On May 26, 2025, BRZ CB issued Resolution 476 amending Resolution 96 of 2021.
Art 4-A amended to say institutions in art 1, when opening accounts, updating account holder's data, as referred to in art 4 §4, must consult system in Res 475 of 2025, prior to opening prepaid payment account, changing holders or their representatives.
If decides to open prepaid payment account or change holders or their representatives, when there is request to contrary registered in the mentioned system, decision must be documented and substantiated, applicable in exceptional situations.
I.e. holders, prospective holder/representative prevented from deleting it from system.
If decides not to open account or not to change account holders, solely due to cited request, reasons for decision must be explained to holder, prospective account holder
Decision to open account, change holders, etc. is sole responsibility of the institution.
Entities must keep at BRZ CB disposal for at least 10 years supporting documentation re consultation of system, result, documents in §1; resolution in force on Dec. 1, 2025.
In May 2025, BRZ CB announced new services for citizens, Resolution 475, #256136.
On May 19, BRZ ruled on opening, maintaining and closing accounts.
BRZ CB issued resolution 96 on opening, maintaining and closing payment accounts.
Set forth account opening procedures, contracting, disclosure and transparency.
Also, procedures for closing, confidentiality, and information security.
Account Opening
Opening of payment account based on a simplified qualification process is permitted.
However, must have adequate/compatible balance limits, funds for its movement set.
In the case of a disabled person's payment account, per current legislation, the person responsible for assisting or representing must also be identified and qualified.
The identification and qualification information of the payment account holder and his representatives, if any, must be kept up to date by the financial institutions.
Institutions must adapt account openings procedures to AML/CFT provisions.
Credit Limits
Resolution 96 provides that granting of credit limits associated with a postpaid payment account must be compatible with the risk profile of the account holder.
Also provides rules for altering credit limits, when not initiated by the account holder.
Post-Pay Account Invoice
Explains handling of mandatory payment of post-pay payment account invoice.
Amount of payment consists of the sum of the values provided for in resolution 96.
Closing Procedures
Closing and opening account may be carried out based on a request submitted by the account holder by electronic means or any channel made available by the institution.
However, use of voice telephone is prohibited, except for closing of postpaid account.
Transfer remaining balance to an account indicated by the holder at the same or another institution or, alternatively, at discretion of the account holder, withdrawal.
Institutions must close a prepaid payment account in relation to which there are irregularities in the information provided, considered to be of a serious nature.
Effectiveness
Resolution 96 becomes effective on Mar. 1, 2022.
May 2021 Official Publication
On May 21, 2021, BRZ CB published resolution 96 in the official gazette.
Follows May 20, 2021 BRZ CB press release explaining purpose, effect of resolution.
Dec. 21, 2023 BRZ CB Resolution Amendments
On Dec. 21, 2023, BRZ CB issued Resolution 365; amends Resolution 96 to add forms, options of settlement/financing of balance in invoice of postpaid payment instruments.
Must require institution to provide the account holder with the option of at least three due dates of the invoice, with a minimum difference of seven days between them.
Does not apply to postpaid payment accounts that are paid by consignment on payroll.
Incorporates requirements for statements and invoices of postpaid payment account.
Cannot forward/enable payment instrument without permission from account holder.
The forms, options and standard form for financing the outstanding balance of the revolving credit made available by the institution should be highlighted in the contract.
Granting of credit limits in a postpaid payment account must be compatible with the risk profile, qualifications re KYC process, vulnerabilities, and products and services.
Article 2, Items IV to XIII of the caput, section 2 of article 9 of Res 96 are repealed.
Resolution 365 will enter into force on Jul. 1, 2024.
On Dec. 29, 2023, BRZ CB reported on Resolution 365, to allow more transparency around credit card statements / invoices, and adoption of responsible credit practices.
Requires invoices to have essential data in a prominent area of the invoice, historical payment information, interest/finance charges, and an area for payment alternatives.
Payment date reminders, consequences for nonpayment, start of installments for revolving credit, and annuity tariff, should also be sent to cardholder, free of charge.
May 2025 BRZ CB Amendments
On May 26, 2025, BRZ CB issued Resolution 476 amending Resolution 96 of 2021.
Art 4-A amended to say institutions in art 1, when opening accounts, updating account holder's data, as referred to in art 4 §4, must consult system in Res 475 of 2025, prior to opening prepaid payment account, changing holders or their representatives.
If decides to open prepaid payment account or change holders or their representatives, when there is request to contrary registered in the mentioned system, decision must be documented and substantiated, applicable in exceptional situations.
I.e. holders, prospective holder/representative prevented from deleting it from system.
If decides not to open account or not to change account holders, solely due to cited request, reasons for decision must be explained to holder, prospective account holder
Decision to open account, change holders, etc. is sole responsibility of the institution.
Entities must keep at BRZ CB disposal for at least 10 years supporting documentation re consultation of system, result, documents in §1; resolution in force on Dec. 1, 2025.
In May 2025, BRZ CB announced new services for citizens, Resolution 475, #256136.
Regulators
BRZ CB
Entity Types
Bank; CNSM; CU; Thrift
Reference
Res 476, Res 475, 5/26/2025; PR 12/29/2023; Res 365, 12/21/2023; OG 95, 5/21/2021; PR, 5/20/2021; Res 96, 5/19/2021
