On July 12, 2024, Ordinance no. 1,143/2024 (“Ordinance”) was published by the Prize and Betting Office of the Ministry of Finance (“Office”), establishing obligations for the prevention and combat of money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (“AML/CFT”) applicable to sports betting houses.
The Ordinance is the latest regulation for sports betting in Brazil, with the publication of Law no. 14,790/2023 and other subsidiary norms by the Office. The current scenario of sports betting was discussed by partner Gustavo Flausino Coelho and associate Fernando Naegele in an article published online, available in Portuguese at this link.
The Ordinance requires sports betting houses to implement AML/CFT policies, procedures, and internal controls, with minimum requirements set forth in the regulation itself.
Sports betting houses must also conduct risk analysis of their partners and suppliers, the bettors and the betting houses themselves, in addition to submitting annual communications to the Financial Activities Control Council (COAF) or whenever suspicious transactions are detected.
Our team is available for further clarifications, as well as to provide assistance with the compliance with sporting bets’ regulation.
Gustavo Flausino Coelho – gustavo@bastilhocoelho.com.br
Fernando Naegele – fernando@bastilhocoelho.com.br