Over the coming days, Brazil’s Supreme Federal Court (Supremo Tribunal Federal/STF) is going to decide whether the Payment Means Information Declaration (Declaração de Informações de Meios de Pagamento/DIMP) is unconstitutional or not.
The discussion arises from ICMS Agreement 134/2016 –– signed between state governments and determining that Financial and Payment Institutions, Accreditors and Sub-Accreditors are obliged to report all operations carried out by physical and legal persons via Pix, debit/credit cards and any other transactions that are carried out digitally.
Brazil’s National Financial System Council (Conselho Nacional do Sistema Financeiro/CONSIF) –– who is the author of Direct Action for the Declaration of Unconstitutionality (Ação Direta de Inconstitucionalidade/ADI) 7276 –– states that the DIMP be declared unconstitutional, since it requires customer information that is protected by banking secrecy.
The discussion is relevant, especially because compliance with this ancillary obligation has increased compliance costs for financial institutions and payment means companies.
Judgment must occur by November 24, 2023.
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