Resolution 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 Brazil — BCB — BR

RESOLUTION CMN NO. 4,935, OF JULY 29, 2021

Dispenses on the hiring of correspondents in the country by financial institutions and by other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on July 29, 2021, based on arts. 3, item V, and 4, items VI, VIII and XXXI, of the aforementioned Law,

R E S O L V E S:

CHAPTER I
OF THE OBJECT

Art. 1 This Resolution dispenses on the hiring of correspondents in the country by financial institutions and by other institutions authorized to operate by the Central Bank of Brazil.

CHAPTER II
OF THE HIRING OF A CORRESPONDENT

Section I
Of the General Characteristics

Art. 2 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 customer and user attendance activities of the hiring institution.

§ 1 The provision of services referred to in this Resolution, whether personal or through an electronic platform, can only be contracted with a correspondent in the country.

§ 2 An electronic platform is considered an electronic system operated by the correspondent in the country, which allows the performance of the attendance activities referred to in art. 12 of this Resolution through an internet website, application or other network communication platforms.

Art. 3 The correspondent acts on behalf of and under the guidelines of the hiring institution, which assumes full responsibility for the service provided to clients and users through the hired party.

Sole paragraph. It is the responsibility of the hiring institution to guarantee the integrity, reliability, security and confidentiality of transactions carried out through the hired party, as well as compliance with the legislation and regulations relating to these transactions.

Art. 4 The following may be hired, in the capacity of correspondent:

I - societies, entrepreneurs and associations defined in Law No. 10,406, of January 10, 2002 (Civil Code);

II - providers of notarial and registration services referred to in Law No. 8,935, of November 18, 1994; and

III - public companies.

Art. 5 It is prohibited to enter into a correspondent contract in the country with:

I - an entity whose main activity is the provision of correspondent services for the performance of the attendance activities defined in items II, IV and VI of art. 12; and

II - an entity whose control is exercised by an administrator of the hiring institution or by an administrator of a controlling entity of the hiring institution.

Sole paragraph. The prohibition referred to in item II does not apply to the hypothesis in which the administrator is also the controller of the hiring institution.

Art. 6 The entry into a correspondent contract that constitutes a franchise contract, in accordance with Law No. 13,966, of December 26, 2019, or whose effects are similar with regard to the rights and obligations of the parties or the methods used for public attendance, is not admitted.

Art. 7 The hiring, as a correspondent, of financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the following conditions:

I - waiver of the requirements established in arts. 15 and 16, in the event that the hired institution offers its own clients operations of the same nature; and

II - non-incidence of the prohibition established in art. 14, item IX.

Art. 8. The entry into a correspondent contract with an entity not part of the National Financial System (SFN) whose denomination or trade name uses terms characteristic of the denominations of SFN institutions, or similar expressions in vernacular or in a foreign language, depends on prior authorization from the Central Bank of Brazil.

Art. 8. (Revoked by Joint Resolution No. 17, of 28/11/2025.)

Art. 9 The hiring institution must designate a director responsible for the hiring of correspondents in the country and for the service provided by them.

Art. 10. Subcontracting of the correspondent contract is admitted, in a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, including the consent of the hiring institution.

§ 1 In order to consent to the subcontracting, the hiring institution must ensure compliance with the provisions of this Resolution by the subcontracted entities.

§ 2 Subcontracting of the contract is prohibited with regard to attendance activities in foreign exchange operations.

§ 3 Subcontracted entities must adopt the forms established in art. 4.

Art. 11. The hiring institution is prohibited from:

I - charging clients attended by the correspondent a fee, commission, values related to reimbursement of services provided by third parties or any other form of remuneration, for the provision of products or services that are the responsibility of said institution, except for the fees contained in the table adopted by the hiring institution, in accordance with the regulations in force; and

II - the provision of services by a correspondent within the premises of its own facilities.

Section II
Of the Object of the Correspondent Contract

Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users:

I - reception and forwarding of proposals for opening deposit and payment accounts maintained by the hiring institution;

II - carrying out receipts, payments and electronic transfers aiming at the movement of deposit and payment accounts owned by clients maintained by the hiring institution;

III - receipts and payments of any nature, and other activities resulting from the execution of contracts and agreements for the provision of services maintained by the hiring institution with third parties;

IV - active and passive execution of payment orders processed through the hiring institution at the request of clients and users;

V - reception and forwarding of proposals for credit and leasing operations granted by the hiring institution, as well as other services provided for monitoring the operation;

VI - receipts and payments related to bills of exchange accepted by the hiring institution; and

VII - carrying out foreign exchange operations that are the responsibility of the hiring institution, observing the provisions of art. 13.

Sole paragraph. The provision of complementary services for the collection of registration and documentation information, as well as data control and processing, may be included in the contract.

Art. 13. The service provided by the correspondent in foreign exchange operations must be contractually restricted to the following operations:

I - purchase and sale of foreign currency in cash, check or traveler's check, as well as loading of foreign currency on prepaid cards;

II - active or passive execution of a payment order relating to a unilateral transfer to or from abroad; and

III - reception and forwarding of proposals for foreign exchange operations.

Sole paragraph. The contract that includes attendance in the foreign exchange operations related to items I and II of the main text must provide for the following conditions:

I - limitation to the value of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation, and in the case of a purchase or sale of foreign currency in cash with delivery of the countervalue in national currency also in cash, limitation to the value of US$1,000.00 (one thousand United States dollars), or its equivalent in other currencies;

II - obligation to inform the client of the Total Effective Value (VET) of the operation, expressed in reais per unit of foreign currency and calculated considering the exchange rate, the taxes levied and the fees eventually charged;

III - obligation to deliver to the client a receipt for each foreign exchange operation carried out, containing the identification of the hiring institution, the hired company and the client, the indication of the foreign currency, the exchange rate, the values in foreign currency and in national currency and the VET, as well as the identification of the payer or payee abroad in the foreign exchange operations referred to in item II of the main text;

IV - exclusivity clause of the correspondent with the hiring institution for the provision of services relating to the foreign exchange operations referred to in item I of the main text; and

V - observance of regulatory provisions that provide for the foreign exchange market.

Section III
Of the General Conditions of the Correspondent Contract

Art. 14. The correspondent contract must establish:

I - requirement that the hired party maintains a formalized relationship through an employment bond or a contractual bond of another kind with the natural persons comprising its team, involved in the attendance of clients and users;

II - prohibition of the use, by the hired party, of logos or other attributes that are similar to those adopted by the hiring institution in its branches, service points, internet websites, applications or other network communication platforms;

III - disclosure to the public, by the hired party, of its status as a service provider to the hiring institution, identified by the name by which it is known in the market, with a description of the products and services offered and contact channels of the hiring institution, including its ombudsman, in a visible, prominent and legible format, through:

a) correspondent's internet website, accessible on the home page;

b) correspondent's application and other network communication platforms; or

c) panel maintained in the locations where service is provided to clients and users, in the event that the correspondent has physical premises;

IV - obligation to present to clients, during attendance, the costs and hiring conditions of the products and services offered by the hiring institutions referred to in items I, V and VII of art. 12, in the event of acting as a correspondent of more than one institution;

V - financial adjustments between the hiring institution and the correspondent, at most, every two business days;

VI - use, by the correspondent, exclusively of standards, operational norms and tables defined by the hiring institution, including in the proposal or application of fees, interest rates, exchange rates, calculation of Total Effective Cost (CET) or VET and any amounts earned or owed by the client, inherent to the products and services provided by the hiring institution;

VII - prohibition for the hired party to issue, in its favor, payment instruments or titles relating to the operations carried out, or to charge for its own benefit, under any title, a value related to the products and services provided by the hiring institution;

VIII - prohibition of making advances to clients, by the correspondent, on account of resources to be released by the hiring institution;

IX - prohibition of providing guarantees, including joint liability, by the correspondent in the operations to which the contract refers;

X - carrying out, by the hired party, attendance to clients and users relating to demands involving clarifications, obtaining documents, releases, complaints and others relating to the products and services provided, which will be forwarded immediately to the hiring institution, when not resolved by the correspondent;

XI - permission for the Central Bank of Brazil to access the contracts entered into under this Resolution, the documentation and information relating to the products and services provided, as well as the hired party's premises and respective documentation relating to constitutive acts, records, registrations and licenses required by legislation;

XII - possibility of adoption of administrative measures by the hiring institution, on its own initiative, in accordance with art. 18, or by determination of the Central Bank of Brazil;

XIII - observance of the policy of operation and hiring, established by the hiring institution in accordance with art. 18, and the administrative measures provided for therein; and

XIV - declaration that the hired party has full knowledge that the carrying out, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infringer to the penalties provided for in Laws No. 7,492, of June 16, 1986, and 13,506, of November 13, 2017.

Sole paragraph. The prohibition referred to in item IX does not apply to financing and leasing operations of goods and services provided by the correspondent itself in the exercise of a commercial activity that is part of its corporate object.

Section IV
Of the Forwarding of Proposals for Credit and Leasing Operations

Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities:

I - use of badges by members of the correspondent's team who provide service in the operations referred to in the main text, exposing to the client or user, in a visible manner, the name of the hired party, the person's name and their Individual Taxpayer Registry (CPF) number, in the event that the correspondent provides services in person;

II - sending, attached to the documentation forwarded to the hiring institution for decision on approval of the requested operation, the identification of the member of the correspondent's team, containing the name and CPF number, specifying:

a) in the case of operations relating to goods and services provided by the correspondent itself, the identification of the certified person in accordance with the provisions of art. 16, § 2, responsible for the service provided; and

b) in other operations, the identification of the certified person who attended to the client;

III - release of resources by the hiring institution in favor of the beneficiary, in the case of personal credit, or of the supplying company, in the case of financing or leasing, which may be carried out by the correspondent on behalf of and on the order of the hiring institution, provided that, daily, the total value of payments made is identical to that of the resources received from the hiring institution for this purpose; and

IV - payment of remuneration, in the following manner:

a) at the time of hiring the operation: cash payment, relating to the efforts undertaken in client acquisition at the origination of the operation; and

b) over the course of the operation: pro rata temporis payment over the term of the contract, relating to other services provided after origination.

§ 1 In the event of hiring through the electronic platform, for the purpose of complying with item II, letter "b", of the main text, the natural person responsible for the electronic platform, referred to in § 6 of art. 16, must be identified.

§ 2 With regard to the provision of item IV, letter "a", of the main text, the value paid at the time of hiring the operation must represent:

I - at most 6% (six percent) of the value of the credit operation forwarded, repactuated or renewed; or

II - at most 3% (three percent) of the value of the operation subject to portability.

§ 3 The contract referred to in the main text must provide that, in the event of early settlement of the operation with the debtor's own resources or with resources transferred by another institution, the payment of the remuneration referred to in item IV, letter "b", will cease.

Art. 16. The contract must provide that the service in credit and leasing operations is provided with technical quality compatible with the nature and risk of these operations.

§ 1 The technical quality of the service referred to in the main text must be attested by a certification exam applied to the correspondent's team that provides service in credit and leasing operations and organized by an entity of recognized technical capacity.

§ 2 In the case of correspondents that provide, at the same time, goods and services financed or leased, the certification of one person per point of in-person attendance is admitted, who will be responsible, before the hiring institution, for the service provided there to clients.

§ 3 The certification referred to in § 1 must be based on a training process that addresses, at a minimum, the technical aspects of the operations, the applicable regulation, Law No. 13,709, of August 14, 2018 (General Law for the Protection of Personal Data), Law No. 8,078, of September 11, 1990 (Consumer Protection Code), ethics and ombudsman.

§ 4 The correspondent must maintain a register of the team referred to in § 1 permanently updated, containing data on the respective certification process, with access for consultation by the hiring institution at any time.

§ 5 Technical qualification must ensure that the service, communication and customer experience through an electronic platform observe the requirements of:

I - offering products and services appropriate to the needs, interests and objectives of clients and users;

II - provision of information necessary for free choice and decision-making by clients and users; and

III - use of language clear and appropriate to the nature and complexity of the operations referred to in the main text.

§ 6 The correspondent must indicate, to the hiring institution, a natural person responsible for the electronic platform, who must be considered qualified in the certification exam referred to in § 1.

CHAPTER III
OF THE CONTROL OF THE CORRESPONDENT'S ACTIVITIES

Art. 17. The hiring institution must make adequate technical documentation available to the correspondent and its attendance team, as well as maintain a permanent communication channel with the aim of providing timely clarifications to said team about its products and services, and must attend, as per art. 14, item X, to the demands presented by clients and users to the hired party.

Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum:

I - criteria required for hiring;

II - quality control mechanisms for the correspondent's performance, taking into account indicators of monitoring customer service quality, considering, including, demands and complaints registered; and

III - rules for remuneration for the provision of services.

§ 1 The mechanisms referred to in item II of the main text must contain administrative measures, contractually provided for, to be adopted by the hiring institution with regard to the correspondent, the subcontractors and the certified agents, if irregularities or non-observance of the established standards are verified, including the possibility of suspending the service provided to the public and the early termination of the contract in cases considered serious by the hiring institution.

§ 2 The administrative measures referred to in § 1 must provide for guidance, training and sanctions, and their application must be weighed taking into account qualitative and quantitative aspects related to the severity of the detected irregularity.

§ 3 The remuneration rules referred to in item III of the main text must:

I - be compatible with the risk management policy, so as not to encourage behaviors that raise exposure to risk above the levels considered prudent in the short, medium and long-term strategies adopted by the institution;

II - have economic viability in the case of credit and leasing operations whose proposals are forwarded by correspondents; and

III - consider any form of remuneration, including advances through a credit operation, acquisition of receivables or constitution of guarantees, as well as the payment of expenses, the distribution of premiums, bonuses, promotions or any other similar form.

§ 4 The policy referred to in the main text must be formalized in a specific document and approved by the board of directors or, in its absence, by the executive board of the institution.

§ 5 It is admitted that the policy referred to in the main text be unified by:

I - conglomerate; or

II - cooperative credit system.

§ 6 The document referred to in § 4 must be kept available to the Central Bank of Brazil.

Art. 19. The institutions mentioned in art. 1 must adapt the internal control system with the aim of monitoring the public attendance activities carried out through correspondents, making them compatible with the volume and complexity of the operations carried out.

§ 1 The internal audit of the hiring institution must evaluate, annually, the effectiveness of the quality control mechanisms.

§ 2 The Central Bank of Brazil is authorized to:

I - determine the adoption of the administrative measures referred to in § 1 of art. 18, including the suspension of the service provided to the public or the termination of the contract; or

II - condition the hiring of new correspondents to the correction of deficiencies in the policy referred to in art. 18.

§ 3 In the hypotheses of § 2, the decision of the Central Bank of Brazil must be preceded by a statement from the hiring institution.

Art. 20. In the event that the correspondent contract includes the activities relating to credit and leasing operations, referred to in art. 12, item V, the hiring institution must implement a system for monitoring and controlling the economic viability of the operation, whose proposal is forwarded by a correspondent, with the production of management reports encompassing all revenues and expenses involved, such as funding cost, interest rate and remuneration paid and owed to the correspondent in any form, as well as the term of the operation, probability of early settlement and assignment.

§ 1 For the calculation of economic viability, the present value of the revenues of the credit or leasing operation, as well as its repactuation or renewal, considering the possibility of its early settlement or default, must be higher than the present value of the sum of the correspondent's remuneration with the other expenses involved.

§ 2 The management reports referred to in the main text must be kept available to the Central Bank of Brazil for up to five years after the end of the operation.

CHAPTER IV
OF THE DISCLOSURE OF INFORMATION

Art. 21. The hiring institution must keep an updated list of its contractors:

I - in the form of open data; and

II - on its internet website, accessible on the home page and in a visible location and legible format.

§ 1º The list referred to in the caput must contain the following information:

I - identification;

II - location; and

III - customer service activities, referred to in art. 12, included in the contract and, in the case where the contractor provides services in person, specified by service point.

§ 2º The Central Bank of Brazil will publish the content and specifications for the publication of the information referred to in § 1º in accordance with the terms defined in the caput.

Art. 22. The contracting institution must segregate information regarding demands and complaints received by the institution, in their respective customer service and ombudsman services, presented by clients and users attended by correspondents.

Art. 23. The contracting institution must inform the Central Bank of Brazil, in the manner defined by the said agency:

I - the director responsible referred to in art. 9º of this Resolution; and

II - the execution of a correspondent contract, as well as subsequent updates and termination.

CHAPTER V
FINAL PROVISIONS

Art. 24. The Central Bank of Brazil is authorized to issue norms and adopt the measures necessary for the execution of the provisions of this Resolution.

Art. 25. The following are repealed:

I - arts. 1º to 19 of Resolution No. 3,954, of February 24, 2011;

II - arts. 21, items I and II, and 23 of Resolution No. 3,954, of February 24, 2011;

III - Resolution No. 3,959, of March 31, 2011;

IV - Resolution No. 4,035, of November 30, 2011;

V - Resolution No. 4,114, of July 26, 2012;

VI - Resolution No. 4,145, of September 27, 2012;

VII - Resolution No. 4,294, of December 20, 2013; and

VIII - art. 2º of Resolution No. 4,811, of April 30, 2020.

Art. 26. This Resolution enters into force on February 1, 2022.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil

What changed in the obligations

Against Central Bank Resolution CMN No. 4811 Amending Exchange Market and Correspondent Contracting Rules (2020-04-30)

81 new obligations · 3 not carried over

9 obligations are the same in both texts.

New in this text (81)

Art. 2 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 customer and user attendance activities of the hiring institution.
§ 1 The provision of services referred to in this Resolution, whether personal or through an electronic platform, can only be contracted with a correspondent in the country.
Art. 3 The correspondent acts on behalf of and under the guidelines of the hiring institution, which assumes full responsibility for the service provided to clients and users through the hired party.
It is the responsibility of the hiring institution to guarantee the integrity, reliability, security and confidentiality of transactions carried out through the hired party, as well as compliance with the legislation and regulations relating to these transactions.
Art. 5 It is prohibited to enter into a correspondent contract in the country with: I - an entity whose main activity is the provision of correspondent services for the performance of the attendance activities defined in items II, IV and VI of art. 12; and
Art. 5 It is prohibited to enter into a correspondent contract in the country with: II - an entity whose control is exercised by an administrator of the hiring institution or by an administrator of a controlling entity of the hiring institution.
The prohibition referred to in item II does not apply to the hypothesis in which the administrator is also the controller of the hiring institution.
Art. 6 The entry into a correspondent contract that constitutes a franchise contract, in accordance with Law No. 13,966, of December 26, 2019, or whose effects are similar with regard to the rights and obligations of the parties or the methods used for public attendance, is not admitted.
Art. 7 The hiring, as a correspondent, of financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the following conditions: I - waiver of the requirements established in arts. 15 and 16, in the event that the hired institution offers its own clients operations of the same nature; and
Art. 7 The hiring, as a correspondent, of financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the following conditions: II - non-incidence of the prohibition established in art. 14, item IX.
Art. 9 The hiring institution must designate a director responsible for the hiring of correspondents in the country and for the service provided by them.
Art. 10. Subcontracting of the correspondent contract is admitted, in a single level, provided that the initial contract foresees this possibility and the conditions for its implementation, including the consent of the hiring institution.
§ 1 In order to consent to the subcontracting, the hiring institution must ensure compliance with the provisions of this Resolution by the subcontracted entities.
§ 2 Subcontracting of the contract is prohibited with regard to attendance activities in foreign exchange operations.
§ 3 Subcontracted entities must adopt the forms established in art. 4.
Art. 11. The hiring institution is prohibited from: I - charging clients attended by the correspondent a fee, commission, values related to reimbursement of services provided by third parties or any other form of remuneration, for the provision of products or services that are the responsibility of said institution, except for the fees contained in the table adopted by the hiring institution, in …
Art. 11. The hiring institution is prohibited from: II - the provision of services by a correspondent within the premises of its own facilities.
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: I - reception and forwarding of proposals for opening deposit and payment accounts maintained by the hiring institution;
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: II - carrying out receipts, payments and electronic transfers aiming at the movement of deposit and payment accounts owned by clients maintained by the hiring institution;
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: III - receipts and payments of any nature, and other activities resulting from the execution of contracts and agreements for the provision of services maintained by the hirin…
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: IV - active and passive execution of payment orders processed through the hiring institution at the request of clients and users;
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: V - reception and forwarding of proposals for credit and leasing operations granted by the hiring institution, as well as other services provided for monitoring the operation;
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: VI - receipts and payments related to bills of exchange accepted by the hiring institution; and
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: VII - carrying out foreign exchange operations that are the responsibility of the hiring institution, observing the provisions of art. 13.
The provision of complementary services for the collection of registration and documentation information, as well as data control and processing, may be included in the contract.
Art. 14. The correspondent contract must establish: I - requirement that the hired party maintains a formalized relationship through an employment bond or a contractual bond of another kind with the natural persons comprising its team, involved in the attendance of clients and users;
Art. 14. The correspondent contract must establish: II - prohibition of the use, by the hired party, of logos or other attributes that are similar to those adopted by the hiring institution in its branches, service points, internet websites, applications or other network communication platforms;
Art. 14. The correspondent contract must establish: IV - obligation to present to clients, during attendance, the costs and hiring conditions of the products and services offered by the hiring institutions referred to in items I, V and VII of art. 12, in the event of acting as a correspondent of more than one institution;
Art. 14. The correspondent contract must establish: V - financial adjustments between the hiring institution and the correspondent, at most, every two business days;
Art. 14. The correspondent contract must establish: VII - prohibition for the hired party to issue, in its favor, payment instruments or titles relating to the operations carried out, or to charge for its own benefit, under any title, a value related to the products and services provided by the hiring institution;
Art. 14. The correspondent contract must establish: VIII - prohibition of making advances to clients, by the correspondent, on account of resources to be released by the hiring institution;
Art. 14. The correspondent contract must establish: IX - prohibition of providing guarantees, including joint liability, by the correspondent in the operations to which the contract refers;
Art. 14. The correspondent contract must establish: X - carrying out, by the hired party, attendance to clients and users relating to demands involving clarifications, obtaining documents, releases, complaints and others relating to the products and services provided, which will be forwarded immediately to the hiring institution, when not resolved by the correspondent;
Art. 14. The correspondent contract must establish: XII - possibility of adoption of administrative measures by the hiring institution, on its own initiative, in accordance with art. 18, or by determination of the Central Bank of Brazil;
Art. 14. The correspondent contract must establish: XIII - observance of the policy of operation and hiring, established by the hiring institution in accordance with art. 18, and the administrative measures provided for therein; and
Art. 14. The correspondent contract must establish: XIV - declaration that the hired party has full knowledge that the carrying out, on its own account, of operations considered exclusive to financial institutions or other operations prohibited by current legislation subjects the infringer to the penalties provided for in Laws No. 7,492, of June 16, 1986, and 13,506, of November 13, 2017.
The prohibition referred to in item IX does not apply to financing and leasing operations of goods and services provided by the correspondent itself in the exercise of a commercial activity that is part of its corporate object.
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: I - use of badges by members of the correspondent's team who provide service in the operations referred to in the main text, exposing to the client or user, in a visible manner, the name of the hired party, t…
II - sending, attached to the documentation forwarded to the hiring institution for decision on approval of the requested operation, the identification of the member of the correspondent's team, containing the name and CPF number, specifying: a) in the case of operations relating to goods and services provided by the correspondent itself, the identification of the certified person in accordance w…
II - sending, attached to the documentation forwarded to the hiring institution for decision on approval of the requested operation, the identification of the member of the correspondent's team, containing the name and CPF number, specifying: b) in other operations, the identification of the certified person who attended to the client;
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: III - release of resources by the hiring institution in favor of the beneficiary, in the case of personal credit, or of the supplying company, in the case of financing or leasing, which may be carried out by the …
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: IV - payment of remuneration, in the following manner: a) at the time of hiring the operation: cash payment, relating to the efforts undertaken in client acquisition at the origination of the operation; and
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: IV - payment of remuneration, in the following manner: b) over the course of the operation: pro rata temporis payment over the term of the contract, relating to other services provided after origination.
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: § 1 In the event of hiring through the electronic platform, for the purpose of complying with item II, letter "b", of the main text, the natural person responsible for the electronic platform, referred to in …
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: I - at most 6% (six percent) of the value of the credit operation forwarded, repactuated or renewed; or
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: II - at most 3% (three percent) of the value of the operation subject to portability.
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: § 3 The contract referred to in the main text must provide that, in the event of early settlement of the operation with the debtor's own resources or with resources transferred by another institution, the pay…
Art. 16. The contract must provide that the service in credit and leasing operations is provided with technical quality compatible with the nature and risk of these operations.
§ 1 The technical quality of the service referred to in the main text must be attested by a certification exam applied to the correspondent's team that provides service in credit and leasing operations and organized by an entity of recognized technical capacity.
§ 2 In the case of correspondents that provide, at the same time, goods and services financed or leased, the certification of one person per point of in-person attendance is admitted, who will be responsible, before the hiring institution, for the service provided there to clients.
§ 3 The certification referred to in § 1 must be based on a training process that addresses, at a minimum, the technical aspects of the operations, the applicable regulation, Law No. 13,709, of August 14, 2018 (General Law for the Protection of Personal Data), Law No. 8,078, of September 11, 1990 (Consumer Protection Code), ethics and ombudsman.
§ 4 The correspondent must maintain a register of the team referred to in § 1 permanently updated, containing data on the respective certification process, with access for consultation by the hiring institution at any time.
§ 5 Technical qualification must ensure that the service, communication and customer experience through an electronic platform observe the requirements of:
I - offering products and services appropriate to the needs, interests and objectives of clients and users;
III - use of language clear and appropriate to the nature and complexity of the operations referred to in the main text.
§ 6 The correspondent must indicate, to the hiring institution, a natural person responsible for the electronic platform, who must be considered qualified in the certification exam referred to in § 1.
Art. 17. The hiring institution must make adequate technical documentation available to the correspondent and its attendance team, as well as maintain a permanent communication channel with the aim of providing timely clarifications to said team about its products and services, and must attend, as per art. 14, item X, to the demands presented by clients and users to the hired party.
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: I - criteria required for hiring;
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: II - quality control mechanisms for the correspondent's performance, taking into account indicators of monitoring customer service quality, considering, including, demands and compla…
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: III - rules for remuneration for the provision of services.

The first 60 of 81 are shown.

Not carried over (3)

§ 5º Without prejudice to the duty of client identification provided for in Article 18 of this Resolution, in foreign currency purchase and sale operations up to US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, the presentation of documentation regarding the underlying legal transactions of the foreign exchange operations is waived, provided that in the c…
“Art. 9º-A The contracting institution must adapt correspondent contracts in foreign exchange operations in effect on July 1, 2020, to the provisions of items I, II, III, IV, and V of § 2 of Article 9 and items III and V of Article 10, by December 30, 2020.”
II - addresses of public service points, identification of their websites and mobile device applications, and respective names and CNPJ registration numbers; and

Against Resolution CMN No. 3954 – Amends and consolidates the rules governing the hiring of correspondents in the country (2011-02-24)

32 new obligations · 8 changes of scope · 1 change of who is bound · 9 not carried over

54 obligations are the same in both texts.

Changed (9)

Scope
Before
The provision of services covered by this resolution may only be contracted with a correspondent in the country.
Now
§ 1 The provision of services referred to in this Resolution, whether personal or through an electronic platform, can only be contracted with a correspondent in the country.
Scope
Before
§ 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.
Now
Art. 5 It is prohibited to enter into a correspondent contract in the country with: II - an entity whose control is exercised by an administrator of the hiring institution or by an administrator of a controlling entity of the hiring institution.
Scope
Before
I – reception and forwarding of proposals to open checking, term and savings deposit accounts maintained by the contracting institution;
Now
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: I - reception and forwarding of proposals for opening deposit and payment accounts maintained by the hiring institution;
Scope
Before
II – execution of receipts, payments and electronic transfers intended for the movement of deposit accounts owned by clients maintained by the contracting institution;
Now
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: II - carrying out receipts, payments and electronic transfers aiming at the movement of deposit and payment accounts owned by clients maintained by the hiring institution;
Scope
Before
V – reception and forwarding of proposals concerning credit operations and leasing granted by the contracting institution;
Now
Art. 12. The correspondent contract may have as its object the following attendance activities, aiming at the provision of products and services that are the responsibility of the hiring institution to its clients and users: V - reception and forwarding of proposals for credit and leasing operations granted by the hiring institution, as well as other services provided for monitoring the operation;
Scope
Before
I – limitation to the amount of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation;
Now
The contract that includes attendance in the foreign exchange operations related to items I and II of the main text must provide for the following conditions: I - limitation to the value of US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation, and in the case of a purchase or sale of foreign currency in cash with delivery of the countervalue…
Scope
Before
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;
Now
The contract that includes attendance in the foreign exchange operations related to items I and II of the main text must provide for the following conditions: III - obligation to deliver to the client a receipt for each foreign exchange operation carried out, containing the identification of the hiring institution, the hired company and the client, the indication of the foreign currency, the …
Scope
Before
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;
Now
Art. 14. The correspondent contract must establish: II - prohibition of the use, by the hired party, of logos or other attributes that are similar to those adopted by the hiring institution in its branches, service points, internet websites, applications or other network communication platforms;
Who is bound
Before
§ 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.
Now
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: § 1 The mechanisms referred to in item II of the main text must contain administrative measures, contractually provided for, to be adopted by the hiring institution with regard t…

New in this text (32)

Art. 4 The following may be hired, in the capacity of correspondent: III - public companies.
§ 3 Subcontracted entities must adopt the forms established in art. 4.
Art. 11. The hiring institution is prohibited from: II - the provision of services by a correspondent within the premises of its own facilities.
The contract that includes attendance in the foreign exchange operations related to items I and II of the main text must provide for the following conditions: II - obligation to inform the client of the Total Effective Value (VET) of the operation, expressed in reais per unit of foreign currency and calculated considering the exchange rate, the taxes levied and the fees eventually charged;
Art. 14. The correspondent contract must establish: IV - obligation to present to clients, during attendance, the costs and hiring conditions of the products and services offered by the hiring institutions referred to in items I, V and VII of art. 12, in the event of acting as a correspondent of more than one institution;
Art. 14. The correspondent contract must establish: XIII - observance of the policy of operation and hiring, established by the hiring institution in accordance with art. 18, and the administrative measures provided for therein; and
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: IV - payment of remuneration, in the following manner: a) at the time of hiring the operation: cash payment, relating to the efforts undertaken in client acquisition at the origination of the operation; and
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: IV - payment of remuneration, in the following manner: b) over the course of the operation: pro rata temporis payment over the term of the contract, relating to other services provided after origination.
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: I - at most 6% (six percent) of the value of the credit operation forwarded, repactuated or renewed; or
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: II - at most 3% (three percent) of the value of the operation subject to portability.
Art. 15. The correspondent contract that includes the activities relating to credit and leasing operations, referred to in art. 12, item V, must provide, with regard to these activities: § 3 The contract referred to in the main text must provide that, in the event of early settlement of the operation with the debtor's own resources or with resources transferred by another institution, the pay…
Art. 16. The contract must provide that the service in credit and leasing operations is provided with technical quality compatible with the nature and risk of these operations.
§ 5 Technical qualification must ensure that the service, communication and customer experience through an electronic platform observe the requirements of:
I - offering products and services appropriate to the needs, interests and objectives of clients and users;
II - provision of information necessary for free choice and decision-making by clients and users; and
III - use of language clear and appropriate to the nature and complexity of the operations referred to in the main text.
§ 6 The correspondent must indicate, to the hiring institution, a natural person responsible for the electronic platform, who must be considered qualified in the certification exam referred to in § 1.
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: I - criteria required for hiring;
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: III - rules for remuneration for the provision of services.
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: § 2 The administrative measures referred to in § 1 must provide for guidance, training and sanctions, and their application must be weighed taking into account qualitative and quanti…
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: I - be compatible with the risk management policy, so as not to encourage behaviors that raise exposure to risk above the levels considered prudent in the short, medium and long-term…
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: II - have economic viability in the case of credit and leasing operations whose proposals are forwarded by correspondents; and
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: III - consider any form of remuneration, including advances through a credit operation, acquisition of receivables or constitution of guarantees, as well as the payment of expenses, …
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: § 4 The policy referred to in the main text must be formalized in a specific document and approved by the board of directors or, in its absence, by the executive board of the ins…
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: I - conglomerate; or
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: II - cooperative credit system.
Art. 18. The institutions mentioned in art. 1 that maintain correspondent contracts in the country must establish and keep updated a policy of operation and hiring of these service providers, providing, at a minimum: § 6 The document referred to in § 4 must be kept available to the Central Bank of Brazil.
§ 1 The internal audit of the hiring institution must evaluate, annually, the effectiveness of the quality control mechanisms.
Art. 20. In the event that the correspondent contract includes the activities relating to credit and leasing operations, referred to in art. 12, item V, the hiring institution must implement a system for monitoring and controlling the economic viability of the operation, whose proposal is forwarded by a correspondent, with the production of management reports encompassing all revenues and expense…
§ 2 The management reports referred to in the main text must be kept available to the Central Bank of Brazil for up to five years after the end of the operation.
Art. 21. The hiring institution must keep an updated list of its contractors: II - on its internet website, accessible on the home page and in a visible location and legible format.
Art. 21. The hiring institution must keep an updated list of its contractors: II - location; and

Not carried over (9)

§ 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. 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.
XII – observance of the quality control plan for service, established by the contracting institution under art. 14, § 1, and the administrative measures provided therein;
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 – addresses of the public service points and their respective names and CNPJ registration numbers;
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.
The hiring of an institution whose corporate control is exercised by the contracting institution or by a common controller is admitted.
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” means the sentence has no counterpart in this text; the rule can still be in force in another text.

Resolution 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 Brazil

Lineage: No known changes

Timeline

What changed in the obligations

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