COAF plans feedback system for Brazil betting firms’ suspicious-activity reports
Brazil’s Financial Activities Control Council (COAF) president Ricardo Saadi said the agency is developing a feedback system for regulated sectors, including betting, that could produce a quality ranking of companies’ reports. Speaking at BiS SiGMA Brasília on 2 June, he said inconsistent reporting standards can create competitive distortions and weaken anti-money-laundering controls. Saadi also said most of the regulated betting sector follows Brazilian law and good practices.
Betting firms may receive feedback and quality assessments on reports they submit to Brazil’s financial intelligence authority.