Brazil's CMN sets 24-hour deadline to freeze illegal betting funds
Brazil's National Monetary Council (CMN) approved rules requiring banks and payment institutions to freeze funds linked to non-compliant betting operators after official notice from the Secretariat of Prizes and Betting (SPA). The rules take effect on 28 August and give institutions up to 24 hours to block funds and reject further transactions.
Banks and payment institutions must block funds linked to operators identified by the SPA within 24 hours of notification.