Law 14,790 makes us evaluate regulatory frameworks from different places and understand how they play a fundamental role in ensuring fair play, transparency and, most importantly, the prevention of illicit activities. At the forefront of these regulations are Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, which serve as barriers against financial crimes in the sector. iGaming, protecting operators.
AML policies are designed to prevent money laundering of illicit funds across different sectors and are supported by Law 9.613, the Brazilian law regarding financial crimes. In the context of the iGaming sector, which revolves around prizes and betting, it is clear that these regulations become paramount.
KYC procedures complement AML efforts by requiring operators to verify the identities of their customers, thereby preventing the risk of fraudulent activities and underage gambling. In addition to the significant contribution to the financial security of betting house operators.
The symbiotic relationship between AML, KYC and Brazilian legislation focused on iGaming was evident with the determinations of regulatory bodies, which mirror regulatory processes in other countries and will implement mandatory security initiatives for platforms.
Lenildo Nogueira, CEO of Weebet, points out that “legislation based on KYC and AML initiatives indicates practices that guarantee the security of the State, platforms, operators and, mainly, bettors. The global panorama has shown this and I believe that paying attention to these issues before the final determinations of the Ministry of Finance means being at the forefront of the market.”
Jurisdictions such as the United Kingdom, Malta and Gibraltar have implemented strict AML and KYC requirements, requiring operators to adopt robust procedures to detect money laundering activities and implement facial recognition and identity proofing initiatives.
Many platforms develop features to guarantee security, however, Elaine Rodrigues, head of customer success at Weebet, argues that “attention to KYC and AML tools must be constant, but a good implementation of the platform and the operator's respect for instructions of the company are essential for the tools to function properly and satisfactorily. After all, iGaming platforms go through a rigorous evaluation process and implementation is done with the operator’s usability and security in mind.”
The intersection between AML, KYC and iGaming legislation has significant implications for the safety of operators, bettors and responsible gaming initiatives. By verifying players' identities and monitoring their transactions, traders can identify patterns of problematic behavior, such as excessive spending or abrupt investment changes.
These situations are mentioned because they disrupt the dynamics of a sustainable and socially responsible gaming environment, however the analysis process carried out by the operator is not manual. “For an operation to flow as expected, security processes must be automated and this is only possible with quality software,” said specialist Elaine Rodrigues.
Learning how to manage the iGaming business from the best
Ensuring a successful operation is made up of several factors, but not all of them need to depend exclusively on the operator's actions. With this in mind, Weebet, a sportsbook and casino platform, offers three types of consultancy for operators: regulatory consultancy, marketing and bookmaker management.
In the regulatory context, the assistance provided by management regulatory consultancies can definitely contribute to exceptional growth, in addition to, of course, a team focused on customer success. “Get to know Weebet right now in a free demonstration of the platform,” invites the company.
Source: GMB
