Let's Discuss the New Gambling Regulations in Town
Updated regulations for gambling in Brazil: Mandatory segregation of gaming domain and player earnings tax declaration
Here's the scoop on the latest gambling regulations. It seems gambling platforms will now reside on a separate domain called bet.br, according to the country's authorities. This move aims to minimise scams and tackle the black market more effectively.
All sites operating on other platforms will be deemed illegal and promptly blocked.
In an effort to deter money laundering, operators have been mandated to implement a facial recognition system during player registration. This makes it harder for individuals to use fake identities.
Winnings will only be transferred to the card mentioned in a player's personal profile, and the transfer must be completed within two hours.
As for income declaration, they'll have to fill it out themselves, although no documentary evidence is required at the moment. However, authorities reserve the right to introduce further requirements in the future, such as demanding official account statements.
If a user losses an amount disproportionate to their income level or spends an excessive amount of time gambling, betting services will be suspended.
Keep in mind that while most of the new regulations have been released, some parts of the new gambling market are still on the radar, keeping both locals and enthusiasts guessing.
Author: Alina Shvets
Worth Noting:
- It's common for online casinos to require players to provide identification documents and proof of address during registration to verify their identity. This process is known as Know Your Customer (KYC).
- Identity verification (KYC) is a crucial component of Anti-Money Laundering (AML) efforts. AML measures require platforms to monitor transactions for suspicious activity and report any suspicious events to authorities.
- In many jurisdictions, gambling winnings are taxable income and players may have to declare these winnings in their annual tax returns.
- The level of KYC checks and AML enforcement varies significantly by jurisdiction. Some countries have stricter regulations than others.
- Technologies like biometric identity verification are increasingly being used to enhance security and compliance in the online gaming sector.
Check Out More:
- Britons study what encourages students to gamble
- DraftKings invest in AI dealers
- The EU prepares electronic player identifiers
- The gambling industry, in an effort to uphold financial transparency and combat money laundering, is increasingly implementing technology like facial recognition systems for identity verification during player registration.
- To further minimize fraud and ‘fake identifiers’ in the provision of gambling services, soon-to-be-implemented regulations mandate that online casinos and gambling platforms adhere to strict Know Your Customer (KYC) norms.
- As part of the new regulations, operators must ensure winnings are transferred to the card mentioned in a user's personal profile, a move designed to monitor and curb illicit activities within the casino-and-gambling industry.
- In accordance with the country's finance regulations, local gambling enthusiasts might have to declare their winnings in annual tax returns, as winnings are considered taxable income by authorities.
- As the online gambling industry continues to evolve, the integration of Artificial Intelligence (AI) in agent roles, such as AI dealers, is becoming a common trend, further fostering an environment of convenience and technological advancement.
