Who was sanctioned, and for what?

The BCB (central bank) sanctions committee COPAS imposed a fine of BRL 2,576,000.00 on Lebes Financeira S.A. – Sociedade de Crédito, Financiamento e Investimento because from January 2022 to March 2023 it engaged in prohibited credit transactions with a related company: its banking correspondent retained collected loan instalments, and the arrears reached BRL 147m at the end of November 2022, or 207.66% of adjusted equity against a limit of 10%. In addition there was a BRL 20m loan routed through a third company. The decision is not final.

Authority / court

Banco Central do Brasil (Comitê de Decisão de Processo Administrativo Sancionador – COPAS)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Lei 13.506/2017, Art. 3 II; Lei 4.595/1964, Art. 34 § 3 V d und § 4 I; Resolução CMN 4.693/2018, Arts. 5, 6 und 7 II

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Liability of senior managers

Measures against individuals are not set out here.

Original amount 2,576,000 BRL, converted at the ECB reference rate of 12 Aug 2026.

Checked against the official source on 3 Oct 2026 · Direct link

The CVM ordered Regen Serviços Fiduciários Ltda. to pay a fine of BRL 255,000.00 because its internal controls failed and it repeatedly submitted incorrect information to the authority on the liquidity of the investment funds it administered (Art. 19 Instrução CVM 558 until 30 June 2021, thereafter Art. 22 Resolução CVM 21). The company had not submitted a defence; an appeal with suspensive effect to the CRSFN was available against the decision.

Authority / court

Comissão de Valores Mobiliários (CVM)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Instrução CVM 558/2015, Art. 19; Resolução CVM 21/2021, Art. 22

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Published

8 Apr 2025

Original amount 255,000 BRL, converted at the ECB reference rate of 8 Apr 2025.

Checked against the official source on 3 Oct 2026 · Direct link

The board of the Comissão de Valores Mobiliários (CVM, Brazilian Securities and Exchange Commission) fined the fund administrator Intra DTVM Ltda. BRL 1,200,000.00 for filing mandatory periodic information on the investment funds it administered late or not at all (Art. 59 Instrução CVM 555). According to the charges, 121 mandatory documents for 12 of the 19 funds it administered were missing at the end of the 2020 financial year; the company was acquitted of the charge of breaching its duty of diligence on a tied vote, since in that event the view more favourable to the accused prevails. An appeal against the decision is pending before the Conselho de Recursos do Sistema Financeiro Nacional (CRSFN, financial system appeals board). The decision is not final.

Authority / court

Comissão de Valores Mobiliários (CVM)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Instrução CVM nº 555/2014, Art. 59

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Published

18 Mar 2025

Original amount 1,200,000 BRL, converted at the ECB reference rate of 11 Mar 2025.

Checked against the official source on 3 Oct 2026 · Direct link

The Comissão de Valores Mobiliários (CVM, securities regulator) ordered Florim Consultoria Ltda. (formerly Silverado Gestão e Investimentos Ltda.) to pay BRL 244,979,397.58 for fraudulent transactions in managing three receivables funds (FIDC). For deficient controls as administrators or custodians of the funds, Santander Caceis Brasil DTVM S.A. received BRL 2,720,000.00, Gradual CCTVM S.A. – Massa Falida BRL 1,700,000.00, BNY Mellon Serviços Financeiros DTVM S.A. BRL 1,200,000.00 and Deutsche Bank S.A. – Banco Alemão BRL 500,000.00, totalling BRL 251,099,397.58 against companies. BNY Mellon, Gradual, Santander Caceis and Deutsche Bank were acquitted of certain charges.

Authority / court

Comissão de Valores Mobiliários (CVM)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Instrução CVM 08/1979, Ziff. I i. V. m. II c; Instrução CVM 356/2001, Art. 8 § 3 I, Art. 38 III und IV, Art. 39 II und III i. V. m. § 4

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Liability of senior managers

Measures against individuals are not set out here.

Published

16 Oct 2024

Original amount 251,099,397.58 BRL, converted at the ECB reference rate of 15 Oct 2024.

Checked against the official source on 3 Oct 2026 · Direct link

The BCB (central bank) sanctions committee COPAS imposed a fine of BRL 2,940,000.00 on a Brazilian bank because from February 2015 to March 2020 the bank added the fee for its banking correspondent's platform to the loan amount of customers in 87,906 credit agreements (BRL 52,218,335.66 in total), although Resolução CMN 3.954/2011 prohibited such additional charges. The Council of Appeals of the National Financial System (CRSFN) reduced the fine to BRL 2,352,000.00 on 12 August 2025; it has been paid.

Authority / court

Banco Central do Brasil (Comitê de Decisão de Processo Administrativo Sancionador – COPAS)

Area of law

Capital markets and financial supervision

Legal basis

Lei 13.506/2017, Art. 3 XVII q, Art. 5 II; Resolução CMN 3.954/2011, Art. 17 (heute Resolução CMN 4.935/2021, Art. 11 I)

Action

Fine

Status of proceedings

reduced

Sector

Financial services and insurance

Repeat case

no

Mitigating circumstances

The assessment took into account that there were no final prior convictions in sanction proceedings.

Original amount 2,352,000 BRL, converted at the ECB reference rate of 6 Sep 2024.

Checked against the official source on 7 Oct 2026 · Company name anonymised since 6 Sep 2026 · Direct link