On July 11th, Brazil’s Ministry of Finance issued an ordinance outlining operators’ AML responsibilities, with all those wishing to continue to operate in Brazil having to be AML compliant by the end of this year.
Currently, just two groups, Superbet and Betano, have applied for a licence, with the 90-day application window theoretically closing on August 20th.
The official Ordnance – available to view HERE – is based on international guidelines related to the prevention and combating of money laundering, financing of terrorism and proliferation of weapons of mass destruction.
Betting and gaming operators must have policies in place that identify and classify the risk levels of all customers wishing to register. These policies must also cover their employees and suppliers.
In addition, operators will be required to report any suspicious transactions to Brazil’s Financial Intelligence Unit (COAF), as well as verifying the status of any Politically Exposed Person (PEP) and their associates, according to COAF rules.
Finally, in a move that is effectively an ‘affordability check’, operators must assess the compatibility between a bettor’s financial capacity and the operations associated with him or her.
