The Brazilian Ministry of Finance is intensifying its crackdown on illegal betting by notifying 37 fintech companies suspected of enabling payment processing for unauthorized gambling operators. This initiative aims to disrupt the financial networks supporting illegal gambling, collaborating closely with the Revenue Office and the Prizes and Betting Office to enhance the regulatory framework surrounding betting in the country.
According to government sources, these fintech firms have been linked to transactions involving 160 illegal gambling websites. In an effort to bolster this initiative, authorities have also dismantled at least 54,000 illegal gambling websites as part of their enforcement actions.
The fintech payment providers have been instructed to cease any practices that violate federal laws by the end of August. Failure to meet this deadline could lead to significant legal repercussions, including penalties based on the total value of processed payments, freezing of bank accounts, and other disciplinary measures for non-compliance.
