Money laundering and combating it
Money laundering (ML) is the process of laundering proceeds from crime through drug trafficking, terrorism and other illegal activities. Criminals attempt to launder money by hiding the source and/or changing the form of the funds or moving them to places where they will attract less attention. At pinco casino we are committed to preventing money laundering and ensuring we comply with all legal and regulatory requirements.
Anti-money laundering (AML) is a financial and legal term that describes controls that require financial institutions and other regulated entities to prevent, detect and report ML-related activities.
An effective AML program requires:
- Providing regulators and police with the powers and tools to investigate ML cases.
- Responsibilities of financial institutions to identify their customers, conduct risk-based due diligence, maintain records and report suspicious activity.
- Possibilities for sharing information with other jurisdictions as appropriate.
Regulation
Employees working in the field of remote gambling are required to report information received to them in the course of their activities:
- When they know something;
- When they suspect something;
- When they have reasonable grounds to know or suspect that a person is involved in money laundering, terrorist financing or spending proceeds of crime.
This is collectively called actual knowledge or reasonable suspicion. Authorities require us to demonstrate (and prove) that risk assessments have been carried out prior to entering into business relationships with clients and that thorough legal due diligence has been carried out on clients' transactions in accordance with the level of risk involved.
The seller must be able to demonstrate that the extent of ongoing monitoring is appropriate to the level of risk and that all records are maintained with appropriate risk profile controls. In this document, we have described additional measures to monitor risks and also made the case for requiring clients to identify the source of funds in situations that present a high risk and indicate possible money laundering.
Special rules
The Merchant must ensure compliance with all aspects of our business and hold a gaming license from the Government of Curacao, which allows them to operate internationally through our service lines.
Crimes, violations and AML policies
The AML Policy includes a number of principles and practical approaches:
- Development of control systems and measures that meet the specifics of our business and legal requirements.
- Annually assess risks associated with AML and apply adaptive and cost-effective response methods.
- Responsibility for implementing the AML policy lies with all employees, including management.
- Regular review and evaluation of the effectiveness of measures taken.
- Maintain transaction records as required for money laundering and terrorist financing investigations.
- Training of employees involved in AML-related processes.
- Ensuring adequate resources and autonomy for employees involved in AML matters.
Risk management
Our company uses risk assessment and management strategies to effectively combat money laundering and terrorist financing:
- Identification of risks associated with ML and terrorist financing based on our activities.
- Develop and implement targeted policies and procedures to minimize and manage these risks.
- Continuous monitoring and improvement of the effectiveness of control measures.
- Documentation of actions taken and justification of decisions made.
We focus our efforts on the most significant aspects to ensure maximum protection. Our risk management policy is fully supported by management and staff and is reviewed regularly to meet current conditions and requirements.
Suspicious activity and its handling
Identifying and responding to suspicious activity is important to ensure secure transactions. We use user verification measures, including:
- Verification of identity documents;
- Analysis of utility bills;
- Analysis of bank statements;
- Other methods of identity verification.
Particular attention is paid to players with unusual deposit patterns. We conduct thorough checks if we detect signs of suspicious activity.
Suspicious Activity Reports
All employees are required to report any suspicions of money laundering or terrorist financing activities. Unauthorized disclosure of information or its concealment entails legal consequences. Reports of suspicious activity must be made confidentially.
Operating Procedures
We closely monitor transactions and player activity to identify anomalies. Before approving the withdrawal of funds, we check the history of deposits to ensure that they originate legally and correspond to the actions of the client.
Withdrawal procedure
Before executing a withdrawal operation, we ensure that the client's actions are consistent with their normal bets and transactions. Funds are returned using the same payment method used for the deposit.
Monitoring process
We strictly follow AML rules and actively monitor and respond to any suspicions. Failure to ignore indicators of suspicious activity ensures compliance with legal requirements and protects our business from potential threats.
Accounting and control
As part of our commitment, we maintain and maintain an audit trail to assist in financial investigations. Our accounting system includes:
- Documentation and monitoring of compliance with regulatory requirements by responsible employees;
- Distribution of responsibilities for combating money laundering and terrorist financing among specialized employees;
- Accounting for cases where an employee did not take action, indicating the reasons;
- Registration of customer identification and verification procedures;
- Accounting for all significant business relationships and transactions;
- Accounting for employee training programs in the field of AML/CFT;
- Preparation and transmission of reports on suspicious activity to the appropriate structures;
- Interaction with law enforcement and national authorities on AML issues.
In this way, we ensure that our actions are transparent and comply with all requirements related to the prevention of financial crime.
Violations and consequences
We inform all employees of the legal consequences if the following laws are violated:
- Failure to report suspicious activity that violates proceeds of crime and anti-terrorism laws;
- Criminal liability for employees who fail to disclose suspicious information properly or in a timely manner;
- Violations of the law related to the disclosure of the fact of conducting or the possibility of conducting an investigation into money laundering or terrorism;
- Violations involving the forgery, concealment, destruction or mishandling of documents related to the investigation.
Our employees are aware of the seriousness of these violations and possible criminal consequences, which underscores the importance of compliance with the law and internal company policies.
Compliance with fraud prevention and data protection regulations
The company's policy strictly prohibits any fraudulent activity, and if detected, the client's account is subject to immediate blocking. Regarding data security, we use the Payment IQ service to encrypt and store all customer payment data, ensuring that employees do not have access to sensitive information. The company implements extensive security measures to protect customer information, including authentication systems, password policies, malware protection, intrusion prevention measures and effective network security management.
Internal accounting and reporting
We adhere to Know Your Customer (KYC) principles, maintain thorough internal records and ensure that all transactions comply with the law. All customer transaction and activity data, as well as records of investigations and suspicious activity reports, are retained for six years after account activity ends or an investigation is completed.
Know your customer (KYC)
By accepting our Terms, you agree to any necessary verifications to verify your identity and contact information that may be required by us or third parties, including regulatory authorities. During these checks, access to withdrawals from your account may be limited.
Incorrect or incomplete information may result in immediate suspension of your account and exclusion from our services. If your adult status cannot be verified, your account will be temporarily frozen. Minors who made transactions will be prohibited from using the account, all transactions will be canceled and winnings will be confiscated.
Please notify our support team immediately of any changes to your personal information.
