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FX penalties and enforcement in Brazil: blocked transfers, Central Bank fines and forfeiture

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Last verified: 2026-10-27 · Status: Stable

Brazil enforces its FX rules mainly through Central Bank administrative proceedings under Lei nº 13.506, blocking of transfers linked to unreported operations, and forfeiture of undeclared cash at the border. For breaches of capital reporting rules the Central Bank can impose fines and bans on certain operations; for supervised institutions fines can reach the greater of 0.5 percent of revenue or R$2 billion. Overpricing imports to obtain FX carries a fine of 5 to 100 percent of the operation.

USD figures use the Banco Central do Brasil PTAX selling rate of R$5.5007 per US dollar for 26 October 2026, the last rate published before verification. Conversions are for orientation only; the rate on the day of each FX contract will differ.

Key facts

Maximum Central Bank fine under Lei nº 13.506Greater of 0.5% of prior year financial revenue or R$2,000,000,000 Lei nº 13.506 art. 7, as of 2026-10-27 · in force
Daily coercive fine capGreater of 1/1,000 of revenue or R$100,000 Lei nº 13.506 art. 18, as of 2026-10-27 · in force
Fine for overpricing imports to obtain FX5 to 100 % of operationDecreto nº 23.258 art. 6 as worded by Lei nº 13.506, as of 2026-10-27 · in force
Consequence of unreported foreign capital operationsRelated transfers can be barred until fixed, plus penalties Resolução BCB nº 278 art. 22, as of 2026-10-27 · in force
Banco Central do Brasil PTAX selling rate, reais per US dollar5.5007 BRLBanco Central do Brasil PTAX, as of 2026-10-26 · in force

The rule

1. Chapter II of Lei nº 13.506 (the Central Bank sanctioning regime) and its art. 36 apply to breaches of the FX law and of National Monetary Council and Central Bank rules. For breaches of the rules on foreign capital, Brazilian capital abroad, statistical information and private netting (arts. 10, 11 and 12), arts. 2, 3 and 4 of Lei nº 13.506 and penalties I, III, V and VI of its art. 5 do not apply, leaving fines and bans on certain activities or operations.Lei nº 14.286, Art. 20 and sole paragraph; arts. 10, 11 and 12, 2021-12-29 official text · verified 2026-10-27
2. Lei nº 13.506 penalties are public admonition, fine, ban on providing services to supervised institutions, ban on certain activities or operations, disqualification from management, and revocation of authorization. The fine cap is the greater of 0.5 percent of revenue from financial services and products in the year before the infraction or R$2,000,000,000; fines above R$50,000,000 get automatic collegiate review. Daily coercive fines are capped at the greater of 1/1,000 of that revenue or R$100,000. The Central Bank regulates the gradation of penalties.
Example: Fine cap R$2,000,000,000 or 0.5 percent of revenue, whichever is greater. / R$2,000,000,000 is about US$363,590,089; R$100,000 about US$18,180.Lei nº 13.506 of 13 November 2017, Arts. 5, 7, 18 and 36, 2017-11-13 official text · verified 2026-10-27
3. Refusing to provide data, information or documents the Central Bank requests is treated as obstruction of supervision.Lei nº 14.286, Art. 5 § 1, 2021-12-29 official text · verified 2026-10-27
4. Failure to report foreign capital operations can lead to a ban on financial transfers related to the operation until the irregularity is fixed, without prejudice to penalties. The person reporting answers for the truth of its declarations and is subject to penalties under law and regulation.
Cost to do it: Dividends, loan repayments or capital returns can be held up until records are fixed.Resolução BCB nº 278, Arts. 18 § 1, 19 and 22, 2022-12-31 official text · verified 2026-10-27
5. Failing to provide required information on Brazilian capital abroad, or giving false, incomplete or late information, is an infraction the Central Bank may punish.Medida Provisória nº 2.224 of 2001, art. 1 as worded by Lei nº 13.506 art. 59, Art. 1, 2017-11-13 official text · verified 2026-10-27
6. Raising the price of imported goods to obtain improper FX cover is punished with a fine of 5 to 100 percent of the operation's value; the National Monetary Council may set the gradation.
Example: On a US$200,000 operation (R$1,100,140): fine of R$55,007 to R$1,100,140. / US$10,000 to US$200,000.Decreto nº 23.258 of 1933, arts. 3, 6 and 6-A, as worded by Lei nº 13.506 art. 41 and Lei nº 14.286, Arts. 3, 6 and 6-A, 2017-11-13 official text · verified 2026-10-27
7. Buying or selling foreign currency at rates out of line with the market, or that may amount to FX evasion, artificial price formation or manipulation, is subject to penalties.Resolução BCB nº 277, Art. 16, 2022-12-31 official text · verified 2026-10-27
8. Cash above US$10,000 moved across the border outside the rules is forfeited to the National Treasury after due process, imposed by a Federal Revenue auditor through a notice of infraction with a seizure record, besides criminal penalties.Lei nº 14.286, art. 14 § 5 inserted by Lei nº 14.651 of 2023, Art. 14 §§ 3 and 5, 2021-12-29 official text · verified 2026-10-27
9. Cancelling FX backed by an advance in reais can lead to a Central Bank charge of up to 100 percent of the advance; unpaid charges carry interest and fines and are entered in the Central Bank's active debt and the federal debtors register (Cadin).Lei nº 14.286 art. 7; Resolução BCB nº 277 art. 42, Lei 14.286 art. 7; Res. 277 art. 42 §§ 4 and 5, 2021-12-29 official text · verified 2026-10-27

Worked example

  • A subsidiary never declared a US$3,000,000 parent loan (R$16,502,100) in SCE-Crédito. When it tries to repay, the bank cannot process the FX without the SCE-Crédito code and schedule, and the Central Bank can bar the transfers until the record is fixed (Resolução BCB nº 278 arts. 21, 22, 28 and 29). Separately, the Central Bank can open a sanctioning proceeding in which, for an information breach, the available penalties are a fine or a ban on certain operations (Lei nº 14.286 art. 20).

Step by step

  1. 1. Keep a register of every foreign loan, capital contribution and asset abroad with its Central Bank code and filing dates.
  2. 2. Fix late or wrong declarations as soon as found; the reporting party must correct incorrect, outdated or incomplete information (Resolução BCB nº 278 art. 18).
  3. 3. Answer Central Bank requests fully and on time; refusal counts as obstruction (Lei nº 14.286 art. 5 § 1).
  4. 4. Document import prices and FX purpose codes to defend against overpricing or misclassification claims (Decreto nº 23.258 art. 3).

Common traps

  • Treating reporting as a formality. Missing records block real money: dividends, repayments and capital returns (Resolução BCB nº 278 art. 22).
  • Assuming fines are small because they apply to banks. Fine caps under Lei nº 13.506 are large and the Central Bank sets gradation by rule (arts. 7 and 36).
  • Ignoring the 30 day windows. Most changes to loans and investments must be reported within 30 days (Resolução BCB nº 278 arts. 25, 25-A, 29 and 36).

Sources

Related pages

Related: Brazil country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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