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:
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:
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.
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