Brazil: New Reporting Rules for Cash Withdrawals and Prepaid Cards

Banco Central do Brasil, the central bank of Brazil, has issued Circular No. 3.839/2017, which amends the procedures to be followed by financial institutions in operations involving cash resources to improve the fight against corruption.

The circular stipulates that customers must notify institutions, in advance, about withdrawals or payments equal to or greater than R$50,000 (approx. US$15,000).

The circular also stipulates that financial institutions should report to the Council for Financial Activities Control (COAF):

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