🙈 Brazil🇧🇷: Government notifies 37 fintechs for providing services to illegal betting operators

🙈 Brazil🇧🇷: Government notifies 37 fintechs for providing services to illegal betting operators

The Brazilian government has notified 37 fintechs that maintained business relationships with illegal betting operators and warned that, unless they cease providing those services by August 28, they could face the freezing of accounts and funds. The identities of the companies have not been disclosed to avoid compromising the ongoing investigation.

➡️ Investigation: the companies came under investigation in June by the Ministry of Finance's Secretariat for Prizes and Betting (SPA) and the Federal Revenue Service (Receita Federal) after authorities identified links to 160 illegal betting operators. During the same operation, more than 54,000 websites associated with those activities were also blocked.

➡️ Sanctions: under the presidential decree issued in June, payment service providers may be held jointly liable for tax obligations arising from illegally obtained funds and fined an amount equivalent to the value of the processed transfers. The decree expressly establishes this liability framework.

➡️ Deadline: if the companies fail to comply with the regulations by August 28, the authorities may order the freezing of checking accounts, savings accounts, prepaid payment accounts, and registry accounts. The frozen funds will subsequently be transferred to the national treasury.

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