On Dec. 2, BRZ CB issued compliance procedures re demand deposits.
BRZ CB published Instruction 558 with procedures re compliance with the requirement to apply demand deposits, raised by financial institutions, in microcredit operations.
Also established procedures for sending information related to said operations.
Overview
Gave instructions for transfer systems to use for reserve transfer system, and STR-Web application, and must also use the appropriate codes from the Domain Dictionary.
Only those allocation effectively carried out in new microcredit operations until the deadline of collection, can be considered as resources raised for immediate application.
Supporting documentation will be kept at the disposal of the BRZ CB for a minimum period of five years, which will be counted from date to which each information refers.
Effectiveness
Instruction 558 comes into force on Jan. 1, 2025, revoked Instruction 59 of Dec. 2020.
Regulators
BRZ CB
Entity Types
Bank
Reference
Rpl Ins 59, Ins 558, 12/2/2024
Functions
Compliance; Financial; Operations; Record Retention; Reporting; Risk
