Brazil Announces New Limits for Large Cash Withdrawals

Central Bank established that any cash withdrawal over R$50,000 must be registered with the Financial Activities Control Council (COAF).

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – As part of its fight against corruption, Brazil’s Central Bank (CB) announced on Wednesday (June 28th) it was reformulating its regulation for large cash bank withdrawals. The decision comes a day after the CB released the country’s balance of payments for May 2017, which came in significantly lower than a year ago.

The country’s monetary authority increased the advanced notice period given by customers to banks for withdrawing large amounts from bank accounts from one to three days. The Central Bank also established that any cash withdrawal . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?