Anti Money Laundering Policy
1. Introduction
1.1 Money Laundering
Money Laundering (ML) is the process of creating the appearance of funds obtained from criminal activity, such as drug trafficking or terrorist activity, being originated from a legitimate source. Criminals attempt to launder money by disguising the source and/or changing the form of the funds, or moving them to a place where they are less likely to attract attention.
1.2 Anti-Money Laundering
Anti-money laundering (AML) is a financial/legal term used to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report ML activities.
An effective AML program requires a jurisdiction:
• - To have criminalized Money Laundering
• - To have given the relevant regulators and police the powers and tools to investigate it
• - To have its financial institutions identify their customers, establish risk-based controls, keep records and report suspicious activities
• - To be able to share information with other jurisdictions as appropriate
2. Regulation
Employees working in the remote gaming industry are required to make a report in respect of information that comes to them in the course of their business:
• - When they know
• - When they suspect
• - When they have reasonable grounds for knowing or suspecting that a person is engaged in money laundering or terrorist financing, including criminal spend.
These obligations are collectively referred to as grounds for knowledge or suspicion. What the authorities are looking for is that we are able to demonstrate, with supporting evidence, that a risk assessment is and has been undertaken prior to entering into business relationships with customers and that adequate customer due diligence is conducted in order to ensure that customers’ transactions are consistent with the level of risk presented.
The Merchant must be able to demonstrate that the extent of the ongoing monitoring undertaken is conducted on a risk-sensitive basis and that all the records are retained by us to reflect this, with risk profiles being properly maintained. In this document, we have identified additional measures that are being applied in order to carry out risk monitoring and the need of where we would require a Declaration of the source of funds from customers in situations which present a high risk and potentially money laundering
1. Introduction
1.1 Money Laundering
Money Laundering (ML) is the process of creating the appearance of funds obtained from criminal activity, such as drug trafficking or terrorist activity, being originated from a legitimate source. Criminals attempt to launder money by disguising the source and/or changing the form of the funds, or moving them to a place where they are less likely to attract attention.
1.2 Anti-Money Laundering
Anti-money laundering (AML) is a financial/legal term used to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report ML activities.
An effective AML program requires a jurisdiction:
• - To have criminalized Money Laundering
• - To have given the relevant regulators and police the powers and tools to investigate it
• - To have its financial institutions identify their customers, establish risk-based controls, keep records and report suspicious activities
• - To be able to share information with other jurisdictions as appropriate
2. Regulation
Employees working in the remote gaming industry are required to make a report in respect of information that comes to them in the course of their business:
• - When they know
• - When they suspect
• - When they have reasonable grounds for knowing or suspecting that a person is engaged in money laundering or terrorist financing, including criminal spend.
These obligations are collectively referred to as grounds for knowledge or suspicion. What the authorities are looking for is that we are able to demonstrate, with supporting evidence, that a risk assessment is and has been undertaken prior to entering into business relationships with customers and that adequate customer due diligence is conducted in order to ensure that customers’ transactions are consistent with the level of risk presented.
The Merchant must be able to demonstrate that the extent of the ongoing monitoring undertaken is conducted on a risk-sensitive basis and that all the records are retained by us to reflect this, with risk profiles being properly maintained. In this document, we have identified additional measures that are being applied in order to carry out risk monitoring and the need of where we would require a Declaration of the source of funds from customers in situations which present a high risk and potentially money laundering