Central Bank of Brazil introduces changes to the rules governing international payment and transfer services (eFX)

On April 30, 2026, the Central Bank of Brazil (“BC”) published BCB Resolution No. 561, amending BCB Resolution No. 277, dated December 31, 2022, which regulates Law No. 14,286, dated December 29, 2021, to improve the provisions relating to the international payment and transfer services (“eFX”).

1. Scope and definition of eFX:

BCB Resolution No. 561/2026 refines the framework for eFX, including an expansion to cover transfers related to investments in the financial and capital markets, in Brazil and abroad, limited to USD 10,000.

2. Authorized providers and operational kick-off:

Only institutions authorized by the BC may provide eFX services in the specified categories. Unauthorized eFX providers may only continue to provide eFX services if they submit a request to the BC by May 31, 2027. The regulation requires prior registration of the service type with Unicad. Service provision may only begin five business days after such registration, without prejudice to compliance with other applicable regulatory requirements.

3. International settlement and operational restrictions:

Payments and receipts between the eFX provider and the foreign counterparty must occur exclusively through a foreign exchange transaction or a transaction in a Brazilian reais account held by a non-resident – the use of virtual assets and the netting of amounts paid and received are prohibited. Settlement may be made on an individual or consolidated basis. It is worth clarifying that the restriction does not prohibit the use of stablecoins in the foreign exchange market – it only restricts their use within the scope of eFX.

4. Contractual relationships with users and counterparties, and Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF):

The resolution regulates the roles of the sending user, receiving user, and foreign counterparty, requiring that the sending user be a client of the eFX provider, that a contractual relationship exist with the foreign counterparty, and that Know Your Customer (KYC) and Know Your Partner (KYP) procedures be followed, in compliance with Circular No. 3,978/2020. The regulation also requires monitoring by foreign exchange institutions and by the entities maintaining the accounts used.

5. Delivery and receipt of Brazilian reais within the country:

The regulation details the permitted methods for inflows and outflows of Brazilian reais, prioritizing transaction traceability. Additionally, it establishes specific rules for cases where the provider does not have a reserve or settlement account at the BC, requiring the use of a segregated account exclusively for eFX, and prohibiting any offsetting between amounts received and amounts delivered to users.

6. Information obligations, recordkeeping, and reporting:

Providers within the scope of eFX are now subject to more detailed rules regarding the provision of information to the BC through the Foreign Exchange System, with responsibilities distributed according to each institution’s role in the transaction. The resolution also updates the foreign exchange purpose codes applicable to eFX.

BCB Resolution No. 561 repeals the incompatible provisions of BCB Resolution No. 277/2022 and will enter into force on October 1st, 2026.

Read Resolution No. 561 in full on the Central Bank’s website.

Demarest’s Banking and Finance team remains available to provide any necessary clarification on the matter.