According to the new wording of Circular 3.978/2020, given by Resolution BCB no. 119, of 07/27/2021, Payment Institutions, in the customer identification process, must collect the name and CPF, in the case of natural persons, or the firm or company name and CNPJ, in the case of legal entities.
Furthermore, in the customer qualification process, it is now necessary to collect information that allows for: I - identifying the place of residence, in the case of a natural person; II - identifying the place of the head office or branch, in the case of a legal entity; and III - assessing the customer's financial capacity, including income, in the case of a natural person, or billing, in the case of a legal entity.
Finally, in relation to the identification and qualification procedures of the final beneficiary, there was an increase in the identification obligation for some cases, such as non-profit entities; cooperatives; investment funds and clubs registered with the Securities and Exchange Commission.
For further information the BTLaw Payment team is at your disposal.
