Cricaza.com

Let’s understand KYC And AML In Regards To Gambling?

Know Your Customer:

• KYC or Know Your Customer is deployed to verify the identity of the customers. The processes of KYC are an essential part of the AML or Anti Money Laundering process. It is also referred to as Enhanced Due Diligence and when it is in relation to Online Gambling companies, it is a mandatory process to wipe out financial crimes.
• KYC is basically done to verify that a customer is who he claims to be. It is done in banks, institutions and helps in the reduction of fraud and money laundering.
• Identifying the customers via Personal Identifiable Information or PII and ID proofs, KYC helps in reduction of fraud cases.
• KYC and identity verification processes are designed to help reduce the risks of illicit activity by identifying customers and verifying that this identity is correct. In doing this, suspicious characters and potentially high-risk users can be flagged and monitored, or banned.
• It also helps in the reduction of gambling among the underage group, users having multiple accounts, self-excluded gambling addicts. This process not only helps in protecting against crime but also ensures that these online casinos are not losing any funds by fraud users.

Anti-Money Laundering:

One of the sectors that financial criminals see as a target for money laundering and terrorist financing is the Gaming and Gambling industry. Money laundering techniques are used to convert funds from criminal activities into legal money in the Gaming and Gambling industry. Gaming and gambling businesses have specific responsibilities to prevent these crimes.

We as a responsible organization take utmost care in protecting our customers from such financial crimes. In addition to the regulations, We have a comprehensive AML Compliance Program suitable for its business.

• We follow the two most essential aspects of KYC in terms of responsible gambling compliance are:
• Checking the customer’s age: We ensure no minors are allowed to bet. As age restrictions differ from country to country, a remote sportsbook has to know the various age limits across all jurisdictions it operates in.
• Checking the source of funds: We ensure that customers do not spend more than they can afford. To do so, the company should check publicly available information concerning the salary of a particular customer, calculate their living costs, and estimate how much they can spend.

**To protect the funds of our Customers and ensure compliance with international trade standards, we operate exclusively in accordance with the laws on combating money laundering and countering the financing of terrorism and criminal activities. This Policy aims to comply with the rules and guidance’s contained in the following laws, namely the National Ordinance Penalization of Money Laundering (NOPML), the National Ordinance on the Reporting of Unusual Transactions (NORUT0), the National Ordinance on Identification of clients when Rendering Services (NOIS), Directive (EU) 2018/843 and the FATF recommendations.

**To monitor in accordance with the legal requirements, the Company has established a Compliance Department that develops Anti-money laundering measures and Know Your Customer procedures (AML / KYC), which are obligatory for all employees of the Company. The Department also determines the policy of engagement with those registered and holding accounts (hereinafter – “the Customers”) on the Company website (hereinafter – “the Website”).

**We are not obliged to inform Customers or other individuals about measures taken to counter the legalization (laundering) of proceeds from crime and terrorist financing. Exceptions could be the following: when informing Customers about the suspension of a particular service, the refusal to carry out a Customer’s request or open an account, and when requesting documents from the Customer.

This anti-money laundering policy is an integral part of the Customer Agreement governing the terms by which the Customer opens an account on the Website. KYC