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BRAZIL: Gambling operators must follow anti-money laundering rules

 
BRAZIL: Gambling operators must follow anti-money laundering rules
The Brazilian Ministry of Finance, through the Secretariat of Prizes and Gambling, published Portaria SPA/MF nº 1.143, which establishes strict rules for companies wishing to operate in the lottery modality of fixed odds betting to implement effective policies against money laundering, financing of terrorism and proliferation of weapons of mass destruction.
INFOPLAY/ COMUNICADO |
The Secretariat of Prizes and Bets of the Ministry of Finance (SPA/MF) published, this Friday (12/7), the Portaria SPA/MF nº 1.143, dated 12 July 2024, with the rules that companies interested in obtaining authorization to operate the lottery modality of fixed odds betting must follow in their policies to combat money laundering, financing of terrorism and weapons of mass destruction.

The Portaria SPA/MF nº 1.143 is based on international guidelines related to the prevention and combat of money laundering, financing of terrorism and proliferation of weapons of mass destruction, especially those of the Financial Action Task Force (FATF) and, in addition, the provisions of Law nº 9.613/1998.

One of the key points of the Portaria is the obligation for betting operators to adopt policies for the identification and risk classification of customers wishing to register. The determination also applies to all groups involved in the operation of fixed odds betting agents, such as employees, collaborators, suppliers and outsourced service providers. The Portaria also establishes criteria for betting agents to report suspicious transactions to the Financial Activities Control Board (Coaf).

For bettors or users of the platform, the main points are those aimed at assessing the compatibility between the economic and financial capacity of the bettor and the operations associated with it, as well as the verification of the condition of Politically Exposed Person (PEP), family member up to the second degree or close collaborator, according to the regulation published by Coaf, the federal government body responsible for combating money laundering. The General Law on Personal Data Protection (LGPD) guarantees the protection of consumers' and collaborators' personal data, which can only be used for regulatory and money laundering prevention purposes, being prohibited its disclosure.

The regulation also brings innovations for the gambling sector, such as the implementation of ESG (Environmental, Social and Governance) and compliance policies, effectively connecting with Law 12.846 of 1 August 2013, known as the Anti-Corruption Law.

The SPA Portaria follows the same parameters of other rules issued by regulatory bodies, such as Coaf Resolution no. 41 of 8 August 2022 and Circular Letter no. 4.001 of 29/1/2020 of the Central Bank, with due adaptations to specific market operations.

The Portaria sets a deadline until the end of 2024 for betting operators to comply with the rules.

Translated with DeepL.com (free version)
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