Durigan charges Central Bank for oversight of fintech companies involved in betting and money laundering.
Finance Minister Dario Durigan publicly demanded that the Central Bank (BC) make a "supervisory effort" over fintechs to combat money laundering and the use of illegal sports betting, known as "bets." This statement expands on the minister's offensive against the regulator, which in recent weeks has already included criticism of high interest rates, which Durigan has identified as the biggest "bottleneck" in the Brazilian economy.
According to an analysis by Valor, the charge contrasts with the current division of responsibilities: the oversight of illegal betting is the exclusive responsibility of the Secretariat of Prizes and Sports Betting (SPA), an agency linked to the Treasury itself since the sector was regulated by the Lula government, starting in 2023.
Regulatory history of betting
The fixed-odds betting market began operating in Brazil in 2019, in a regulatory vacuum. The Michel Temer (MDB) administration legalized the activity, but it fell to the Jair Bolsonaro (PL) government to regulate it, which did not happen. Without rules, companies began operating with headquarters abroad, often in tax havens, without operational controls or tax obligations.
The Lula government opted to regulate the sector, rather than prohibit it, focusing on increasing revenue. It created the SPA (Special Secretariat for the Promotion of Irregularities) and orchestrated the approval of specific legislation. The oversight of illegal operators therefore became the responsibility of the SPA and the Treasury.
The role of the Central Bank
In the regulatory sphere, the Central Bank had already adopted a series of measures. In 2021, it began requiring prior authorization for new payment institutions to start operating; until then, companies could start activities and request a license only after reaching R$ 500 million in transaction volume. Last year, the regulator also brought forward the schedule that allowed some unauthorized institutions, depending on their size, to operate until 2029; with the change, all needed to request authorization by May 2026. The Central Bank also increased capital requirements and issued technical standards and security manuals.
The Finance Department indicates that 37 fintechs show signs of being used for operations linked to illegal betting and money laundering. This number is close to that raised by the SPA itself; in October of last year, during the 15th Congress on Prevention of Money Laundering and Terrorist Financing (PLDFT), promoted by the Brazilian Federation of Banks (Febraban), the SPA secretary, Regis Dudena, stated that authorities had identified 36 fintechs with evidence of this type of use, based on an analysis of more than 900 participants in the Pix system. Durigan argues that the schedule for bringing these companies under the supervision of the Central Bank should be brought forward.
According to Valor's analysis, the profile of these fintechs points to small players, many of whom began operating before 2021, when prior licensing was not yet required. Criticism of the Central Bank, in this context, stems from the institutional arrangement itself: to oversee, the regulator depends on staff and resources; without full budgetary autonomy, it depends on approval from the Treasury.
The private sector and the political debate.
At the end of last year, the president of Febraban (Brazilian Federation of Banks), Isaac Sidney, had already criticized the legalization of online betting sites. "In my opinion, the State made a mistake in legalizing gambling, but it did legalize it," he stated. According to Sidney, the decision increased risks associated with organized crime and money laundering. "The role of banks in this situation is one of absolute vigilance and total intransigence regarding risky resources in gambling," he added.
The entity issued stricter rules in its self-regulation, requiring banks to block suspicious transactions, immediately close pass-through accounts, known as "dummy accounts," and "cold accounts" used in scams and frauds. Financial institutions are also now required to close accounts used for illegal betting.
The president of the Central Bank, Gabriel Galípolo, was nominated for the position by President Lula. Before his appointment, he held the executive secretary position at the Ministry of Finance, a post from which he was replaced by Durigan himself.
