{
 "jurisdiction_id": "BR",
 "jurisdiction": "Brazil",
 "url": "https://payments.gi/jurisdictions/brazil/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 62,
  "source_register": 89
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/brazil/#w1a-licensing-authorisation-market-access",
   "standing_position": "Brazil's payments regime is anchored in BCB regulation of the SFN/SPB: Pix governance under Resolution 1/2020 as amended by Resolutions 493/2025 and 506/2025; an activities-based minimum-capital rule for payment institutions phasing in from 1 July 2026; and a completed VASP authorisation regime (Resolutions 519/520/521, effective 2 February 2026).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "BCB Circular 3.682/2013 (payment schemes) / Law 12.865/2012",
     "source": "https://www.bcb.gov.br/en/financialstability/paymentschemes",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law 12.865/2012 + BCB Resolution 80/2021 & 81/2021",
     "source": "BCB Resolutions 80 & 81/2021, as amended by Res. 257/2022 and Res. 494/2025 (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Joint Rule (CMN/BCB) No. 14/2025; BCB Rule 80/2021 (am. by 494/2025)",
     "source": "BCB Resolution 494/2025 — all-modality authorisation; Boku PI licence Apr 2025 (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Corporations Law / BCB authorisation regime",
     "source": "BCB payment-schemes framework; Resolutions 80/81/2021 (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Payment Institution licence (PISP + e-money issuer)",
     "source": "BCB Resolutions 80/81/2021 (PISP/EMI authorisation) (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Brazil's safeguarding regime requires payment institutions to segregate client/end-user funds from proprietary assets and supports traceability and auditability; e-money balances are held in payment accounts with prudential treatment. BCB Rule 80/2021 sets conduct, transparency (institutions must identify themselves as PIs and disclose services), governance and cybersecurity-policy obligations. Joint Resolution No. 16 (CMN/BCB) regulates Banking-as-a-Service, and BCB Resolution 432/2024 set manager compensation policies — collectively tightening conduct accountability.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Joint Resolution No. 16 (CMN/BCB) — BaaS",
     "source": "BCB Resolutions 80/81/2021 — PI conduct/governance (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Rule 80/2021 (conduct/transparency arts.)",
     "source": "BCB Resolution 494/2025 (Art. 9 authorisation) (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolution 432/2024 (manager compensation)",
     "source": "BCB Resolution 494/2025 — IT/cyber & authorisation (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Asset-segregation / insolvency-protection framework",
     "source": "BCB Resolutions 80/81/2021 PI conduct framework (bcb.gov.br)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w2-stablecoins-digital-money",
   "standing_position": "E-money is regulated under Law 12.865/2013 as a prepaid payment-account balance, distinct from virtual assets. Brazil implemented a banking-grade virtual-asset/VASP regime via Law 14.478/2022 and BCB Resolutions 519/520/521 of 10 Nov 2025 (in force 2 Feb 2026), with the BCB as supervisor and CVM retaining securities-token jurisdiction. Resolution 521 brought stablecoin and crypto FX operations into the foreign-exchange perimeter; Resolution 561 (Apr 2026) then barred crypto/stablecoin settlement on the offshore leg of regulated eFX. A 270-day transition runs to 30 Oct 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law 14.478/2022 + BCB Resolutions 519-521/2025",
     "source": "BCB Resolutions 519/520/521 (SPSAV/VASP, eff. 2 Feb 2026) (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolutions 519/520/521 (10 Nov 2025)",
     "source": "BCB Resolutions 519/520/521 (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolution 519/2025 (licensing modalities)",
     "source": "BCB Resolution 521 — virtual-asset FX (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolution 561 (30 Apr 2026)",
     "source": "BCB Resolution 520 — VASP Travel Rule/AML (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Pix-USDC integration (April 2026)",
     "source": "BCB Resolution 561 (eff. 1 Oct 2026) — eFX stablecoin restriction (bcb.gov.br)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience is governed by CMN Resolution 4.893/2021 (financial institutions) and BCB Resolution 85/2021 (payment institutions), effective from 2021, which mandate cybersecurity policies, incident response, business-continuity testing, and rules for contracting data-processing/storage and cloud services in-country or abroad — with the institution retaining full accountability for outsourced activity and the BCB granted audit/access rights. Institutions must report security incidents that constitute a 'crisis situation' to the BCB and retain documentation for at least five years. The June 2025 C&M Software breach exposed third-party (PSTI) supply-chain risk and triggered new cybersecurity rules (Res. 538/2025; CMN 5.274/2025, adaptation to March 2026).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "BCB Resolution 85/2021 (PI cybersecurity & cloud)",
     "source": "https://www.bcb.gov.br/content/about/legislation_norms_docs/BCB_Resolution_No_85_2021.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CMN Resolution 4.893/2021 (cybersecurity)",
     "source": "https://www.bcb.gov.br/content/about/legislation_norms_docs/CMN_Resolution_No_4,893_2021.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Outsourcing / critical-third-party regime",
     "source": "https://www.legal500.com/guides/chapter/brazil-banking-finance/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolution 538/2025; CMN 5.274/2025 (cybersecurity)",
     "source": "https://en.clickpetroleoegas.com.br/amidst-the-anti-fraud-package-for-the-brazilian-payment-system-the-central-bank-publishes-a-resolution-that-temporarily-suspends-sanctioning-btl96/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w4-scheme-network-compliance",
   "standing_position": "Brazil regulates card-scheme economics directly: since October 2018 the BCB caps debit-card interchange, and in 2023 (effective April 2024) it simplified the debit cap to 0.5% and introduced a 0.7% cap on prepaid-card interchange while harmonising the prepaid settlement cycle (previously up to 28 days) with debit (2 days). Card schemes Visa/Mastercard operate four-party models with acquirers and sub-acquirers; the BCB collects interchange and scheme-fee data quarterly from authorised scheme participants. Pix scheme rules are set and operated by the BCB itself (BCB Resolution 1/2020 and follow-ons).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "BCB interchange-fee regulation (2018)",
     "source": "https://www.kansascityfed.org/documents/11143/PublicAuthorityInvolvementPaymentCardMarkets_VariousCountries_August2025Update.pdf",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB interchange amendment (2023, effective Apr 2024)",
     "source": "https://www.vixio.com/insights/pc-time-has-come-cap-prepaid-card-interchange-fees-brazil-says",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB interchange cap (debit, quarterly basis)",
     "source": "https://www.sciencedirect.com/science/article/pii/S2666143822000321",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Scheme/acquirer accreditation agreement (MDR/interchange)",
     "source": "https://www.sec.gov/Archives/edgar/data/1841644/000121390026001029/ea0201690-17.htm",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/brazil/#w5-payment-corridor-dynamics",
   "standing_position": "Domestic rails are dominated by Pix (BCB-operated instant payments, launched Nov 2020), alongside legacy TED/DOC and boleto. Cross-border corridors run through the regulated eFX regime (BCB Resolution 561/2026 governs digital international payments and bars crypto on the offshore leg), traditional FX operations, and the FX Clearinghouse, which historically uses US correspondent banks for the USD leg. The BCB is actively exploring Pix internationalisation and interlinking with other instant-payment systems (bilaterally or via multilateral platforms such as Project Nexus) to improve cross-border speed, cost and access per G20 goals.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Pix (SPI) — BCB instant-payment scheme",
     "source": "https://www.bcb.gov.br/en/financialstability/pix_en",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Pix cross-border interlinking (G20 / Project Nexus)",
     "source": "https://www.europeanpaymentscouncil.eu/news-insights/insight/pix-latest-updates-brazils-leading-instant-payment-scheme",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "eFX regime (BCB Resolution 561)",
     "source": "https://www.coindesk.com/policy/2026/05/02/brazil-s-central-bank-bans-stablecoin-and-crypto-settlement-in-cross-border-payments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FX Clearinghouse / correspondent-bank corridor",
     "source": "https://www.bis.org/cpmi/publ/d97_br.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/brazil/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Brazil's payments market is highly concentrated and fintech-led at the consumer edge. The acquiring market is dominated by Cielo, Rede, Getnet and Stone (>83% in 2020Q1), and issuing is similarly concentrated among the top five issuers (~80%). On the consumer side, digital banks/fintechs Nubank, PicPay and Mercado Pago lead by customers; Nubank reported ~110m Brazil customers (127m globally) in Q3 2025 and in October 2025 surpassed Petrobras as Brazil's most valuable company. The market combines incumbent bank-controlled acquirers, listed challengers, and a long tail of PIs and sub-acquirers.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Acquiring/issuing market concentration",
     "source": "https://www.sciencedirect.com/science/article/pii/S2666143822000321",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Digital-bank market structure (Nubank vs PicPay)",
     "source": "https://www.americanbanker.com/news/brazilian-digital-bank-picpay-files-for-u-s-ipo",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market-structure shift (Nubank scale)",
     "source": "https://www.riotimesonline.com/brazil-fintech-2026-complete-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Bank-controlled POS networks (historical)",
     "source": "https://www.bis.org/cpmi/publ/d97_br.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w7-legal-litigation",
   "standing_position": "Enforcement is dominated by the June 2025 C&M Software breach — the largest cyber-heist in Brazilian history — in which attackers used credentials of a bribed C&M employee to inject fraudulent Pix orders, draining over R$1bn (≈R$813m+ commonly cited) from at least six institutions' reserve accounts; the Federal Police opened an investigation and the BCB suspended parts of C&M's operations. Follow-on incidents hit Sinqia and Monbank. Major Polícia Federal operations (Magna Fraus, Lusocoin, Carbono Oculto exposing PCC laundering via fintechs) and BCB administrative enforcement (intervention, extrajudicial liquidation, manager liability, RAET) shape the regime. A notable commercial dispute: GetNet (Santander) sued Nubank and Mastercard over prepaid-card interchange losses.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "C&M Software breach (Federal Police / BCB)",
     "source": "https://www.tenchisecurity.com/en/insights-news/how-third-party-cyber-risk-management-could-have-mitigated-banking-incidents-in-brazil",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Criminal prosecution (C&M insider)",
     "source": "https://www.bitdefender.com/en-us/blog/hotforsecurity/hackers-brazil-100-million-heist",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB administrative enforcement / special regimes",
     "source": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/brazil/trends-and-developments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Commercial litigation (interchange dispute)",
     "source": "https://www.vixio.com/insights/pc-time-has-come-cap-prepaid-card-interchange-fees-brazil-says",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w8-merchant-acquiring-risk",
   "standing_position": "Acquiring is governed by accreditation agreements between acquirers/sub-acquirers and merchants and by BCB scheme/interchange rules. Acquirers and sub-acquirers (the latter not card-network members) capture, process, settle and credit merchant transactions and handle chargebacks; the MDR (including interchange) is the merchant cost. The 2023/2024 interchange reform harmonised prepaid settlement to the 2-day debit cycle, materially improving merchant liquidity in a high-base-rate environment. Card chargebacks are issuer-mediated consumer-protection reversals, distinct from Pix's MED.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Acquirer accreditation agreement / chargebacks",
     "source": "https://www.sec.gov/Archives/edgar/data/1841644/000121390026001029/ea0201690-17.htm",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Prepaid settlement-cycle harmonisation",
     "source": "https://www.vixio.com/insights/pc-fair-and-correct-pagbrasil-ceos-verdict-new-interchange-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Sub-acquirer market structure",
     "source": "https://www.bcb.gov.br/conteudo/eventos/Documents/Conferencia_anual_bc/2024/3B_3A_TIAGO_CAVALCANTI_A_CommentsAcquirers.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Chargeback vs Pix-MED dispute mechanics",
     "source": "https://docs.ebanx.com/docs/payments/guides/after-payments/med-pix-overview/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w9-product-innovation-market-development",
   "standing_position": "Brazil is a global instant-payments innovation leader. Pix has expanded from one-time P2P/P2B transfers into a product family: Pix Agendado (scheduled), Pix por Aproximação (contactless, launched Feb 2025), Pix Automático (recurring/direct-debit-style, launched 2025), and Pix Parcelado/Installment Pix and Pix Garantido (credit-backed) in the pipeline; offline and cross-border Pix are being explored. Open Finance Brazil is a maturing build-out feeding new products, and the BCB maintains an active Regulatory Sandbox (e.g. real-asset tokenisation).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Pix product family (Automático/Agendado/Parcelado)",
     "source": "https://www.pagbrasil.com/blog/pix/differences-between-the-types-of-pix/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Pix por Aproximação (contactless)",
     "source": "https://paymentscmi.com/insights/pix-in-brazil-latest-statistics-central-bank/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Pix roadmap (Garantido, cross-border, offline)",
     "source": "https://www.boku.com/blog/pix-payments-how-brazils-instant-payment-system-rewrote-the-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Regulatory Sandbox",
     "source": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w10-consumer-protection-app-fraud",
   "standing_position": "The Pix Special Return Mechanism (MED), created Nov 2021, is the core consumer-redress tool for fraud/scams/operational failure: victims register within 80 days, receiving-institution funds are blocked, both institutions review within 7 days and refunds (full or partial, subject to available balance) follow. Recovery has historically been low (~9% in 2023) because fraudsters move funds onward, prompting MED 2.0 (BCB Res. 493/2025) to trace and block across up to five 'cascading' account hops (optional Nov 2025, mandatory 2 Feb 2026; sanctioning grace via Res. 546 to 10 May 2026). A self-service MED button was mandated (Res. 589, by Oct 2025) and Res. 501/2025 requires rejecting transfers to fraud-flagged accounts. Consumer-protection law (CDC) also applies, including to crypto operations.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Pix MED + Precautionary Blocking",
     "source": "https://www.bcb.gov.br/en/financialstability/pixfaqen",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolution 589 (self-service MED); Joint Res. 6; Res. 343",
     "source": "https://www.qedinvestors.com/blog/the-frontlines-of-fraud-how-brazil-is-becoming-a-global-testbed-for-financial-crime-prevention",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCB Resolutions 493/2025 (MED 2.0), 501/2025, 546/2026",
     "source": "https://en.clickpetroleoegas.com.br/amidst-the-anti-fraud-package-for-the-brazilian-payment-system-the-central-bank-publishes-a-resolution-that-temporarily-suspends-sanctioning-btl96/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MED recovery-rate limitation",
     "source": "https://www.commercegate.com/central-bank-of-brazil-and-febraban-to-change-pix-refund-mechanism-for-fraud-victims/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w11-aml-cft-financial-crime",
   "standing_position": "[SENTINEL-FED] Payments-context AML/CFT position only. Brazil's AML/CFT regime centres on Law 9.613/1998 (the AML Law, amended by Laws 10.701/2003, 12.683/2012, 13.974/2020), which created COAF as the financial intelligence unit (operationally autonomous, administratively linked to the BCB). BCB Circular 3.978/2020 sets the AML/CFT policy, procedures and internal-controls framework for supervised entities, including payment institutions. Brazil is a FATF and GAFILAT member; the 2023 FATF/GAFILAT mutual evaluation noted strengths and gaps (notably BO access and non-bank supervision). For payments: institutions must KYC, monitor transactions, keep records, and report suspicious activity to COAF.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.AML reform direction (crypto/VASP, gold)",
     "source": "https://fincrimecentral.com/brazil-aml-reforms-fines-financial-crime-coaf/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "AML Law 9613/1998 with COAF (FIU) at its centre, coordinated via the ENCCLA inter-agency mechanism; joint FATF/GAFILAT MER (Dec 2023) found improved risk understanding and TF criminalisation but weak DNFBP supervision and unpopulated BO data. New BCB Resolutions 519-521 (Nov 2025) create a VASP licensing regime effective Feb 2026.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Brazil",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "SPSAV VASP authorisation deadline for existing crypto firms",
     "instrument_type": "regulatory_horizon",
     "source": "FIM (sentinel.gi) regulatory_horizon_register (issue FIM-BASE-HRZ-001)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFAC listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: OFAC (US Treasury) — Pixwave Solucoes de Pagamentos, Victory Trading, Wave Construcoes (Brazilian entities linked to PCC)",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-006)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/brazil/#w12-correspondent-banking-settlement-access",
   "standing_position": "Interbank settlement runs through the STR (Reserves Transfer System), a BCB-operated RTGS providing irrevocable, unconditional real-time finality, underpinned by Law 10.214/2001 (settlement finality, multilateral netting, collateral seizure in insolvency). Reserve/settlement accounts at the BCB are mandatory for some institutions and optional for others; the BCB extends fully collateralised free intraday credit to reserve-account holders. Pix settles via the SPI through Instant Payment (IP) accounts, accessed directly or via accredited PSTIs. Cross-border USD legs route through the FX Clearinghouse and US correspondent banks. Payment institutions can access SPI directly (IP account) or indirectly via a direct participant.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "STR (RTGS) + Law 10.214/2001 (settlement finality)",
     "source": "https://www.bcb.gov.br/Pom/Spb/Ing/Introduction.asp?frame=1",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SPI access (direct/indirect via PSTI) + IP accounts",
     "source": "https://www.bcb.gov.br/content/financialstability/spi_annual_reports/SPI_2024.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Reserve/Settlement account access at BCB",
     "source": "https://www.bcb.gov.br/pom/spb/ing/GuideforOpeningReserves.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "US correspondent-bank corridor (FX Clearinghouse)",
     "source": "https://www.bis.org/cpmi/publ/d97_br.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/brazil/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month (≈Jun 2025-Jun 2026) commercial activity: the IPO window reopened with PicPay's $434m Nasdaq listing (29 Jan 2026, ticker PICS) — the first major Brazil fintech listing since Nubank (2021); Nubank received conditional OCC approval (Jan 2026) for a US national bank charter and opened an Abu Dhabi HQ. Brazilian startup funding recovered (US$692m raised in Q3 2025, +47% YoY). Product launches centred on Pix Automático and Pix-USDC integration. Undisclosed values are marked amount_disclosed=false.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event: IPO",
     "source": "https://www.connectingthedotsinfin.tech/a-big-day-for-brazilian-fintech-picpay-ipos-in-the-us-as-nubank-secures-us-bank-approval/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: regulatory/charter milestone",
     "source": "https://www.riotimesonline.com/brazil-fintech-2026-complete-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: sector funding aggregate",
     "source": "https://www.riotimesonline.com/brazil-fintech-2026-complete-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: institutional/product signal",
     "source": "https://www.chainalysis.com/blog/brazil-crypto-asset-regulatory-framework-2025/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}