COAF chief says regulated Brazilian betting firms reported suspicious transactions
Regulation1 min read
COAF president Ricardo Andrade Saadi said regulated betting firms in Brazil reported suspicious transactions after the SPA brought them under anti-money-laundering reporting rules. He said reporting quality varied between firms, while irregular operators were identified through information from other sectors, including banks.
Brazil's regulated betting operators reported suspicious transactions to COAF, while irregular operators did not, the financial intelligence agency's president, Ricardo Andrade Saadi, said in an interview. Saadi said the quality of reporting varied between regulated operators.
Saadi said betting operators became obliged to report to COAF following regulation by the finance ministry's SPA. The obligation includes reporting a suspicious transaction or a proposed one. Saadi said new sectors go through a period of learning to explain the context and reasons for alerts, and betting was at that stage.
COAF identified transactions involving irregular betting operators through reports from other sectors, including banks, Saadi said.
COAF receives around 7.5 million reports annually, roughly 29 thousand each working day, Saadi said. The national financial system accounts for about 65% of reports and is the largest reporting sector.
COAF is developing a system with the private sector to receive, analyse and disseminate information. It has opened offices in Rio de Janeiro and São Paulo and plans to open another in Foz do Iguaçu in December.