Brazil’s Betting Operators Receive Guidance on Reporting Suspicious Activities

The Financial Activity Control Council (COAF) and Brazil’s Prize and Betting Secretariat (SPA-MF) have clarified how betting companies should report suspicious activity. More than 190 representatives from fixed-odds betting organizations’ legal and compliance departments took part in a virtual meeting.

The topic of discussion during the event was how operators should disclose possible financial crimes, such as the proliferation of WMDs, money laundering, and terrorist financing. In order to make sure they understood the proper procedures for filing reports, attendees had the opportunity to ask specific questions.

Clarifying Reporting Standards

Authorities stressed the importance of consistent and accurate reporting. Frederico Justo, SPA’s General Coordinator for Money Laundering Monitoring, noted inconsistencies in how companies were submitting reports.

“With the regulations fully operational, we have noticed that some operators have already made this communication to COAF, but they have done so in a very different way,” Justo stated.

He further explained that uncertainty surrounding reporting procedures led to the decision to hold this alignment meeting.

COAF Director of Supervision Rafael Bezerra Ximenes de Vasconcelos reinforced the need for clarity, stating, “Given the way COAF’s Financial Intelligence operates, it is very important to communicate correctly.”