AML & KYC

Effective from: 18/5/2023

Last updated: 14/5/2024

AML/CFT POLICY

1.1 POLICY

Money laundering and terrorism financing pose significant threats to both national and international economies, compelling all vulnerable sectors to implement preventive measures. Our Company is dedicated to maintaining procedures that prevent the misuse of our Services for money laundering, terrorism financing, or other criminal activities such as fraud.

1.2 OBJECTIVE

Our Company, a limited liability entity, is duly incorporated and registered under the laws of Curaçao. This policy aligns with Curaçao’s national legislation on AML and CFT, as well as international standards established by the FATF. These regulations create a robust, internationally recognized framework for preventing the misuse of our Services. Measures include proper identification and verification of Account Holders, monitoring of Player activities, and reporting unusual activities to mitigate industry-related risks.

1.3 SCOPE

Our Company is committed to adhering to the highest national and international AML and CFT standards in providing our Services, requiring management and employees to follow these protocols.

3.3.2 SECURITY REVIEW

The Company reserves the right to conduct reviews at any time to validate the identity, age, and registration data provided by the Account Holder, ensuring compliance with the Terms and Conditions and applicable laws. During registration, the applicant authorizes the Company to make inquiries related to their person and to use and disclose information to third parties deemed necessary for verification. Third-party agencies may be employed to confirm age, identity, address, and payment details, obtain a credit report, and verify the provided information against public or private databases. All applicants and Account Holders acknowledge that by accepting the Company’s Terms and Conditions, they agree to the use, recording, and disclosure of their information, which may be done by the Company or an engaged third party.

REGULATORY FRAMEWORK

2.1 NATIONAL REGULATIONS

Under the National Ordinance of Money Laundering (1993), money laundering is a criminal offense in Curaçao. Key national regulations related to money laundering and terrorist financing include:

Code of Criminal Law (Penal Code) (N.G. 2011, no. 48), last amended by N.G. 2015, 74
National Ordinance on the Reporting of Unusual Transactions (N.G. 1996, no. 21), last amended by N.G. 2015, no. 68 (NORUT) and all related amendments, National Decrees, and Ministerial Decrees
National Ordinance on Identification of Clients when Rendering Services (N.G. 1996, no. 23), last amended by N.G. 2015, no. 69 (N.G. 2015, no. 84) (NOIS), with the consolidated text published in N.G. 2017, no. 92, and all related amendments, National Decrees, and Ministerial Decrees
National Ordinance on the Prolongation of the sanctions national decrees (N.G. 2018,34)
Sanctions National decree Al-Qaida c.s., the Taliban of Afghanistan c.s., Osama bin Laden c.s., and locally designated terrorists (N.G. 2010, no. 93)
Sanctions National decree North Korea (N.G. 2015,30)
Sanctions National decree Libya (N.G. 2015,28)
National Ordinance on the Obligation to report Cross-border Money Transportation (N.G. 2002, no. 74) and all related amendments, National Decrees, and Ministerial Decrees

These regulations form the basis for procedures maintained by Curaçao’s financial sector to detect and mitigate risks related to money laundering, terrorism financing, or other criminal activities.

2.2 INTERNATIONAL REGULATIONS

As a member of the Financial Action Task Force (www.fatf-gafi.org) and the Caribbean Financial Action Task Force (www.cfatf-gafic.org), Curaçao aligns its national legislation with international standards.

The FATF plays a crucial role in combating money laundering and financing terrorism, monitoring member progress, reviewing techniques and countermeasures, and promoting appropriate global measures.

The FATF collaborates with other international bodies, engaging 34 countries directly and connecting over 180 countries through regional organizations.

Despite Curaçao not being an EU member, our Company adheres to applicable AML directives issued by the European Union in addition to FATF standards. Our policy integrates FATF, EU, and local AML/CFT rules, ensuring a robust, internationally accepted framework. If local regulations require additional compliance, our Company may develop further procedures to meet these obligations.

PROCEDURES

To comply with applicable rules, regulations, and international standards, our Company has established procedures for providing Services to Account Holders. These procedures encompass:

Risk management
Know Your Customer (KYC) Procedure
Monitoring of Account Holder activities
Reporting of unusual transactions
Recordkeeping
Staff Due Diligence

3.1 RISK MANAGEMENT

RISK CLASSIFICATION

Our Company employs a risk-based approach to effectively detect and mitigate risks such as money laundering, terrorism financing, or fraud.

The risk classification includes:

Low risk
High risk

LOW RISK

All Players are initially classified as Low risk, undergoing Standard Due Diligence procedures, including KYC documentation requests and constant account activity monitoring.

HIGH RISK

A Player’s activity determines a High Risk classification. Any Player triggering an automated alert or exhibiting inappropriate activity will undergo Enhanced Due Diligence procedures. This classification applies to, but is not limited to, instances requiring Customer Due Diligence.

3.2 KNOW YOUR CUSTOMER (KYC)

3.2.1 IDENTIFICATION & VERIFICATION

Following international standards and local legislation, it is crucial for a company to know its clients. A robust KYC policy and procedure is vital for protecting the integrity of the company and financial system. Our Company has implemented the following procedures:

KYC INFORMATION REQUEST

Individuals cannot participate in money games without registering and obtaining a Player Account. Only one Player Account is allowed per person, family, and shared environment.

To register as a Player, individuals must personally submit the following KYC information:

Date of birth with valid identification proving they are over eighteen (18) years of age or the legal age of majority in their jurisdiction. Required identification includes a valid passport, another ID document, and proof of address.
Player’s first and last name
Player’s full residential address
Player’s valid email address
Payment details
A username and password

Upon registration, a geographical location check is performed on the applicant’s IP address to confirm they are in a permitted jurisdiction. If not, the registration process cannot continue. The Company reviews the provided information and may request additional documentation for verification. The Player Account may be suspended until satisfactory information is received or terminated if the information is found to be false or misleading. The Company reserves the right to refuse or close a Player Account at its discretion following the KYC review.

LOG IN DETAILS

Players are prohibited from sharing their login details with third parties. The Company reserves the right to cancel, without refund, any Player Account found to have disclosed login details to a third party.

3.2.2 DUE DILIGENCE

STANDARD DUE DILIGENCE

To verify the identity of a Player, the Company requires the following information:

A driver’s license or valid passport
A recent utility bill or bank statement

Standard Due Diligence is performed in the following situations:

During Player onboarding
Upon a withdrawal request
When cumulative withdrawals reach 2,000 €/CAD or equivalent
At the Company’s discretion

The Company may also conduct phone verification to confirm details provided by the Player during registration or at any other time. These details include, but are not limited to, the Player’s name, home address, email, phone number, photo ID, payment methods, bet types, amounts, and event details. If the verification is not satisfactorily completed due to fake, false, incorrect, misleading, or non-existing details, or details that do not belong to the Player or cannot be verified, the Company may close the Player Account and confiscate any winnings.

ENHANCED DUE DILIGENCE

In specific instances, the Company will conduct Enhanced Due Diligence, requiring the following KYC information:

A driver’s license or valid passport
A selfie of the Player holding the identification document
A recent utility bill or bank statement
A bank statement showing the initial deposit
A bank statement no older than 3 months from the bank to which a withdrawn amount should be deposited
Information regarding the source of wealth

Enhanced Due Diligence is applied when a Player is classified as High risk, including but not limited to the following situations:

If the Player is a national of a High-Risk Country or resides in a Non-reputable or High-Risk Jurisdiction
Upon suspicion of a Player creating multiple Player Accounts under different names
Upon suspicion of Players colluding to gain an advantage over the Company
Upon suspicion of the Player being a politically exposed person (PEP)
Upon detection of any irregular, suspicious, inappropriate, or fraudulent activity
At the Company’s discretion

If the Company is unable to verify the Player’s identity based on the provided documentation and further efforts, the Company reserves the right to put the Player Account on hold pending the provision of verification information or terminate the account if the information is found to be false or misleading.

3.2.3 THE MONEY LAUNDERING REPORTING OFFICER (MLRO)

The Company has designated an MLRO responsible for reviewing KYC information and monitoring Player Account activities. The MLRO’s responsibilities include:

Ensuring proper review of Player Accounts by personnel regarding the identification and verification of Account Holders
Maintaining a list of registered Account Holders
Monitoring the reviews and investigations conducted by designated personnel on Player Account activities
Providing initial and ongoing training to relevant staff, ensuring they are aware of their responsibilities and procedures for identifying Players, monitoring Player activity, record-keeping, and reporting unusual/suspicious transactions
Cooperating with all relevant administrative, enforcement, and judicial authorities to prevent and detect criminal activity
Ensuring this policy is adhered to, regularly reviewed, and maintained

The MLRO’s role is crucial in maintaining the integrity of the Company’s AML and CFT efforts, ensuring compliance with both national and international standards.

3.3 THE MONITORING OF ACCOUNT HOLDER ACTIVITIES

Designated personnel are responsible for reviewing and monitoring Player Accounts, conducting investigations if any irregular activities are detected.

Security technology generates automated alerts, which are then thoroughly investigated by the department.

If any irregular, suspicious, inappropriate, or fraudulent activity is detected or attempted, the Player will be classified as High risk, and Enhanced Due Diligence (EDD) procedures will be implemented.

Player accounts are monitored for the following situations:

Provision of fake, false, incorrect, misleading, or non-existing KYC information, or information that does not belong to the Player or cannot be verified
Use of fictitious names to conceal the true beneficial owner
Detection of inappropriate play or fraudulent activity
Irregular Player activity, such as placing zero-risk or even bets
Complex or large transactions that may be related to money laundering or terrorism financing
Suspicion of a Player creating multiple Player Accounts under different names
Suspicion of Players colluding to gain an advantage over the Company
Detection of any irregular, suspicious, inappropriate, or fraudulent activity
Any activity deemed suspicious by the Company
Fraudulent or unlawful use of the system, including attempts to bypass security measures
Use of software programs with Artificial Intelligence
Attempts to log in from a Non-reputable or High-Risk Jurisdiction

Special attention is given to:

MULTIPLE ACCOUNTS

Only one Player Account is allowed per person, family, and Shared Environment. If multiple accounts are created per person, household, mailing address, phone number, IP address, family, Device, or Shared Environment, all related accounts will be closed. No winnings, refunds, or deposits will be paid out. Family includes parents, partners, spouses, children, siblings, and close relatives.

If there is suspicion of multiple accounts under different names or accounts being part of a syndicate colluding to gain an advantage, the Company will suspend all suspicious accounts pending an investigation. This includes reviewing playing history, IP location histories, VPN and proxy databases, and action-to-delay ratios. If the investigation confirms multiple accounts or syndicate activity, the Company will withhold any cash or bonus winnings and may also withhold deposited funds.

When an Account Holder requests a withdrawal, the system will check for multiple accounts and the use of false proxies. If multiple accounts are found, all accounts will be closed, and the Account Holder will be denied the opening of a new account.

UNUSUAL ACTIVITIES

If an Account Holder has unusual deposits flagged by the system, the Company will investigate, possibly requesting further information from the Account Holder. The account will be suspended until satisfactory documentation is provided. If the Account Holder fails to provide the necessary information within 30 days, the account will be terminated, and the MLRO will report the unusual transaction to the relevant authority.

WITHDRAWAL OR PAY OUT OF FUNDS

The Company has established procedures for the withdrawal or payout of funds.

REQUEST FOR WITHDRAWAL

Withdrawal requests must be made from a Player Account. Requests sent by other means will not be processed. Upon receiving a withdrawal request, the Company will request KYC documentation to verify the Player’s identity.

Withdrawn funds will only be deposited back to the original source. If this is not possible, additional verification documentation will be required. Transfers or payouts will only be made to the Player; third-party transfers are not allowed.

PRIOR REVIEW OF ACCOUNT ACTIVITY

Before processing withdrawals, the Company will review the Player Account for irregular activities such as money laundering or suspicious play, including:

Depositing funds without placing any bets or only to receive free spins. Players must place at least the deposit amount in bets before withdrawing funds.
Creation of multiple Player Accounts under different names
Possible collusion between Players

If any of these instances occur, the Company may withhold funds, request EDD documentation, or conduct further investigation, which may result in:

Suspending the Player Account until sufficient verification information is provided
Blocking access to the system or account and seizing all funds in the account
Closing or terminating the Player Account and seizing all funds, followed by reporting the activity to the relevant authority

3.3.1 TRANSACTIONS USING CRYPTOCURRENCY

Cryptocurrency transactions are allowed only if the initial deposit was made with cryptocurrency. Subsequent transactions (deposits, wagers, payouts) must be conducted using the same cryptocurrency as the initial deposit.

The Company will not engage in buying, selling, or exchanging cryptocurrency for fiat currency. The following requirements, set by the Master License Holder, must be met:

Collect and verify proof of identity and address, ensuring the Player is over 18 years old
Collect and store hardware KYC data (IP address, mac address, browser information) to ensure transactions are from the same Player (IP and computer)
Provide the Master License Holder with proof of balance to confirm Player funds have been deposited
Provide proof of solvency to the Master License Holder periodically (weekly, monthly) to ensure all bets and jackpots are covered and cryptocurrency is kept in a separate account

The Company will display the exchange rate from cryptocurrency to fiat currency on the website’s homepage. The Company will not facilitate exchanges between cryptocurrency and fiat currency.

The Terms and Conditions must highlight that cryptocurrency values can fluctuate significantly depending on market value.

Due to anti-money laundering regulations, Players may only deposit funds into their accounts for gaming purposes and withdraw only winnings, not deposited funds. Players who deposit and withdraw without gaming activities will have their funds blocked. The Company does not grant interest on deposits and reserves the right to apply restrictions on payment methods in certain countries or for specific Players.

New payment methods will be announced on the website’s homepage and by email to Account Holders. The Manual and Terms and Conditions will be updated accordingly for each new depositing method.

3.3.2 SECURITY REVIEW

Reviews may be conducted periodically at the discretion of the Company or due to regulatory, security, or other business reasons. During such reviews, Customers may be restricted from withdrawing funds and/or accessing certain services offered on the website.

3.4 REPORTING OF UNUSUAL TRANSACTIONS

The Company will report any transactions or circumstances for which it has not received sufficient verifying information, or that it knows, suspects, or has reason to suspect involve funds derived from illegal activities, are intended to conceal such funds, or involve the use of the Company’s system to facilitate criminal activity, to the Financial Intelligence Unit (FIU) in Curaçao. The Money Laundering Reporting Officer (MLRO) is responsible for reporting to the relevant authority and maintaining a list of instances where reporting was not deemed necessary, with adequate support for such decisions.

The Company keeps records of all relevant documentation in a separate database for at least five years after ending a business relationship. Records are maintained in a manner that allows investigating authorities to identify a satisfactory audit trail for individual transactions, including amounts, currencies, and transaction types.

In specific circumstances, if ordered by law and permitted by national authorities, the Company may provide copies of the maintained records.

3.6 STAFF DUE DILIGENCE

It is crucial that the Company’s employees maintain undisputed integrity. To ensure this, the Company requires all applicants to submit a curriculum vitae, at least two references, and relevant educational and/or professional qualification certificates, which are checked and verified by the Company’s Human Resources department.