“The new regulations are not limited to determining the behavior of betting companies, but also impose strict guidelines on how money must be transferred,” comments César Garcia, CEO of OneKey Payments.
“Therefore, we warn that payment operators also verify whether they are in compliance with these rules, to avoid unpleasant surprises at the beginning of the year.”
Among the changes affecting payment providers are: providing detailed transaction records to regulatory authorities; keep transactional accounts separate from financial accounts; ensure that all accounts are registered; verify that the bank used by the bettor is regulated by the Central Bank; ensure balance migration; adequate remuneration and control; and carry out AML (Anti-Money Laundering) checks.
One of the regulations that may impact payment operators is the requirement that transactions by betting companies only be carried out using payment methods authorised by the Central Bank.
“Although we have been fully regulated by the Central Bank for almost a year, we know that many payment processors have not yet completed this process, and many betting companies may not be aware of the status of all the processors they use”, explains César.
He highlights how the use of new technologies can reduce friction in instant verifications and authorisations: “At OneKey Payments, for example, we have developed a solution that carries out these checks instantly, ensuring that all payments are compliant and offering peace of mind to betting companies and other payment processors.”
The global payments provider and member of the Brazilian Institute for Responsible Gaming (IBJR) also believes that these regulations are necessary and provide an opportunity for betting operators and payment providers to adopt technologies that can benefit their customers and operations.
“These regulations may require a period of adaptation, but they also encourage payment providers to innovate beyond mere compliance,” adds César. “This is the essence of what we call ‘disruptive payments’ – Brazil’s regulatory unpredictability, coupled with a population that is advanced in the adoption of financial technology, offers payment providers a perfect opportunity to deliver faster, more agile and secure services.”
César cites as an example KYC (Know Your Customer), now mandatory by law for AML purposes. Players must be identified through documents and facial recognition systems with proof of life, in addition to registering an account in their name, among other measures.
To turn this requirement into an advantage, each regulated payment institution can offer a fast and easy facial recognition system that ensures fast and secure registrations. With validation services via Pix, processors can integrate registration with payment, obtaining all necessary information about the customer through the Pix key, always respecting LGPD standards.
“With the right technology, we can ensure that a regulated market does not need to be a restricted market,” concludes César. “On the contrary, it offers us more security, confidence and freedom to play responsibly, knowing that our money is safe.”
OneKey Payments, licensed by the Central Bank of Brazil, is a leading provider of advanced payment technologies, fully compliant with applicable regulations. Its international gateway offers integration for companies to process payments in Brazil and globally, supporting multiple methods, including Pix, bank transfer, ITP, card processing and other payments required by each market.
With a deep knowledge of local markets, OneKey tailors its services to meet specific consumer needs, regulatory requirements and cultural nuances. With seamless API integrations, it enables scalable and secure transactions, standing out as an innovative player and empowering businesses to thrive in the ever-evolving global payments landscape.
Source: GMB
