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Financial Crime in Brazil: A Growing Concern Amidst Innovation

Brazil, a hub of financial innovation with millions of fintech early adopters, has also become a hotspot for financial crime. The country’s instant payment method, PIX, introduced by the Central Bank of Brazil, has attracted cyber-criminals and made it one of the highest fraud risk rates among 200 countries and territories.

High-Risk Industries Targeted

The iGaming and Sports Betting industries in Brazil have become a prime target for money launderers. Criminals use sports betting platforms to launder money by placing bets using illicit funds and then withdrawing winnings through multiple accounts to conceal the source of the funds.

New Regulations Bring Hope

However, new regulations aimed at improving transparency and security in betting operations offer hope for industries to rely on extra layers of security to prevent fraud and stay compliant. This is where Anti-Money Laundering (AML) solutions come in.

What Are AML Solutions?

AML solutions are comprehensive frameworks and technologies designed to detect, prevent, and report activities related to money laundering and financial crimes. These solutions analyze financial transactions and customer data to identify suspicious behavior and comply with regulatory requirements.

Meet CommerceGate’s AML PIX Solution

CommerceGate’s AML PIX solution helps betting platforms combat money laundering by introducing stringent controls and verification measures. By allowing merchants to create QR codes linked to specific CPFs (Brazilian Tax IDs), the solution ensures that payments originate from verified individuals, significantly reducing the risk of money laundering.

How it Works

With CommerceGate’s AML PIX Solution, merchants can create a QR code for specific CPFs, ensuring control over payments and guaranteeing they come from verified users. The QR code can be easily paid from any bank account provided the account holder has the same CPF.

Why Choose CommerceGate?

CommerceGate is your payment adviser in Brazil, providing local, robust, and secure payment solutions that support online businesses in Brazil and LATAM. With full access to Brazil’s most popular local payment methods, customized payment solutions, dedicated customer success managers, and licensed operations, CommerceGate can help your business succeed in the Brazilian market.