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Brazil notifies 37 fintechs over payments linked to illegal betting operators

Enforcement & compliance

Brazil's Secretariat of Prizes and Betting and Federal Revenue notified 37 fintechs suspected of processing funds for unauthorised betting operators, reportedly covering transactions for 160 operators. The institutions must end those relationships; no account blocks had been carried out, and the government set a deadline at the end of August for compliance. The authorities said non-compliant institutions could face joint liability and fines based on the amounts processed.

Payment providers face potential liability and financial penalties if they continue processing transactions for unauthorised operators.

Earlier fines and penalties by SPA and Anatel

DateCompanyAmountStoryAppeal status
Not namedNot statedBrazilian Federal Police investigate money-laundering network linked to illegal bettingNot stated
Not namedNot statedBrazilian Finance Ministry orders suspension of betting ads breaching rulesNot stated
Not namedNot statedBrazilian decree allows freezing funds linked to illegal bettingNot stated
Not namedNot statedBrazil expands action against irregular betting platforms used by 25.2 millionNot stated
Not namedNot statedBrazil decree enables freezes of accounts linked to illegal bettingNot stated

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Regulation

Brazil’s Finance Ministry sets 24-hour deadline to block illegal betting payments

Brazil’s Finance Ministry issued an ordinance setting procedures for the joint liability of financial and payment institutions that facilitate unauthorised fixed-odds betting. After a specific formal notice from the Finance Ministry, institutions have 24 hours to restrict transactions linked to the identified operators; the ordinance also covers people and companies advertising unauthorised operators.

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