By Brazil Stock Guide – Brazil’s Central Bank (BCB) and the National Monetary Council (CMN) published two major resolutions that redefine how financial institutions calculate their minimum paid-in capital and equity. The reform coincides with a broader effort to curb fraudulent use of “contas-bolsão” — pooled accounts opened by fintechs in traditional banks — and to strengthen the security and resilience of Brazil’s financial system.
Capital rules: proportional to activity and technology
Under Joint Resolution No. 14/2025 and BCB Resolution No. 517/2025, all licensed entities — banks, payment institutions, and fintechs — must now maintain a capital floor based on the type of activity actually performed, rather than on their institutional label.
Each operational category (lending, intermediation, custody, and services) adds R$ 2 million to a fixed cost base.
Activities requiring heavy data infrastructure — such as Banking-as-a-Service (BaaS), Open Finance data aggregation or sharing, and Pix settlement or transactional accounts — trigger an additional R$ 5 million, rising 50 percent for each extra tech-intensive service, capped at R$ 10 million.
The total is then adjusted by risk factors tied to funding sources:
- 200 % for deposit-taking institutions;
- 120 % for entities funded by public resources other than deposits;
- 80 % for institutional funding;
- 60 % for proprietary capital.
Institutions using the word “bank” in their name must add R$ 30 million to their capital requirement. The framework takes effect immediately but includes a transition until December 2027, when the new standard becomes fully mandatory.
Broader prudential impact
The new methodology is designed to ensure that all institutions — from universal banks to payment start-ups — hold enough capital to absorb operational and technological risks.
According to Ailton de Aquino Santos, the Central Bank’s Director of Supervision, the reform “is not a barrier to innovation or fintech entry, but a reinforcement of resilience.”
He noted that capital thresholds for payment institutions now range roughly from R$ 9 million to R$ 32 million for firms operating Pix infrastructure. “I don’t believe a payment institution with only R$ 1 million in initial capital can afford the technology, auditing, and structure required,” he said, according to Agência Brasil.
Aquino also confirmed that brokerage firms’ initial capital requirement has risen from R$ 245 thousand to R$ 8 million, while roughly 500 of Brazil’s 1,800 licensed entities will need to strengthen their capital positions.
Parallel crackdown on “pooled accounts”
Separately, the Central Bank issued CMN Resolution No. 5,261 and BCB Resolution No. 518, establishing procedures for the compulsory closure of irregular bank accounts, including “contas-bolsão.” These are accounts opened by fintechs at traditional banks and operated on behalf of third parties — often used to disguise ownership or bypass regulatory obligations.
Under the new rule, banks must adopt clear criteria to identify and close such accounts after notifying clients, using information from public and private databases. Documentation on each closure must be kept for at least ten years. The measures take effect on December 1, 2025.
Izabela Corrêa, BCB’s Director of Citizenship and Conduct Supervision, said the initiative strengthens safeguards against misuse of the financial system.
“When we talk about preventing fraud or organized-crime infiltration, there’s no silver bullet — but we have a duty to reinforce the integrity of the financial system,” Corrêa said.
Aquino added that while some pooled-account structures are legitimate — such as those used by payment institutions and online marketplaces — the rule specifically targets illicit practices.
“Selling ‘shielded accounts’ is a distortion. This is a rule to confront illicit, even criminal, behavior in the financial system,” he said.
Evolution of supervision
Both initiatives fit within the Central Bank’s 2025-26 regulatory agenda, which prioritizes modernization in areas like Open Finance, digital payments, and technology providers. Earlier this year, the Federal Revenue Service also determined that fintechs must follow the same information-reporting standards as banks in efforts to combat money laundering.
Together, the new rules update Brazil’s prudential architecture for the digital era — tightening oversight of fintech intermediaries while aligning capital buffers with operational reality.
Read more: Brazil’s Top 10 Banks and Fintechs in 2025
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