The Central Bank of Brazil ('BACEN') issued, on 16 April 2021, Resolution No. 86 of 14 April 2021 amending the previous BACEN Resolution No. 32 of 29 October 2020, in which it establishes the technical requirements and operational procedures for the implementation of the open banking framework. In particular, among several amendments made, the new resolution highlights information relating to rights and procedures on consumer data protection, such as:

• that institutions participating in the open banking framework for the purposes of sharing data have to inform the date and time of the last update of the shared data, as well as the date and time when data sharing took place;
• the purposes of data sharing related to joint accounts of natural persons, the institution transmitting data must:

  • ensure that the institution receiving data has access to registration data only from the account holder responsible for consent, and the sharing of registration data of other account holders is not allowed;

  • share transactional data from the joint account through the consent of the data subject who may have access to transactional account information; and

  • require the confirmation of all account holders for accessing transactional information; and

•  the creation of the open banking customer experience manual that must:

  • outline the principles to guide the customer experience in the process of requesting the sharing of data and services; 

  • provide the requirements of the customer experience guide, including its content and outline, with a view to harmonising the stages of consent, authentication and confirmation between institutions participating in open banking; and

  • provide an updated version to the participating institutions and the general public through the open banking portal in Brazil. 

You can read the resolution, only available in Portuguese, here.