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Brazil orders financial institutions to block illegal betting transactions within 24 hours

Enforcement & compliance

Brazil's Finance Ministry issued a regulation on 18 June requiring financial and payment institutions to block transactions linked to illegal betting companies within 24 hours of formal notification by the Secretariat of Prizes and Betting and the Federal Revenue Special Secretariat. The rules also make those institutions, and parties advertising unlicensed gambling platforms, jointly liable for taxes and prizes owed; liability will be determined through an administrative tax procedure.

Payment providers and advertisers face new blocking duties and potential liability linked to unlicensed betting operations in Brazil.

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Regulation

Brazilian decree gives banks 24 hours to block notified betting accounts

Brazil’s Decree No. 13.033, published on 19 June, requires financial institutions to block accounts and stop transactions linked to unauthorised betting operators within 24 hours of notification by the Secretariat of Prizes and Betting (SPA). The report says institutions must notify affected account holders immediately after blocking and later report compliance to the SPA; breaches may lead to sanctions.

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