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Brazil's Operators Must Adhere to the AML Rules to Receive a Working Permit

Brazil's Operators Must Adhere to the AML Rules to Receive a Working Permit

25/07/2024
Brazil's gambling industry expects a new licensing procedure in January 2025. Before the end of this year, entrepreneurs that already operate in the local market or plan to get a working permit must adhere to the new anti-money laundering (AML) policy. The full list of businesses' commitments is available in law SPA/MF No 1,143, published by Brazil's Ministry of Finance.

The Major Conditions of the Regulation

The AML policy: Brazil's new licensing procedure

Brazil's AML program is based on international methods for tackling funds laundering, supporting terrorism, and the spread of strategic weapons.

All parties involved in working with fixed-odds betting must:

  • implement client risk identification and classification policies;
  • report Brazil's Financial Intelligence Unit (COAF) about suspicious transactions;
  • estimate whether a player’s spending capacity is in line with their betting activity;
  • analyse the information about PEPs and their tight partners (per the COAF rules).

Brazil's Four-Stage Regulating Procedure

Brazil's Ministry of Finance has developed a phased implementation of legislative shifts to get ready for the new licensing approach.

The regulatory procedure includes 4 steps:

  • issuing technical, payment and safety specifications for operators;
  • publishing the AML and anti-terrorist financing policies;
  • announcing of gambling promotion control details;
  • introducing procedures to allocate the industry's contributions to socially responsible projects.

However, the process slowed down, as the first decree was issued with a delay of more than a month and didn't meet the Ministry of Finance's time limit. As betting firms wait for the announcement of further requirements, the government expects a rush with licence inquiries.

If operators don't submit an application for a certificate by the end of December 2024, they will be fined starting in January. Appeals sent within a 90-day window from the moment of publishing the AML policy will be checked out of the queue.

After paying a fee of BRL30m (£4.6m/€5.4m/$5.9m), local operators will gain permission for the next 5 years to provide gambling services via three skins.

Gaminator's experts will help you choose the best destination for opening an entertainment business. Contact us to order a turnkey platform or rent up-to-date software from promising manufacturers.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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