Since January 1st, iGaming in Brazil has been operating under new rules set by the Treasury. The changes aim to regulate a sector that has grown 734% since 2021, protecting against predatory practices, money laundering, and operational irregularities. The new regulations also impact payment operators, who may face fines from R$ 50 million to R$2 billion for improper practices.
“The new regulations are not limited to determining the behavior of betting companies, but also impose strict guidelines on how money should be transferred,” comments César Garcia, CEO of OneKey Payments.
“Therefore, we warn that payment operators also check if they are complying with these rules, to avoid unpleasant surprises at the beginning of the year.”
Among the changes affecting payment providers are: providing detailed transaction records to regulatory authorities; maintaining separate transactional accounts from equity accounts; ensuring all accounts are registered; verifying that the gambler's bank is regulated by the Central Bank; ensuring balance migration; adequate remuneration and control; and conducting AML (Anti-Money Laundering) checks.
One of the regulations that may impact payment operators is the requirement that transactions of betting companies be carried out only by payment methods authorized by the Central Bank.
“Although we have been fully regulated by the Central Bank for almost a year, we know that many payment processors have not yet completed this process, and many betting companies may not be aware of the status of all the processors they use,” explains César.
He highlights how the use of new technologies can reduce frictions in checks and instant authorizations: “At OneKey Payments, for example, we have developed a solution that performs these checks instantly, ensuring that all payments are compliant and offering peace of mind for betting companies and other payment processors.”
The global payment provider and member of the Brazilian Institute for Responsible Gaming (IBJR) still believes that these regulations are necessary and offer an opportunity for betting operators and payment providers to adopt technologies that can benefit their customers and operations.
“These regulations may require a period of adaptation, but they also encourage payment providers to innovate beyond mere compliance,” adds César. “This is the essence of what we call ‘disruptive payments’ – the regulatory unpredictability of Brazil, combined with a population advanced in adopting financial technology, offers payment providers a perfect opportunity to deliver faster, more agile, and secure services.”
César cites as an example the KYC (Know Your Customer), now mandatory by law for AML purposes. Players must be identified through documents and facial recognition systems with proof of life, in addition to registering an account in their name, among other measures.
To turn this requirement into an advantage, each regulated payment institution can offer a quick and easy facial recognition system, which ensures agile and secure registrations. With validation services via Pix, processors can integrate registration with payment, obtaining all necessary information about the customer through the Pix key, always respecting the norms of the LGPD.
“With the right technology, we can ensure that a regulated market does not need to be a restricted market,” concludes César. “On the contrary, it offers us more security, trust, and freedom to play responsibly, knowing that our money is safe.”
OneKey Payments, licensed by the Central Bank of Brazil, is a leading provider of advanced payment technologies, fully compliant with applicable regulations. Its international gateway offers integration for companies to process payments in Brazil and globally, supporting various methods, including Pix, bank transfer, ITP, card processing, and other payments required by each market.
With a deep understanding of local markets, OneKey adapts its services to meet specific consumer needs, regulatory requirements, and cultural nuances. With seamless API integrations, it enables scalable and secure transactions, standing out as an innovative player and empowering companies to thrive in the constantly evolving global payment landscape.
Source: GMB
