art. 3.
§ 2. Sub‑delegation of the contract concerning foreign‑exchange service activities is prohibited.
Art. 8 The correspondent contract may have as its object the following service activities, aiming at the provision of products and services for which the contracting institution is responsible to its clients and users:
I – reception and forwarding of proposals to open checking, term and savings deposit accounts maintained by the contracting institution;
The contract may include the provision of complementary services for the collection of registration information and documentation, as well as data control and processing.
Art. 9 The service provided by the correspondent in foreign‑exchange operations must be contractually limited to the following operations:
III – reception and forwarding of proposals for foreign‑exchange operations.
§ 2. The contract that includes service in the foreign‑exchange operations referred to in items I and II of the caput must provide the following conditions:
I – limitation to the amount of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation;
II – obligation to deliver to the client a receipt for each foreign‑exchange operation performed, containing the identification of the parties, the indication of the foreign currency, the exchange rate and the amounts in foreign and national currency;
III – observance of the provisions of the Foreign Exchange and International Capital Market Regulation (RMCCI).
Art. 10 The correspondent contract must establish:
I – a requirement that the hired party maintain a formal relationship through an employment contract or another type of contractual link with the natural persons comprising its team who are involved in client and user service;
II – prohibition on the hired party’s use of premises whose architectural configuration, logo and indicative signs are similar to those adopted by the contracting institution in its branches and service points;
III – public disclosure, by the hired party, of its status as service provider to the contracting institution, identified by the name by which it is known in the market, with a description of the products and services offered and the phone numbers of the contracting institution’s service and ombudsman, through a visible panel maintained at the locations where service to clients and users is provi…
IV – financial reconciliations between the contracting institution and the correspondent, at most every two business days;
V – exclusive use by the correspondent of standards, operational norms and tables defined by the contracting institution, including in the proposal or application of fees, interest rates, exchange rates, calculation of Total Effective Cost (CET) and any amounts earned or owed by the client, inherent to the products and services supplied by the contracting institution;
VI – prohibition on the hired party issuing, in its own favor, payment slips or titles related to the operations performed, or charging on its own account, for any reason, amounts related to the products and services supplied by the contracting institution;
VII – prohibition on the correspondent providing advance payment to a client using resources to be released by the contracting institution;
VIII – prohibition on the provision of guarantees, including joint liability, by the correspondent in the operations referred to in the contract;
IX – performance, by the hired party, of service to clients and users concerning demands involving clarifications, document acquisition, releases, complaints and other matters related to the products and services provided, which shall be immediately forwarded to the contracting institution when not resolved by the correspondent;
XI – possibility for the contracting institution to adopt measures on its own initiative, under the terms of art. 4, or by determination of the Central Bank of Brazil;
XII – observance of the quality control plan for service, established by the contracting institution under art. 14, § 1, and the administrative measures provided therein;
XIII – declaration that the hired party is fully aware that the execution, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infractor to the penalties provided in Laws No. 4,595, of 31 December 1964, and No. 7,492, of 16 June 1986.
The prohibition referred to in item VIII does not apply to financing and leasing operations of goods and services supplied by the correspondent itself in the exercise of a commercial activity that is part of its corporate purpose.
Art. 11 The correspondent contract that includes activities related to credit and leasing operations referred to in art. 8, item V, must provide, with respect to those activities:
I – the obligation, in the service provided for financing and leasing operations concerning goods and services supplied by the correspondent itself, to present to clients, during the service, the plans offered by the contracting institution and by other financial institutions for which the correspondent provides services;
II – the use of a badge by members of the respective team who provide service in the operations covered by the caput, visibly displaying to the client or user the hired party’s denomination, the person’s name and their registration number in the Individual Taxpayer Registry (CPF);
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: a) in the case of operations related to goods and services supplied by the correspondent itself, the identification of the person certified in accordanc…
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: b) in other operations, the identification of the certified person who performed the client’s service;
IV – the release of resources by the contracting institution in favor of the beneficiary, in the case of personal credit, or the supplying company, in the cases of financing or leasing, which may be performed by the correspondent on behalf and order of the contracting institution, provided that, daily, the total amount of payments made is identical to the total resources received from the contrac…
Art. 12 The contract must also provide that the team members of the correspondent who provide service in credit and leasing operations be considered qualified in a certification exam organized by an entity of recognized technical capacity.
§ 1. In the case of correspondents that simultaneously supply financed or leased goods and services, certification of one person per service point is admitted, who will be responsible, before the contracting institution, for the service provided to clients.
§ 2. The certification referred to in this article must be based on a training process that covers, at a minimum, the technical aspects of the operations, the applicable regulation, the Consumer Defense Code (CDC), ethics and ombudsman.
§ 3. The correspondent must maintain a permanently updated registry of the team members referred to in the caput, containing data on the respective certification process, with access for consultation by the contracting institution at any time.
Art. 13 The contracting institution must make available to the correspondent and its service team appropriate technical documentation, as well as maintain a permanent communication channel with the objective of providing timely clarifications to that team about its products and services, and must attend, in accordance with art. 10, item IX, the demands presented by clients and users to the hire…
Art. 14 The contracting institution must adapt its internal control system and internal audit, with the objective of monitoring the public service activities carried out through correspondents, aligning them with the number of service points and with the volume and complexity of the operations performed.
§ 1. The contracting institution must establish, with respect to the correspondent’s activity, a quality‑control plan, taking into account, among other factors, client and user demands and complaints.
§ 2. The plan referred to in § 1 must contain administrative measures to be adopted by the contracting institution if irregularities or non‑compliance with the established standards are verified, including the possibility of suspending public service and the early termination of the contract in cases considered serious by the contracting institution.
Art. 15 The contracting institution must maintain, on an internet page accessible to all interested parties, an updated list of its hired parties, containing the following information:
I – corporate name, trade name, headquarters address and the registration number in the National Register of Legal Entities (CNPJ) of each hired party;
II – addresses of the public service points and their respective names and CNPJ registration numbers;
III – service activities referred to in art. 8, included in the contract, specified by service point.
The contracting institution must also make available, including by telephone, information on whether a given entity is a correspondent and on the products and services for which it is authorized to provide service.
Art. 16 The contracting institution must segregate information on demands and complaints received by the institution, in the respective service and ombudsman channels, presented by clients and users attended by correspondents.
Art. 17 It is prohibited for the contracting institution to charge clients attended by the correspondent any fee, commission, amounts related to reimbursement of services provided by third parties or any other form of remuneration for the supply of products or services for which the institution is responsible, except for the fees contained in the table adopted by the contracting institution, in…
I – the requirements established in arts. 11 and 12 are waived when the hired institution offers the same type of operations to its own clients;
II – the prohibition established in art. 10, item VIII does not apply;
III – in the list of correspondents to be maintained on the internet page referred to in art. 15, at least the following data must appear: b) service activities referred to in art. 8, included in the contract.
The hiring of an institution whose corporate control is exercised by the contracting institution or by a common controller is admitted.

The first 60 of 63 are shown.

Against Resolution CMN No. 3156 — Amends Resolution 3.110 of 2003 Regarding the Hiring of Correspondents in the Country (2003-12-17)

56 new obligations · 1 changed obligation · 2 changes of scope · 2 not carried over

6 obligations are the same in both texts.

Changed (3)

Scope
Before
"Art. 2º It is prohibited for the institutions referred to in Art. 1º to hire, for the provision of the services mentioned in items I and II of that article, companies whose main or sole activity is the provision of correspondent services.
Now
§ 1. Except for the activities defined in art. 8, items V, VII and IX of this resolution, it is prohibited to hire an entity whose exclusive or principal purpose is the provision of correspondent services or whose corporate control is exercised by the contracting institution or by a common controller.
Scope
Before
"Art. 3º Prior authorization from the Central Bank of Brazil is required for the hiring, by the institutions referred to in Art. 1º, for the provision of any of the services mentioned in that article, of companies not part of the National Financial System that use the term 'bank' in their corporate name or trade name.
Now
Art. 5 Prior authorization of the Central Bank of Brazil is required for the execution of a correspondent contract with a non‑SFN entity whose denomination or trade name uses terms characteristic of the denominations of SFN institutions, or similar expressions in the vernacular or in a foreign language.
What must be done
Before
VII - the obligation of the contracted company to disclose, on a panel posted in a location visible to the public, information that clearly specifies its status as a simple service provider to the contracting institution.
Now
III – public disclosure, by the hired party, of its status as service provider to the contracting institution, identified by the name by which it is known in the market, with a description of the products and services offered and the phone numbers of the contracting institution’s service and ombudsman, through a visible panel maintained at the locations where service to clients and users is provi…

New in this text (56)

The provision of services covered by this resolution may only be contracted with a correspondent in the country.
§ 2. It is prohibited to hire an entity whose corporate control, directly or indirectly, is exercised by an administrator of any institutions belonging to the conglomerate integrated by the contracting institution.
§ 3. Financial institutions and other institutions that are part of the National Financial System (SFN) may be hired as correspondents, observed the provisions of art. 18.
Art. 4 The contracting institution, for the execution or renewal of a correspondent contract, must verify the existence of facts that, at its discretion, discredit the hired entity or its administrators, establishing preventive and corrective measures to be adopted in the event of detection, at any time, of such facts, including, but not limited to, the suspension of service to the public and t…
Art. 6 The execution of a correspondent contract that configures a franchise contract, under the terms of Law No. 8,955, of 15 December 1994, or whose effects are similar with respect to the rights and obligations of the parties or the methods employed for public service, is not admitted.
Art. 7 Sub‑delegation of the correspondent contract is allowed, at a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, among which is the consent of the contracting institution.
§ 1. The contracting institution, to consent to the sub‑delegation, must ensure compliance with the provisions of this resolution, including regarding the entities eligible for hiring under art. 3.
Art. 8 The correspondent contract may have as its object the following service activities, aiming at the provision of products and services for which the contracting institution is responsible to its clients and users:
I – reception and forwarding of proposals to open checking, term and savings deposit accounts maintained by the contracting institution;
The contract may include the provision of complementary services for the collection of registration information and documentation, as well as data control and processing.
Art. 9 The service provided by the correspondent in foreign‑exchange operations must be contractually limited to the following operations:
III – reception and forwarding of proposals for foreign‑exchange operations.
§ 2. The contract that includes service in the foreign‑exchange operations referred to in items I and II of the caput must provide the following conditions:
I – limitation to the amount of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation;
II – obligation to deliver to the client a receipt for each foreign‑exchange operation performed, containing the identification of the parties, the indication of the foreign currency, the exchange rate and the amounts in foreign and national currency;
III – observance of the provisions of the Foreign Exchange and International Capital Market Regulation (RMCCI).
Art. 10 The correspondent contract must establish:
I – a requirement that the hired party maintain a formal relationship through an employment contract or another type of contractual link with the natural persons comprising its team who are involved in client and user service;
II – prohibition on the hired party’s use of premises whose architectural configuration, logo and indicative signs are similar to those adopted by the contracting institution in its branches and service points;
V – exclusive use by the correspondent of standards, operational norms and tables defined by the contracting institution, including in the proposal or application of fees, interest rates, exchange rates, calculation of Total Effective Cost (CET) and any amounts earned or owed by the client, inherent to the products and services supplied by the contracting institution;
VI – prohibition on the hired party issuing, in its own favor, payment slips or titles related to the operations performed, or charging on its own account, for any reason, amounts related to the products and services supplied by the contracting institution;
VIII – prohibition on the provision of guarantees, including joint liability, by the correspondent in the operations referred to in the contract;
IX – performance, by the hired party, of service to clients and users concerning demands involving clarifications, document acquisition, releases, complaints and other matters related to the products and services provided, which shall be immediately forwarded to the contracting institution when not resolved by the correspondent;
XI – possibility for the contracting institution to adopt measures on its own initiative, under the terms of art. 4, or by determination of the Central Bank of Brazil;
XII – observance of the quality control plan for service, established by the contracting institution under art. 14, § 1, and the administrative measures provided therein;
XIII – declaration that the hired party is fully aware that the execution, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infractor to the penalties provided in Laws No. 4,595, of 31 December 1964, and No. 7,492, of 16 June 1986.
The prohibition referred to in item VIII does not apply to financing and leasing operations of goods and services supplied by the correspondent itself in the exercise of a commercial activity that is part of its corporate purpose.
Art. 11 The correspondent contract that includes activities related to credit and leasing operations referred to in art. 8, item V, must provide, with respect to those activities:
I – the obligation, in the service provided for financing and leasing operations concerning goods and services supplied by the correspondent itself, to present to clients, during the service, the plans offered by the contracting institution and by other financial institutions for which the correspondent provides services;
II – the use of a badge by members of the respective team who provide service in the operations covered by the caput, visibly displaying to the client or user the hired party’s denomination, the person’s name and their registration number in the Individual Taxpayer Registry (CPF);
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: a) in the case of operations related to goods and services supplied by the correspondent itself, the identification of the person certified in accordanc…
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: b) in other operations, the identification of the certified person who performed the client’s service;
Art. 12 The contract must also provide that the team members of the correspondent who provide service in credit and leasing operations be considered qualified in a certification exam organized by an entity of recognized technical capacity.
§ 1. In the case of correspondents that simultaneously supply financed or leased goods and services, certification of one person per service point is admitted, who will be responsible, before the contracting institution, for the service provided to clients.
§ 2. The certification referred to in this article must be based on a training process that covers, at a minimum, the technical aspects of the operations, the applicable regulation, the Consumer Defense Code (CDC), ethics and ombudsman.
§ 3. The correspondent must maintain a permanently updated registry of the team members referred to in the caput, containing data on the respective certification process, with access for consultation by the contracting institution at any time.
Art. 13 The contracting institution must make available to the correspondent and its service team appropriate technical documentation, as well as maintain a permanent communication channel with the objective of providing timely clarifications to that team about its products and services, and must attend, in accordance with art. 10, item IX, the demands presented by clients and users to the hire…
Art. 14 The contracting institution must adapt its internal control system and internal audit, with the objective of monitoring the public service activities carried out through correspondents, aligning them with the number of service points and with the volume and complexity of the operations performed.
§ 1. The contracting institution must establish, with respect to the correspondent’s activity, a quality‑control plan, taking into account, among other factors, client and user demands and complaints.
§ 2. The plan referred to in § 1 must contain administrative measures to be adopted by the contracting institution if irregularities or non‑compliance with the established standards are verified, including the possibility of suspending public service and the early termination of the contract in cases considered serious by the contracting institution.
Art. 15 The contracting institution must maintain, on an internet page accessible to all interested parties, an updated list of its hired parties, containing the following information:
I – corporate name, trade name, headquarters address and the registration number in the National Register of Legal Entities (CNPJ) of each hired party;
II – addresses of the public service points and their respective names and CNPJ registration numbers;
III – service activities referred to in art. 8, included in the contract, specified by service point.
The contracting institution must also make available, including by telephone, information on whether a given entity is a correspondent and on the products and services for which it is authorized to provide service.
Art. 16 The contracting institution must segregate information on demands and complaints received by the institution, in the respective service and ombudsman channels, presented by clients and users attended by correspondents.
Art. 17 It is prohibited for the contracting institution to charge clients attended by the correspondent any fee, commission, amounts related to reimbursement of services provided by third parties or any other form of remuneration for the supply of products or services for which the institution is responsible, except for the fees contained in the table adopted by the contracting institution, in…
I – the requirements established in arts. 11 and 12 are waived when the hired institution offers the same type of operations to its own clients;
II – the prohibition established in art. 10, item VIII does not apply;
III – in the list of correspondents to be maintained on the internet page referred to in art. 15, at least the following data must appear: b) service activities referred to in art. 8, included in the contract.
The hiring of an institution whose corporate control is exercised by the contracting institution or by a common controller is admitted.
Art. 19 The contracting institution must carry out the following information procedures to the Central Bank of Brazil, in the manner defined by the said autarchy:
I – designate a director responsible for the hiring of correspondents in the country and for the service provided by them;
II – inform the execution of a correspondent contract, as well as subsequent updates and termination, detailing the contracted services;
III – update the information on correspondent contracts sent up to the date of entry into force of this resolution;
IV – prepare reports on the service provided through correspondents.

Not carried over (2)

II - the integral and unrestricted access of the Central Bank of Brazil, through the contracting institution, to all information, data, and documents related to the contracted company, the subcontracted third party, and the services provided by them;
VI - that, in loan and financing contracts, the release of resources must be made in favor of the beneficiary or the commercial selling company;

Against Resolution CMN No. 3110 — Amends and Consolidates Rules on the Hiring of Correspondents in the Country (2003-07-31)

52 new obligations · 2 changed obligations · 5 changes of scope · 1 change of who is bound · 2 not carried over

7 obligations are the same in both texts.

Changed (8)

Who is bound
Before
Article 1. To amend and consolidate, in accordance with this resolution, the rules that provide for the hiring, by multiple banks, commercial banks, the Federal Savings Bank, investment banks, credit, financing and investment companies, real estate credit companies, and savings and loan association… § 3. The functions of correspondent may be performed by notarial and registration services, as pro…
Now
Art. 3 Only business corporations and associations, defined in Law No. 10,406, of 10 January 2002 – Civil Code, and the providers of notarial and registration services referred to in Law No. 8,935, of 18 November 1994, may be hired as correspondents.
Scope
Before
Article 2. It is prohibited for the financial institution to hire, for the provision of the services referred to in Article 1, items I and II, a company whose main or sole activity is the provision of correspondent services.
Now
§ 1. Except for the activities defined in art. 8, items V, VII and IX of this resolution, it is prohibited to hire an entity whose exclusive or principal purpose is the provision of correspondent services or whose corporate control is exercised by the contracting institution or by a common controller.
Scope
Before
Article 4. Contracts regarding the provision of correspondent services under this resolution must include clauses providing for: III - that, in the event of subcontracting the contract to third parties, in whole or in part, the contracted company must obtain the prior consent of the hiring financial institution;
Now
Art. 7 Sub‑delegation of the correspondent contract is allowed, at a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, among which is the consent of the contracting institution.
What must be done
Before
Article 4. Contracts regarding the provision of correspondent services under this resolution must include clauses providing for: VII - the obligation of the contracted company to disclose, on a panel posted in a location visible to the public, information that explicitly and unequivocally states its status as a simple service provider to the hiring financial institution.
Now
III – public disclosure, by the hired party, of its status as service provider to the contracting institution, identified by the name by which it is known in the market, with a description of the products and services offered and the phone numbers of the contracting institution’s service and ombudsman, through a visible panel maintained at the locations where service to clients and users is provi…
What must be done
Before
Article 4. Contracts regarding the provision of correspondent services under this resolution must include clauses providing for: IV - the prohibition, for the contracted company, of: b) issuing, in its own favor, coupons or titles related to the intermediated operations;
Now
VI – prohibition on the hired party issuing, in its own favor, payment slips or titles related to the operations performed, or charging on its own account, for any reason, amounts related to the products and services supplied by the contracting institution;
Scope
Before
Article 4. Contracts regarding the provision of correspondent services under this resolution must include clauses providing for: § 2. Alternatively to the payment scheme provided for in item VI, the release of resources may be processed by means of a named, crossed, and non-transferable check, issued by the contracted company, acting on behalf and order of the hiring financial institution, in fav…
Now
IV – the release of resources by the contracting institution in favor of the beneficiary, in the case of personal credit, or the supplying company, in the cases of financing or leasing, which may be performed by the correspondent on behalf and order of the contracting institution, provided that, daily, the total amount of payments made is identical to the total resources received from the contrac…
Scope
Before
Article 1. To amend and consolidate, in accordance with this resolution, the rules that provide for the hiring, by multiple banks, commercial banks, the Federal Savings Bank, investment banks, credit, financing and investment companies, real estate credit companies, and savings and loan association… § 2. The hiring of a company to provide the services referred to in the caput, items I and II, dep…
Now
III – condition the hiring of new correspondents on prior authorization by the Central Bank of Brazil, which will verify compliance with the measures referred to in items I and II.
Scope
Before
Article 4. Contracts regarding the provision of correspondent services under this resolution must include clauses providing for: IV - the prohibition, for the contracted company, of: c) charging, on its own initiative, any fee related to the provision of services referred to in the contract;
Now
Art. 17 It is prohibited for the contracting institution to charge clients attended by the correspondent any fee, commission, amounts related to reimbursement of services provided by third parties or any other form of remuneration for the supply of products or services for which the institution is responsible, except for the fees contained in the table adopted by the contracting institution, in…

New in this text (52)

Art. 1 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the provisions of this resolution as a condition for hiring correspondents in the country, aiming at the provision of services, by the hired party, of activities for attending clients and users of the contracting institution.
The provision of services covered by this resolution may only be contracted with a correspondent in the country.
§ 2. It is prohibited to hire an entity whose corporate control, directly or indirectly, is exercised by an administrator of any institutions belonging to the conglomerate integrated by the contracting institution.
§ 3. Financial institutions and other institutions that are part of the National Financial System (SFN) may be hired as correspondents, observed the provisions of art. 18.
Art. 4 The contracting institution, for the execution or renewal of a correspondent contract, must verify the existence of facts that, at its discretion, discredit the hired entity or its administrators, establishing preventive and corrective measures to be adopted in the event of detection, at any time, of such facts, including, but not limited to, the suspension of service to the public and t…
Art. 6 The execution of a correspondent contract that configures a franchise contract, under the terms of Law No. 8,955, of 15 December 1994, or whose effects are similar with respect to the rights and obligations of the parties or the methods employed for public service, is not admitted.
§ 2. Sub‑delegation of the contract concerning foreign‑exchange service activities is prohibited.
Art. 8 The correspondent contract may have as its object the following service activities, aiming at the provision of products and services for which the contracting institution is responsible to its clients and users:
The contract may include the provision of complementary services for the collection of registration information and documentation, as well as data control and processing.
Art. 9 The service provided by the correspondent in foreign‑exchange operations must be contractually limited to the following operations:
III – reception and forwarding of proposals for foreign‑exchange operations.
§ 2. The contract that includes service in the foreign‑exchange operations referred to in items I and II of the caput must provide the following conditions:
I – limitation to the amount of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation;
II – obligation to deliver to the client a receipt for each foreign‑exchange operation performed, containing the identification of the parties, the indication of the foreign currency, the exchange rate and the amounts in foreign and national currency;
III – observance of the provisions of the Foreign Exchange and International Capital Market Regulation (RMCCI).
Art. 10 The correspondent contract must establish:
I – a requirement that the hired party maintain a formal relationship through an employment contract or another type of contractual link with the natural persons comprising its team who are involved in client and user service;
II – prohibition on the hired party’s use of premises whose architectural configuration, logo and indicative signs are similar to those adopted by the contracting institution in its branches and service points;
V – exclusive use by the correspondent of standards, operational norms and tables defined by the contracting institution, including in the proposal or application of fees, interest rates, exchange rates, calculation of Total Effective Cost (CET) and any amounts earned or owed by the client, inherent to the products and services supplied by the contracting institution;
IX – performance, by the hired party, of service to clients and users concerning demands involving clarifications, document acquisition, releases, complaints and other matters related to the products and services provided, which shall be immediately forwarded to the contracting institution when not resolved by the correspondent;
XI – possibility for the contracting institution to adopt measures on its own initiative, under the terms of art. 4, or by determination of the Central Bank of Brazil;
XII – observance of the quality control plan for service, established by the contracting institution under art. 14, § 1, and the administrative measures provided therein;
XIII – declaration that the hired party is fully aware that the execution, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infractor to the penalties provided in Laws No. 4,595, of 31 December 1964, and No. 7,492, of 16 June 1986.
The prohibition referred to in item VIII does not apply to financing and leasing operations of goods and services supplied by the correspondent itself in the exercise of a commercial activity that is part of its corporate purpose.
Art. 11 The correspondent contract that includes activities related to credit and leasing operations referred to in art. 8, item V, must provide, with respect to those activities:
I – the obligation, in the service provided for financing and leasing operations concerning goods and services supplied by the correspondent itself, to present to clients, during the service, the plans offered by the contracting institution and by other financial institutions for which the correspondent provides services;
II – the use of a badge by members of the respective team who provide service in the operations covered by the caput, visibly displaying to the client or user the hired party’s denomination, the person’s name and their registration number in the Individual Taxpayer Registry (CPF);
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: a) in the case of operations related to goods and services supplied by the correspondent itself, the identification of the person certified in accordanc…
III – the attachment, to the documentation sent to the contracting institution for decision on the approval of the requested operation, of the identification of the team member of the correspondent, containing the name and CPF number, specifying: b) in other operations, the identification of the certified person who performed the client’s service;
Art. 12 The contract must also provide that the team members of the correspondent who provide service in credit and leasing operations be considered qualified in a certification exam organized by an entity of recognized technical capacity.
§ 1. In the case of correspondents that simultaneously supply financed or leased goods and services, certification of one person per service point is admitted, who will be responsible, before the contracting institution, for the service provided to clients.
§ 2. The certification referred to in this article must be based on a training process that covers, at a minimum, the technical aspects of the operations, the applicable regulation, the Consumer Defense Code (CDC), ethics and ombudsman.
§ 3. The correspondent must maintain a permanently updated registry of the team members referred to in the caput, containing data on the respective certification process, with access for consultation by the contracting institution at any time.
Art. 13 The contracting institution must make available to the correspondent and its service team appropriate technical documentation, as well as maintain a permanent communication channel with the objective of providing timely clarifications to that team about its products and services, and must attend, in accordance with art. 10, item IX, the demands presented by clients and users to the hire…
Art. 14 The contracting institution must adapt its internal control system and internal audit, with the objective of monitoring the public service activities carried out through correspondents, aligning them with the number of service points and with the volume and complexity of the operations performed.
§ 1. The contracting institution must establish, with respect to the correspondent’s activity, a quality‑control plan, taking into account, among other factors, client and user demands and complaints.
§ 2. The plan referred to in § 1 must contain administrative measures to be adopted by the contracting institution if irregularities or non‑compliance with the established standards are verified, including the possibility of suspending public service and the early termination of the contract in cases considered serious by the contracting institution.
Art. 15 The contracting institution must maintain, on an internet page accessible to all interested parties, an updated list of its hired parties, containing the following information:
I – corporate name, trade name, headquarters address and the registration number in the National Register of Legal Entities (CNPJ) of each hired party;
II – addresses of the public service points and their respective names and CNPJ registration numbers;
III – service activities referred to in art. 8, included in the contract, specified by service point.
The contracting institution must also make available, including by telephone, information on whether a given entity is a correspondent and on the products and services for which it is authorized to provide service.
Art. 16 The contracting institution must segregate information on demands and complaints received by the institution, in the respective service and ombudsman channels, presented by clients and users attended by correspondents.
I – the requirements established in arts. 11 and 12 are waived when the hired institution offers the same type of operations to its own clients;
II – the prohibition established in art. 10, item VIII does not apply;
III – in the list of correspondents to be maintained on the internet page referred to in art. 15, at least the following data must appear: b) service activities referred to in art. 8, included in the contract.
The hiring of an institution whose corporate control is exercised by the contracting institution or by a common controller is admitted.
Art. 19 The contracting institution must carry out the following information procedures to the Central Bank of Brazil, in the manner defined by the said autarchy:
I – designate a director responsible for the hiring of correspondents in the country and for the service provided by them;
II – inform the execution of a correspondent contract, as well as subsequent updates and termination, detailing the contracted services;
III – update the information on correspondent contracts sent up to the date of entry into force of this resolution;
IV – prepare reports on the service provided through correspondents.