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IBIA payment forum issues guidance on illegal betting transactions in Brazil

Regulation

The International Betting Integrity Association’s Payment Provider Forum published guidance for payment providers in Brazil on identifying and blocking financial flows linked to unlicensed sports betting operators. The guidance covers ongoing licence checks, risk-based transaction monitoring and due diligence, under rules that prohibit payment providers from processing transactions for unauthorised betting operators.

Payment providers in Brazil receive operational guidance on controls required to prevent transactions for unlicensed betting operators.

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Enforcement & compliance

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

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.

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