⚡️ Stricter Regulations in Brazil 🇧🇷: iGaming Payment Operators Face Fines Up to 340 Million USD

⚡️ Stricter Regulations in Brazil 🇧🇷: iGaming Payment Operators Face Fines Up to 340 Million USD

The new gambling and betting regulations, effective as of January 1, not only impact gaming platforms but also impose stringent restrictions on money transfer methods.

➡️ Changes for payment operators: They must provide detailed transaction records to regulatory authorities.

➡️ Transactional accounts must be kept separate from capital accounts, and all accounts must be registered.

➡️ Betting platform transactions can only be processed through payment methods approved by the Central Bank of Brazil.

➡️ Payment operators must verify whether the player’s bank is regulated by the Central Bank of Brazil.

➡️ Operators are required to ensure proper migratory balance between accounts.

➡️ Compliance with AML (anti-money laundering) checks is mandatory.

➡️ With players now required to identify themselves using documents and biometric data on gaming platforms, regulated payment operators will likely need to implement their own facial recognition systems (such as this example) to quickly and securely register users.

➡️ Interesting fact: Since 2021, Brazil’s gaming sector has grown by a remarkable 734%.

#news #Brazil #gaming

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