SPA notifies 33 payment institutions over transactions for illegal betting platforms
Brazil’s SPA-MF notified 33 financial and payment institutions over transactions for unauthorised betting platforms. The institutions have 10 days to provide explanations; those found to have acted in bad faith and failed to stop the transactions could face administrative proceedings and fines of up to R$2 billion. A March order requires payment institutions to report suspected unauthorised operators within 24 hours.
Payment providers face a response deadline and potential penalties for processing transactions linked to unauthorised betting platforms.