The Central Bank of Uruguay (BCU) has recently updated its regulations to include all online gaming and betting platforms to prevent unauthorized transactions. This new rule focuses on Payment and Collection Service Providers, which include well-known providers like Abitab and RedPagos, as well as international transactions linked to gaming and betting sites. The BCU stressed the importance of these providers having prevention mechanisms in place to stop money transactions associated with gambling and illegal betting.
The BCU’s goal is to safeguard users by ensuring a reliable, effective, innovative, and accessible payment system. By extending the regulations to Payment and Collection Service Providers, these entities must take steps to prevent any non-compliance through their services. Additionally, the BCU highlighted the legal framework surrounding online gambling and betting, making it illegal to offer such services online without proper authorization.
In a related development, Mastercard is introducing a global biometric payment program in Uruguay. The program involves testing a palm-based payment system in partnership with companies like Ingenico, Fujitsu Frontech, Fulcrum Biometrics, and Scanntech at Tienda Inglesa’s Red Expres. Customers can register their payment information and biometric data on-site, allowing them to make payments by placing their hand over a sensor at the payment terminal.
The BCU’s decision, outlined in Resolution D-197-2024, is a result of a detailed examination of gambling and illegal betting transactions. The regulation requires Payment and Collection Service Providers to implement measures to prevent these transactions, expanding the existing Electronic Money Issuing Institutions framework. This comprehensive approach is backed by various legislative acts, demonstrating Uruguay’s commitment to a secure and compliant payment system.
By implementing these measures, Uruguay is reinforcing its regulatory environment to establish a more secure and transparent financial system. The extension of the regulatory framework reflects the country’s dedication to protecting users and upholding the integrity of its financial system amidst changing technological and market conditions.
