For more security, the controls will be changed from October 2nd

New standards will apply to checks from October 2nd. The measure announced by the central bank aims to modernize the use of this payment instrument and ensure greater security. According to the Monetary Authority, the changes will make it more difficult to forge checks.

The main change cited by the BC is the transfer of regulation of the standard check model to financial institutions. Until then, it was up to the BC to issue this regulation, which defines the characteristics of the adopted model.

The adjustments must be communicated to BC 30 days before they are implemented. However, it is expected that significant changes will not occur, as this would mean high adjustment costs.

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Another novelty is the possibility of using the social name on the checkbook sheets, as is already the case in Pix. All the user has to do is contact their bank.

With respect to the Compe Group, the advisory group on clearing matters, which was set up to provide opinion on issues related to the check clearing service, the BC will no longer be a permanent member and will have an observer role in that college.

“The change in the role of the central bank does not imply any risk of ceasing the activities of this group, allowing for greater efficiency by limiting the direct actions of self-sufficiency on matters falling within its competence,” the BC reasoned when telling The Representative of the institution participates in group meetings and activities only when necessary.

Despite the fact that checks are being used less (97% reduction in 27 years), BC registered R$667 billion in transactions through the modality in 2021; and R$666 billion in 2022.

Visit the BC website for more information on the changes that will take effect in October. To access it click here.

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