*Brazil’s central bank (BCB) has updated its rules for the Pix digital payment system that it manages. According to the update, financial institutions must delete the Pix keys of individuals and companies without a valid CPF or CNPJ taxpayer identification number. These financial institutions must also ensure that the Pix account holder’s details must correspond to the correct CPF or CNPJ details. According to state news agency Agencia Brasil, the BCB estimates that 8m Pix keys have been flagged up as having suspicious details – such as inconsistent details of account holders or the names of deceased people being used for account registration. BCB officials have stressed the importance of diligent checks on account holders to reduce the risk of scams, fraudulent payments, and money laundering.
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LatinNews Daily - 7 March 2025
In brief: Brazil’s central bank tightens regulation of digital payments
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