GemBet’s Anti Money Laundering (AML) policy is designed to provide the highest security standards to our users and casino clients. Through a thorough account verification process, we aim to confirm the accuracy of registered individuals’ data and prevent unauthorized use of deposit instruments.
Safety Measures
1. Account Verification
- Three-step verification is implemented to ensure the accuracy of user data and prevent stolen or unauthorized use of deposit instruments.
- Nationality, payment method, and withdrawal details are considered to tailor security measures based on individual circumstances.
2. Compliance Commitment
- GemBet is committed to adhering to rigorous AML criteria, complying with EU directives, regulations, and national laws related to the prevention of money laundering.
3. Money Laundering Definition
- Clear definition of money laundering activities, including property transfer, concealment of property origin, and participation in criminal acts.
Crime & Disorder and AML Policy
- GemBet’s AML policy is based on principles of legal and regulatory compliance, risk assessment, and commitment from senior management.
- Ongoing assessment of adequacy in systems and controls is conducted, with full support for the nominated officer.
Organization of AML
- GemBet designates an Anti-Money Laundering Compliance Officer (AMLCO) responsible for enforcing the AML Policy.
- The AMLCO operates under the immediate supervision of the general management.
Requirements for AML Policy Changes
- Major changes to the AML policy require approval from both the general management and the AMLCO to ensure transparency.
Specific Regulations
- GemBet adheres to specific EU directives and regulations, as well as national laws, to prevent money laundering effectively.
Three Steps of Verification
- Step One: Basic Details
- Users perform self-identification by providing basic details.
- Step Two: ID Verification
- Users depositing or withdrawing over $2,000 undergo ID verification.
- Step Three: Source of Funds Verification
- Users depositing or withdrawing over $5,000 undergo source of funds verification.
Customer Identification and Verification (KYC)
- Formal identification relies on documents like a passport, ID card, or driving license.
- Additional checks may be conducted based on specific situations.
Proof of Address
- Address proof is validated through electronic verifications, with manual submission options if electronic tests fail.
Source of Wealth (SOW)
- Customers depositing over $5,000 undergo source of wealth verification.
- Examples of SOW include business ownership, employment, inheritance, investments, and family money.
Essential Info for Step One
- Users provide first name, second name, nationality, gender, and date of birth.
- AI saves and creates documents, with personnel conducting additional checks if necessary.
Sanctions, Persons, and Entities of Special Interest, PEPs
- Global PEP lists and sanction profiles are screened for all users to identify potential risks.
Risk Management
- Categorization of nations into risk regions with specific verification steps based on risk levels.
Additional Measurements
- AI overseen by the AMLCO examines unusual behavior, with human personnel conducting manual checks as needed.
Enterprise-Wide Risk Assessment
- GemBet conducts an annual Enterprise-Wide Risk Assessment (EWRA) to identify and document risks associated with its business lines.
On-Going Transactions Monitoring
- Ongoing transaction monitoring ensures detection of unusual or suspicious transactions compared to customer profiles.
Reporting Suspicious Transactions
- Internal procedures guide the reporting of suspicious transactions, with the AML team analyzing and deciding on necessary actions.
Procedures
- AML regulations, including KYC standards, are integrated into operational instructions available on the gambling portal.
Keeping Records
- Records of customer identification data and transaction details are kept for at least ten years after the business relationship ends.
Training
- Ongoing training programs for employees to enhance AML defense, with content adapted to specific business lines.
Auditing
- Internal audits produce reports on AML activities, ensuring ongoing compliance.
Data Security
- User data is kept secure, not sold, and shared only as required by law or for preventing money laundering.
- Compliance with data protection directives is closely monitored.
GemBet is dedicated to maintaining the highest standards of AML compliance, ensuring a secure and responsible gaming environment for all users.