Brazilian banks close 483 accounts suspected of links to illegal betting
Banks and fintechs in Brazil closed 483 personal and business accounts suspected of links to illegal betting, according to figures obtained by Pay4Fun through an information request to the Finance Ministry. The report says the closures followed unusual transactions and suspected money-laundering signals; the Secretariat of Prizes and Betting had directed financial institutions in March to end relationships with clients receiving proceeds from illegal betting.
The closures indicate how financial institutions are applying measures against suspected illegal betting activity.