The central bank cited “serious violations of legal rules” in a decree ordering the liquidation, published on Thursday. TOV allegedly engaged in foreign-exchange contracts for import and financial transfers abroad for significant amounts that weren’t compatible with the size of its clients, while also not consistently identifying its customers, the central bank’s press office said in an e-mail to Bloomberg News. Pocos de Caldas, Brazil-based TOV declined to comment on the liquidation or the accusations.
