SPA and COAF instruct betting companies on how to report suspicious activities
More than 190 operators were present at a meeting on Wednesday.
Key Points
- Operators must report suspicious activities to COAF
- The meeting led by SPA and COAF allowed companies to ask questions related to these reports
The Finance Ministry’s Prize and Betting Secretariat (SPA-MF) and the Financial Activity Control Council (COAF) in Brazil have laid out to companies how to report suspicious activities.
This information was communicated through a virtual meeting with representatives from the legal and compliance departments of fixed-odds betting companies, with over 190 operators present.
At the meeting, companies were given the opportunity to ask questions surrounding the reporting of suspicious activities and how they would go about making such reports.
Good to know: The Secretariat of Prizes and Betting (SPA) in Brazil has officially launched a public consultation for its 2025-2026 Regulatory Agenda
Fixed-odds betting operators are meant to report any suspicious activity to COAF related to money laundering, terrorist financing or proliferation of weapons of mass destruction, according to legislation.
SPA General Coordinator for Money Laundering Monitoring Frederico Justo said, “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.
“We realized that there were doubts about what and how to report suspicious activity, and that is where the idea of organizing this alignment meeting came from.”
COAF Director of Supervision Rafael Bezerra Ximenes de Vasconcelos added, “Given the way COAF’s Financial Intelligence operates, it is very important to communicate correctly.”
This news comes shortly after the SPA granted 21 more online betting licenses in Brazil, bringing the total number of companies with full online betting licenses in Brazil to 35.
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