From this week, payment institutions not authorised by the central bank and connected to the National Financial System Network will face a cap of 15,000 reais (USD 2,766.92) on transfers
Brazil’s central bank has imposed new limits on digital cash transfers as part of measures to strengthen the country’s financial system following a series of cyberattacks on banks and payment providers.
From this week, payment institutions not authorised by the central bank and connected to the National Financial System Network through IT providers will face a cap of 15,000 reais (USD 2,766.92) on transfers.
Governor Gabriel Galipolo said the ceiling was designed to make large-scale fraud more difficult. “By limiting the transfer amount, you force attackers to carry out a larger number of operations,” he told reporters, noting that 99 per cent of corporate transactions via Pix, Brazil’s instant payment platform, or through traditional TED transfers, were already below the threshold. He added that the measures were aimed at organised crime groups rather than financial institutions.
The new rules also accelerate the timetable for firms to secure regulatory approval. No payment institution will be permitted to operate without central bank authorisation, with the deadline for unlicensed operators moved forward to May 2026 from December 2029. Galipolo said further steps would be announced “soon”.
Regulation of cryptoassets is also on the horizon. Gilneu Vivan, the bank’s director of regulation, said new rules would be introduced later this year, following a legal framework passed by Congress in 2022 but not yet implemented. Officials have expressed concern over the rise of stablecoins in Brazil, often linked to illicit activity.
Galipolo declined to comment on the central bank’s recent decision to block the acquisition of mid-sized lender Master by peer BRB, citing confidentiality rules, but stressed that “there is no risk to Brazil’s banking system. The system is sound from a stability standpoint. There is no threat whatsoever.”
He also addressed the fallout from US sanctions imposed in July on Supreme Court justice Alexandre de Moraes under the Magnitsky Act, calling the move “unusual” but confirming the central bank was maintaining close dialogue with financial institutions. Washington accused Moraes of curbing free speech and authorising arbitrary arrests in cases linked to former president Jair Bolsonaro’s alleged coup plot.
