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SPA issues regulation mandating action against illegal online gambling operators
Summary
The Secretariat of Prizes and Betting from the Ministry of Finance (SPA-MF) has issued a regulation aimed at curtailing illegal online gambling activities. This new directive, which came into effect on March 21, requires financial institutions, payment institutions, and payment providers to refrain from maintaining accounts or processing transactions for illegal fixed-odds betting operators.
Importantly, the regulation establishes a strict 24-hour timeframe for reporting any suspicious activities relating to illegal betting. Additionally, the Secretary of Prizes and Betting, Regis Dudena, highlighted the emphasis on protecting bettors and financial stability by preventing illegal operators from accessing financial resources.
Key Points
- The regulation prohibits financial institutions from enabling accounts for illegal gambling operators.
- It requires a 24-hour reporting duty from institutions concerning suspicious activities of illegal betting companies.
- Continues to enforce existing anti-money laundering and terrorist financing laws.
- Federally licensed betting companies can operate only under “.bet.br” domains.
- The regulation aims to strengthen the fight against illegal gambling while ensuring the protection of bettors.
Why should I read this?
This article is significant for those in the online gambling industry and financial sectors as it outlines crucial regulations that affect how institutions must operate regarding illegal gambling activities. The increased scrutiny and regulatory actions reflect a growing commitment to ensuring compliance and protecting consumers in the gambling market.
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