Brazil's iGaming sector expects a new certification scheme in January 2025. Before the end of this year, those operators that plan to continue working in the local market or get permission must adhere to the new anti-money laundering (AML) policy. The complete list of businesses' AML obligations is available in law SPA/MF No 1,143, published by the country’s Ministry of Finance.
The Main Provisions of the Regulation
Brazil’s AML program is modelled on global practices for tackling funds laundering, sponsoring terrorism, and the spread of strategic weapons.
All parties dealing with the activities of fixed-odds betting agencies must:
- implement customer risk identification and classification policies;
- inform Brazil’s Financial Intelligence Unit (COAF) about questionable payments;
- evaluate whether a punter’s spending capacity aligns with their betting performance;
- review the information about PEPs and their close partners (in line with the COAF rules).
The Brazilian Regulating Process
As part of the preparation for the new licensing system, Brazil has developed a phased implementation of legislative changes.
The regulatory process includes four stages:
- issuing technical, payment and safety specifications for operators;
- publishing the AML and anti-terrorist financing policies;
- announcing of gambling promotion control details;
- introducing procedures to allocate the industry's contributions to socially responsible projects.
However, the process slowed down, as the first decree was issued with a delay of more than a month and didn't meet the Ministry of Finance's time limit. As betting firms wait for the announcement of further requirements, the government expects a rush with licence inquiries.
If operators don’t submit a request for a certificate by the end of December 2024, they will be fined starting from January. Appeals, sent during a 90-day window from the moment of publishing the AML policy, will be checked out of the queue.
After paying a fee of BRL30m (£4.6m/€ 5.4m/$ 5.9m), local entrepreneurs will gain permission for the next 5 years to provide gambling services via three skins.
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