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Uruguay Expands Regulations on Gambling Transactions to Payment Providers

Uruguay Expands Regulations on Gambling Transactions to Payment Providers

The-Central-Bank-of-Uruguay-sets-regulations-to-restrict-payments-to-online-betting-sitesThe Central Bank of Uruguay (BCU) has recently expanded its regulatory framework to encompass all online gaming and betting platforms to curb unauthorized transactions. This new regulation specifically targets Payment and Collection Service Providers. This category includes popular providers such as Abitab and RedPagos, as well as the entire network of international transactions related to gaming and betting sites.

In its official statement, the BCU emphasized the importance of implementing adequate prevention mechanisms among these providers. “Payment and Collection Service Providers must have adequate prevention mechanisms in place to prevent money transactions associated with gambling and illegal betting of any kind from being channeled through them,” the statement read, referencing Article 171.1 (Prohibitions) from the fourth part of Book IX of the Compilation of Payment System Standards.

Protection and Compliance

The BCU’s regulation, which already applies to Electronic Money Issuing Institutions (IEDE), aims to protect users by ensuring a solid, efficient, innovative, and accessible payment system. Including Payment and Collection Service Providers in this framework obliges these entities to adopt measures that prevent non-compliance through their services.

Furthermore, the BCU highlighted the legal framework surrounding online gambling and betting, which deems the provision of such services through the Internet or technological platforms illegal unless authorized by the competent authority. This move is essential for Uruguay to prohibit such transactions and maintain regulatory compliance.

Modernizing Payment Systems

In related news, Mastercard announced the implementation of its global biometric payment program in Uruguay. This initiative involves testing a palm-based payment system in collaboration with partners such as Ingenico, Fujitsu Frontech, Fulcrum Biometrics, and Scanntech at Tienda Inglesa’s Red Expres. Shoppers can register their information, payment credentials, and biometric data on-site, allowing them to pay for goods by placing their hand over a sensor at the payment terminal.

Comprehensive Measures and Future Implications

The BCU’s decision, documented in Resolution D-197-2024, follows a thorough review of gambling and illegal betting transactions. The regulation mandates that Payment and Collection Service Providers must implement measures to prevent these transactions, extending the already established Electronic Money Issuing Institutions framework to a broader range of financial service providers.

This comprehensive approach is supported by various legislative acts, including Law No. 1,595 of December 12, 1882, and Law No. 19,210 of April 29, 2014, along with their respective amendments. The BCU aims to promote a secure and efficient payment system that adapts to market developments while ensuring compliance with legal standards.

By adopting these measures, Uruguay strengthens its regulatory environment, aiming to create a more secure and transparent financial system. This extension of the regulatory framework underscores the country’s commitment to protecting users and maintaining the integrity of its financial system amidst evolving technological and market landscapes.

Source: Banco Central del Uruguay DIRECTORIO – RESOLUCIÓN R.N°:D-197-2024 [pdf], Montevideo, 3 de julio de 2024.

The post Uruguay Expands Regulations on Gambling Transactions to Payment Providers appeared first on Casino News Daily.

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