Brazil Authorizes The Use of Self-Service Terminals For Manual Exchange Transactions

At a meeting held on July 26, 2012 the Brazilian Monetary Council (Conselho Monetário Nacional - CMN) approved measures that simplify the foreign exchange (fx) transactions of small value and provide more access alternatives and greater reach to the Brazilian fx market.

CMN Resolution No. 4113/2012 allows that manual exchange transactions (operações de câmbio manual) be carried out through a bank note vending machine (máquina dispensadora de cédulas), provided that the clients are duly identified in the manner specified by the Central Bank of Brazil (Banco Central do Brasil - Bacen). Pursuant to the current regulations, the agents authorized to operate in the fx market¹ (authorized agents) shall comply with the rules to perfectly identify their clients as well as to assess the responsibility of the appropriate parties regarding the legality of the operations performed.