Brazil Central Bank Discloses Santander Paid R$19.4 Million in FX Controls Case Involving Campos Neto

Overview

• BC supervision director Ailton de Aquino Santos told a Senate CAE hearing that Santander signed a term of commitment and paid R$19.4 million related to foreign‑exchange control failures tied to past operations.
• Roberto Campos Neto signed a BC term of commitment in June and paid R$300,000 to close an administrative process, marking the first time a former BC president entered such an agreement.
• Officials said the case involved control deficiencies rather than criminal conduct, with the BC committee finding no conditions of a grave infraction and citing a small number of entries without undue benefits.
• Documents reviewed by Valor indicate the flagged transactions totaled US$338 million, including US$255 million from 51 corporate clients with documentation gaps and US$83 million lacking full legality checks, with ex‑compliance director Ramon Sanchez Diez also paying R$300,000.
• BC president Gabriel Galípolo emphasized the instrument is not leniency and relates to procedural lapses, while senators signaled they may request more information, including through a possible CPI.