The Central Bank of Brazil (BCB) has issued Resolution 599, published on 9 October 2026, amending Resolution 277/2022 to add new codes for classifying foreign-exchange (FX) transactions. The main change introduces a specific code for ‘multicurrency travel wallets and prepaid cards’, separating them from generic tourism remittances. According to the BCB, the update responds to the rapid adoption of app-based multi-currency accounts by Brazilian travellers and expatriates. Banks and fintechs must adapt their FX reporting systems by 1 December 2026, a deadline that coincides with the high-season surge in outbound travel for Christmas and the Southern-hemisphere summer break. For corporate mobility and travel managers, the change will improve transparency on employee per-diem disbursements, making it easier to reconcile tax reporting under Normative Instruction 1.585. Payroll teams should alert assignees that transactions booked under the new code will still count toward the US$1,000 annual limit on simplified FX, beyond which a formal contract (closing) is required. The BCB also warns that failure to use the correct code may trigger automatic ‘pending information’ flags in the new FX Data Hub, delaying settlements and possibly increasing spreads. Banks have started emailing clients about scheduled system maintenance between 25 and 27 November. The measure is part of the Central Bank’s Open Finance Phase 4, which aims to unify retail FX data with the Federal Revenue Service and the Financial Intelligence Unit (UIF) for more effective AML oversight.
Source: LegisWeb
