Brazil Operators Get Guidelines for Reporting Dubious Bets

The Brazilian government has taken a significant step towards improving transparency and accountability in its newly regulated betting sector.

A cropped map of Brazil. (Source: Lara Jameson, Pexels)
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On Wednesday, February 12, the Finance Ministry's Prize and Betting Secretariat (SPA-MF) and the Financial Activity Control Council (COAF) in Brazil hosted a meeting with representatives from legal and compliance teams of online betting operators, where they presented guidelines for reporting suspicious betting activities.

During the virtual meeting, which was attended by over 190 online betting companies, COAF shared its recommended models for reporting suspicious activities.

In accordance with Law No. 9613/1998, betting operators are required to notify COAF of any suspicious transactions or activities related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

At the meeting, market representatives were able to ask questions and receive guidance on effective communication strategies crucial for preventing criminal activities, including the procedures for filing reports.

With the regulations fully operational, we have noticed that some operators have already made this communication to COAF, but they have done so in a very different way. We realized that there were doubts about what and how to report suspicious activity, and that is where the idea of organizing this alignment meeting came from.

Frederico JustoSPA General Coordinator for Money Laundering Monitoring

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According to Rafael Bezerra Ximenes de Vasconcelos, Director of Supervision at COAF, with the meeting, the agency expects suspicious activity reports to provide more comprehensive details going forward. He stressed that 'precise communication is vital' given the inner workings of COAF's Financial Intelligence.

Brazil Betting Market Expands with 21 New Licenses

This development follows closely on the heels of the SPA's recent issuance of 21 new online betting licenses, increasing the total count of fully licensed online betting operators in the country to 35.

The 21 gaming operators paid a fee of BRL 30 million ($5.2 million) to obtain the licenses, which are valid for five years. The approvals permit each authorized gaming company to operate up to three domain sites.

RELATED TOPICS: Regulation

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