BCB Normative Instruction No. 739: Central Bank changes procedures for authorizing brokers and virtual asset service providers

The Central Bank of Brazil (BC) has published BCB Normative Instruction No. 739 (IN No. 739), which significantly modifies procedures, documents, and information required to request operating authorizations for foreign exchange brokerage firms, securities brokerage and distribution firms, and virtual asset service providers (VASPs).

Published on May 29, 2026, IN No. 739 took effect on the same date, amending BCB Normative Instruction No. 704, dated January 29, 2026.

Key points

Reasonable assurance report

Companies must submit a reasonable assurance report addressing the detection and prevention of transactions whose features may indicate the existence of crimes established in Law No. 9,613/1998 (“Anti-Money Laundering and Terrorist Financing Law”), to present operating authorization applications for:

• Foreign exchange brokerage firms
• Securities brokerage firms
• Securities distribution companies
• VASPs that were not active before February 2, 2026

The report must be issued by an independent auditor registered with the Brazilian Securities and Exchange Commission (CVM). For VASPs that were already in business before February 2, the report will only be required in Phase 2 of the authorization process, so as not to impact the authorization application that must be submitted by October 2026.

Content of the reasonable assurance report

The report must contain a conclusive opinion on aspects such as:

• institutional policy;
• organizational structure;
• employee training;
• internal risk assessment;
• procedures for knowing your customer (KYC) and knowing your partner (KYP);
• monitoring and reporting suspicious transactions related to money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction;
• fraud prevention; and
• administrative blocking of assets and recording of transactions.

Exclusive application

Certain aspects of the reasonable assurance report, such as the administrative blocking of assets and the recording of transactions, apply only to VASPs that were already in business on February 2, 2026.

Previous reports

Reasonable assurance reports issued within the last 12 months regarding the aspects outlined in Annex IV of IN No. 704/2026 may be considered when issuing the conclusive opinion.

Capital increases

IN No. 739 clarifies how to notify the Central Bank of capital increases that do not require authorization.

Read BCB Normative Instruction No. 739 on the Central Bank’s website.

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