The Central Bank has just approved the PIX Regulation and confirms its entry into full operation for November 16. Participation in PIX remains mandatory for Financial Institutions and Institutions Authorized to operate by the Central Bank with more than 500 thousand active accounts.
The Non-Authorized Institutions may participate in the PIX provided that they contain: (a) operational and liquidity risk management structure (Circular no. 3,681/2013); (b) cybersecurity policy (3909/2018); (c) policy for the prevention of laundering and financing of terrorism (Law no. 9,613/1998, Law no. 13,260/2016, Circular no. 3.461/2009 - Circular no. 3.978,/2020); (d) procedures for the execution of the measures that disposes on the compliance with sanctions imposed by United Nations Security Council resolutions, (Law no. 13.810/2019 and Circular no. 3.942/2019); and (e) proportional risk-based supervision.
Furthermore, the non-Authorized Institutions participating in the PIX must evidence that they have paid up and maintained a minimum of R$ 1,000,000.00 (one million reais) in capital stock and have a contract signed with the responsible participant.
Regarding the types of participation in the PIX, those that will be admitted: (i) are transactional account providers; (ii) governmental entity and (iii) special settlement agent, financial institution or the payment institution authorized to operate by the Central Bank which, is not a mandatory participant, and which has the exclusive purpose of providing settlement service to other participants, not offering sending or receiving a Pix to end users.
The Resolution shall become effective on September 1, 2020.
Below is the full Resolution 1, dated 08/12/2020:
https://bit.ly/31IkyCZ
