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Fintech Market Overview

This article does not constitute legal advice.

Digital onboarding in Brazil

Fintech Software

What concerns usage of documents by financial service providers, BACEN Resolution No. 4,474/2016 legalizes the opportunity for bodies to cease usage of hard copies in case they are transformed into digital format and their security within their systems is ensured.1

The only amendment concerning digital onboarding is caused by BACEN Resolution No. 4,753/2019, which defines regulations for opening and closing deposit accounts (such as current, savings or salary accounts); it is aimed at simplifying the procedure and allows customers to request the aforesaid services through any service channels provided by the financial body, excluding phone lines. In compliance with this Resolution, financial bodies are to adopt procedures that ensure verification of the account holder's ID (or its proxies), if necessary, as well as the authenticity of the information provided by customer.1

Data protection in Brazil

Fintech in Brazil

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/brazil
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