Resolution CMN No. 3954 – Amends and consolidates the rules governing the hiring of correspondents in the country

It establishes that only business corporations, associations and notarial/registry service providers may be hired as correspondents, prohibiting entities whose sole purpose is correspondent services or whose ownership is controlled by the contracting institution. It sets detailed contractual requirements, including a US$3,000 per operation limit for foreign‑exchange services, a ban on franchise‑type contracts, mandatory disclosure of correspondent information online, and reporting obligations to the Central Bank, with certain provisions taking effect one year after publication and others three years later. It also revokes Resolutions 3.110, 3.156 and 3.654 and specific clauses of Resolution 3.568.

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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.

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Lineage: Superseded

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Timeline

Amended 1 time · last 2021-07-29

2021-07-29BCBResolution CMN No. 4,935 — Dispenses on the Hiring of Correspondents in the Country by Financial Institutions and Other Institutions Authorized to Operate by the Central Bank of Brazilsupersedes

This document amends: Resolution CMN No. 3568 — Regulates the foreign exchange market and provides other measures

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