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IBJR calls for closer scrutiny of financial controls on betting payments

Regulation

Brazil's IBJR said regulation of betting is important to combating the illegal market after Febraban criticised betting companies at a financial-crime conference. Interim president André Gelfi called for closer oversight involving Coaf, the Central Bank and the SPA, and said Pix is the main payment method for unregulated betting.

The proposed cooperation would affect financial monitoring of payments connected with betting.

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Enforcement & compliance

Brazil betting regulator tightens financial controls on banks and payment firms

Reportedly, Brazil’s betting regulator is strengthening financial controls aimed at illegal betting. The measures focus on banks and payment companies.

Brazil's Secretariat of Prizes and Betting (SPA) has published Ordinance No. 2,750, setting out a national protocol to prevent, identify and combat financial transactions linked to illegal betting. The ordinance replaces earlier regulations and consolidates a surveillance system involving banks, payment institutions and payment arrangements, according to the SPA.

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