Zona de Azar Brasil – Brazil: Related Practices to be Adopted by Betting Operators

Brazil.- July 15, 2024  www.zonadeazar.com This Thursday, the 11th, Ordinance SPA/MF No. 1,143/2024 was published, which provides for policies, procedures and internal controls to prevent money laundering, financing of terrorism and the proliferation of weapons of mass destruction (PLD/FTP) and other related practices to be adopted by fixed-odd betting operators.

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Summary of the Bill (Ordinance SPA/MF No. 1,143, of July 11, 2024)

The bill addresses policies, procedures and internal controls to prevent money laundering (MLD), terrorist financing (TF) and proliferation of weapons of mass destruction (WMD) in the fixed-odds betting sector in Brazil.

Highlights:

Purpose and scope of application:

Policies and procedures to prevent AML/FT and other related crimes must be adopted by fixed odds betting operators.
Related legislation: Law No. 9,613 of 1998, Law No. 13,756 of 2018 and Law No. 14,790 of 2023.

Applicability:

It is aimed at betting operators in relation to PML/FT duties and other crimes under the responsibility of their administrators.

Definitions:

Betting operator agent: Legal entity authorized by the Prizes and Betting Secretariat.

Bettor: Individual who places a bet.

Bet: The act of risking an amount with the expectation of winning a prize.
Betting platform: Electronic channel used to offer sports betting and online games.

Financial Activities Control System (Siscoaf):

Operators must request authorization to use Siscoaf and keep their and their users’ data updated.

Policies, Procedures and Internal Controls:

Development and implementation of AML/CFT policies, risk assessment and mitigation and information and training activities.
Registration and maintenance of information: Includes data on operations, bettors, employees and partners.

National Resources:

Operators must have the necessary resources on national territory to implement these procedures and controls.

Annual reports:

Operators must annually submit a report on the good practices adopted in the previous year.

Policy availability:

The policies must be available on the operator’s website and disclosed to employees, partners and third parties in a clear and accessible way.

Ingles SPA_Money_Laundering_Ordinance_Ordinance_1143_PT_EN (1)

Edit: @_fonta www.zonadeazar.com