The SPA of the Ministry of Finance (MF) notified last Friday (21) 22 financial institutions for providing services to companies that operate outside the regular betting market. The names of the companies were not disclosed.
The ‘Bets Law’, which began regulating fixed-odds betting in Brazil, prohibits the activity of unregulated companies to prevent fraud, money laundering and tax evasion.
To operate in the national territory, institutions must be regulated by the BC (Central Bank). According to the Ministry of Finance, preventing illegally operating companies from making payments and sending money abroad through the national system is “one of the main weapons to curb criminal practices.”
Financial institutions that operate with fixed-odds betting must have national or state authorization to operate legally. The SPA states that it is common for illegal companies to be linked to “abusive advertising and lack of Responsible Gaming programs”.
On Thursday (20) last week, the MF sent an official letter to regulated companies. The document requires the submission of strategies to prevent money laundering and terrorist financing by March 17.
According to the SPA, companies must “detail the criteria and actions planned for different occurrences.” On February 10, 2025, the SPA reported that it had requested 11,555 blocking orders for illegal betting sites.
The measure is part of the regulatory agenda for the betting market, which seeks to prohibit criminal practices in the sector.
Source: GMB
