The following may be contracted as correspondents: (i) companies, entrepreneurs and associations as defined in the Civil Code; (ii) providers of notarial and registration services; and (iii) public companies.
The purpose of the correspondent agreement may include, among others, the following activities: (i) receiving and forwarding proposals for opening deposit and payment accounts held by the contracting institution; (ii) making receipts, payments and electronic transfers for the purpose of operating deposit and payment accounts held by clients of the contracting institution; and (iii) collecting registration and documentation information, as well as controlling and processing data.
CMN Resolution No. 4.935/2021 establishes the requirements of the contract, among which: (i) mandatory presentation to customers, during the service, of the costs and conditions of contracting the products and services offered by the contracting institutions; (ii) prohibition on making advances to customers, by the correspondent, on account of funds to be released by the contracting institution; and (iii) permission for the Central Bank to access contracts, documentation and information relating to the products and services provided, as well as the contractor's premises and respective documentation relating to the articles of incorporation, registrations, registrations and licenses required by law.