Our partner Roberto Panucci was featured in an article in Valor Econômico on the Central Bank's new rules for Banking as a Service, the subject of Joint Resolutions Nos. 15, 16 and 17, published today.
Among the changes introduced by these rules, we also highlight:
- Full liability of the BaaS provider institution: the Central Bank removes any doubt as to who is regulatorily responsible for the operation, including where operational steps are outsourced.
- Account ownership and traceability: every account used in BaaS must be held in the customer's name at the provider institution, reinforcing control over fund flows and eliminating room for pooled accounts.
- Structural prohibitions on the BaaS taker: platforms may not perform functions typical of a correspondent, customer service or commercial representation of the authorized institution.
- KYC, fraud prevention and AML/CFT as non-delegable functions: execution may be shared; regulatory responsibility always remains with the authorized institution.
- Governance raised to the senior management level: BaaS policies and structures must be approved by the board of officers or board of directors, with direct accountability of managers.
- Standardization of terminology and communications: Joint Resolution 17/2025 prohibits brands and terms that may mislead consumers as to the authorized nature of the institution.
- Closing the side doors in Open Finance: adjustments in Joint Resolution 15/2025 prevent the system from being used as an indirect channel for onboarding or pseudo-origination by unregulated platforms.
