The Comitê de Decisão de Processo Administrativo Sancionador (Copas) imposed a fine of R$ 2.7 million on Credz for two irregularities related to payment arrangement operations. The first irregularity involves the non-segregation of resources intended for the settlement of payment transactions and the unauthorized granting of credit.
According to the director of Fiscalização do BC, Ailton de Aquino, article 12-A of the Lei 12.865/13 establishes that the resources received by the participants in the settlement chain for the settlement of transactions should not be confused with the participant’s own assets.
Irregularities and Penalties
Aquino stated that the duty of segregating assets does not depend on specific infralegal regulation, and the demonstration of asset confusion can constitute a violation of the legal command. In the case of the first irregularity, Copas identified a mixture of funds with entries from other sources and all cash exits, such as payments to suppliers and service providers.
Credz presented a defense arguing that the mechanisms used for functioning with Fundos de Investimento de Direitos Creditórios (FDICs) are widely used by payment institutions as a tool for cash and liquidity management. However, Copas understood that a single cash account for all purposes would not comply with the provisions of the Lei 12.865/13.
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The period of the irregularity was from January to May 2023, and the fine for Credz was R$ 1.2 million, with three administrators receiving a penalty of five years of ineligibility. The relator of the case, Climério Leite Pereira, stated that the report produced by the accused shows a mixture of flows and use of excess funds in ordinary expenses, which is the conduct that the norm seeks to prevent.
Unauthorized Credit Granting
The second irregularity involved the unauthorized granting of credit. In this case, there was a contract for the use of the Cartão Credz that defined conditions for financing the card’s bill and a “cláusula mandato” for Credz to obtain financing on behalf of the cardholder in financial institutions.
The irregularity occurred between October 26 and December 31, 2022, and the fine was R$ 1.5 million, with three administrators receiving a penalty of seven years of ineligibility.
Pereira stated that the controversy surrounding the issue is whether the structure used constituted the granting of credit by Credz. The structure provided for financing the debtor’s balance with a Cédula de Crédito Bancário (CCB) in a guaranteed account with partner banks.
The defense argued that the capture of resources was made on behalf of the cardholders and that the mechanisms were disclosed to the BC in the process of authorization for the company’s operation.
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When voting, the head of the Department of Organização do Sistema Financeiro, Carolina Bohrer, recognized that it is a new case and that the subject should begin to appear more frequently for judgment in the committee. Bohrer accompanied Pereira in “absolutely all points”.
Fiducia Faces Fine
Copas defined a fine of R$ 1 million against Fidúcia Sociedade de Crédito ao Microempreendedor e à Empresa de Pequeno Porte for offering access to the Sistema de Informações de Crédito (SCR) to entities that are not financial institutions. The company’s partner-administrator was fined R$ 74,000.
In the analysis, the relator pointed out that there was an offer of this service and 58 contracts signed between January 2020 and March 2023, which aimed to provide this access. According to the relator, by commercializing integral access to the SCR, of which the company has access as an authorized institution, Fidúcia “severely affected the purpose of its authorized activity within the National Financial System”.
The company argued that there was no direct access concession, but rather a proprietary platform that used data from the SCR in a treated form. Additionally, the company alleged that it promptly complied with the BC’s determination to terminate the service and remove the offer from its website.
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Conecta Corretora Fined
In the case of Conecta Corretora de Câmbio, Copas decided to apply a fine of R$ 50,000 because the company failed to comply with the minimum operational limits of Patrimônio de Referência Simplificado para Ativos Ponderados pelo Risco na Forma Simplificada.
These limits are regulatory and aim to ensure that the institution has the security to fulfill its obligations. In May of this year, Conecta requested the cancellation of its operating authorization.
For Copas, by voluntarily withdrawing the institution from the market without causing harm to customers, the accused mitigated the potential effects of the non-compliance.
According to Aquino, this is another paradigmatic case, considering the context of the increase in the minimum capital and asset requirements for institutions provided for in Resolução Conjunta 14.
