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    BCB Issues Guides for Open Banking and Regulatory Sandbox Operations

    October 29, 2020

    ​BCB and the National Monetary Council (CMN) published resolutions to establish guidelines for the operation of controlled test environments for technological innovations in the financial sector (regulatory sandbox). The resolutions also provide for the conditions for the supply of products and services tested under this environment's framework, within the scope of the National Financial System (SFN) and the Brazilian Payment System (SPB). The resolutions entered into force on December 01, 2020. BCB also published a resolution, which takes effect from its publication date, that establishes technical requirements and operational procedures for the implementation of open banking in Brazil.

    The Regulatory Sandbox is an environment where entities are licensed by BCB to test, for a certain period, an innovative project in the financial or payment areas, observing a specific set of regulatory provisions. The implementation of the Regulatory Sandbox is intended to promote the entry of innovative business models, competition, and financial inclusion as well as to enhance the supervision process of BCB. To be licensed to operate within the Regulatory Sandbox environment of BCB, the institutions—in addition to carrying out their transactions with integrity, reliability, security, and confidentiality—must comply with the regulation on the prevention of money laundering and combat of the financing of terrorism and the handling of complaints of their clients and users. Moreover, the institution licensed to test a product/service has to disclose, to its customers, that its products and services are being offered within the scope of the Regulatory Sandbox. The Regulatory Sandbox will be implemented through cycles, whose duration will be determined by BCB and limited to the period of one year, with the possibility of one extension for the same period. The first cycle is scheduled for 2021. 

     

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    Effective Date: December 01, 2020 (Regulatory Sandbox Resolution)/Publication Date (Open Banking Resolution)

    Keywords: Americas, Brazil, Banking, Regulatory Sandbox, Open Banking, AML/CFT, Regtech, CMN, BCB

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