⛔️ Brazil 🇧🇷: Banks and payment platforms must reject accounts of unlicensed betting operators

⛔️ Brazil 🇧🇷: Banks and payment platforms must reject accounts of unlicensed betting operators

A new regulation from the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance sets a 24-hour deadline for financial entities to report any "suspicious activity" to the regulator.

🟰 The measure prohibits the opening of transactional accounts, as well as the processing of deposits and prize payments for unlicensed betting operators.

🟰 When reporting a potential violation, banks and payment platforms must justify their suspicion and provide the CNPJ(company tax identification number) along with the brand name.

🟰 In February, the SPA had already sent 22 notifications to financial and payment institutions, warning them about possible use by illegal betting operators.

🟰 SPA/MF Regulation No. 566 establishes that banks and payment service providers that fail to comply with these rules may be subject to inspections and, if violations are confirmed, sanctions.

🟰 Key fact: According to current regulations, only companies with federal authorization can offer fixed-odds betting through websites with the ".bet.br" domain extension.

#news #Brazil #betting

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