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Anti-Money Laundering (AML) Program and Know Your Client (KYC) Procedures
Medial N.V. (referred to as "the Company") and its employees are deeply committed to implementing robust measures aimed at preventing money laundering and combating the financing of terrorism. We recognize our social responsibility to ensure that our systems are not exploited for criminal activities. To this end, we continuously update our prevention strategies to safeguard the organization, its operations, and its reputation. Our policies and procedures are established and regularly revised to comply with applicable laws governing our operations.
This policy aims to ensure the Company complies with the obligations set forth by Curacao's legislation, regulations, and rules regarding the prevention, identification, and reporting of money laundering and terrorist financing. This includes establishing adequate systems and controls to mitigate risks to the Company and its clients, including customer verification and due diligence checks on transactions. The policy serves as a guideline for employees to enhance their knowledge of financial crime regulations and clarifies our expectations and their responsibilities under these regulations.
The Company is dedicated to protecting its employees and clients from the risks associated with money laundering and terrorist financing, employing a company-wide risk-based approach to prevent financial crime. Any confirmed or suspected money laundering activities will be reported to the Curacao Financial Intelligence Unit (FIU) or other relevant authorities.
This Policy is designed to comply with the following Curacao ordinances and decrees:
- The National Ordinance on the Amendment of the Penal Code (N.G. 2008, no. 46) concerning the penalization of terrorism, terrorist financing, and money laundering.
- The National Ordinance on the Reporting of Unusual Transactions (N.G. 1996, no. 21), as amended (N.G. 2009, no. 65) (NORUT) (N.G. 2010, no. 41).
- The National Ordinance on Identification of Clients When Rendering Services (N.G. 1996, no. 23), as amended (N.G. 2009, no. 66) (NOIS) (N.G. 2010 no. 40).
- The National Decree on General Measures for Executing Articles 22a and 22b of the National Ordinance on the Reporting of Unusual Transactions (N.G. 2010 no. 70).
- Ministerial Decree of May 21, 2010 establishing indicators as per Article 10 of the National Ordinance on Reporting Unusual Transactions (N.G. 2010, no. 27).
Organizations subject to Money Laundering Regulations are overseen by a supervisory authority. Curaçao, as part of the Dutch Kingdom, participates in the Financial Action Task Force (FATF) and has an established Financial Intelligence Unit (FIU) to which the Company reports unusual transactions. The Company's Supervisory Gaming Authority is the Curaçao Gaming Control Board.
To effectively prevent financial crime and money laundering within the organization, the Company aims to achieve the following objectives:
The Company is committed to the principles of Know Your Client (KYC), aiming to prevent financial crime and money laundering through thorough client identification and due diligence processes. We adopt a risk-based approach to perform due diligence checks and ongoing monitoring of all clients, customers, and transactions.
Due diligence checks will be integrated into our customer registration procedures, which include verifying the customer’s age, name, residential address, nationality, Politically Exposed Persons (PEP) status, and conducting sanctions checks. If a customer's risk profile changes due to any identified 'red flags,' we will implement enhanced due diligence measures.
In line with money laundering regulations, we employ three tiers of due diligence checks based on risk assessment, transaction types, and customer classifications:
- Simplified Due Diligence (SDD): Applied to extremely low-risk transactions that do not meet standard thresholds.
- Customer Due Diligence (CDD): The standard procedure for most verification and identification processes.
- Enhanced Due Diligence (EDD): Utilized for high-risk customers, large transactions, or special circumstances.
1. Identity Verification
The Company is committed to taking reasonable measures to establish the identity of any individual for whom it intends to provide services (hereinafter referred to as "Players"). The registration process for Players, as outlined in the Company’s General Terms and Conditions, includes a due diligence process that must be completed prior to the creation of a user account.
2. Player Registry
The Company will maintain a secure online registry of all registered Players at all times. Information and documents will be stored in accordance with applicable data protection regulations.
3. Minimum Identification Requirements
The Company will collect certain minimum identification information from each Player who opens an account. Anonymous accounts or accounts registered under fictitious names, where the true beneficial owner is unknown, will not be accepted. The required information will include, at a minimum:
a. Player's date of birth (to verify that the Player is at least eighteen (18) years old);
b. Player's first and last name;
c. Player's place of residence;
d. Player's credit card or banking information;
e. Player's valid email address;
f. Player's chosen username and password.
4. Verification of Identity
If there is any risk or uncertainty regarding the information provided, or prior to any payment exceeding EUR 2,000 per transaction, or when cumulative payments to the account exceed EUR 2,000, the Company will request documentation from the Player to verify the identity information provided. These documents may include, as permitted by relevant data protection regulations:
a. A copy of a valid identity card or passport;
b. Proof of address.
5. Supplementary Verification Methods
The Company may enhance its verification process by employing additional methods, including:
a. Independently verifying the Player's identity by cross-referencing the information provided with data from reporting agencies, public databases, or other sources;
b. Checking references with financial institutions;
c. Obtaining a financial statement.
6. Identification Notification
The Company will inform Players that it may seek identification information to verify their identity. It will also compare Player identification information with government or internationally provided lists of suspected terrorists or sanction lists, such as those maintained by the European Union or FATF.
7. Refusal to Provide Information
If a potential or existing Player refuses to provide the requested information or appears to have intentionally submitted misleading information, the Company will refrain from opening a new account. Additionally, after assessing the associated risks, the Company may consider closing any existing accounts. In either case, the AML Compliance Officer will be notified to determine if a report should be submitted to the relevant authorities.
8. Account Freezing
If a Player is identified on a list of suspected terrorists or sanctioned individuals, the Company will take immediate action to freeze or close the Player's account.
9. Changes in Personal Information
If there are any material changes to a Player's personal information, verification documents will be requested.
10. Reporting Suspicious Activity
When any Company employee detects activity that may appear suspicious, they are required to notify the AML Compliance Officer. The AML Compliance Officer will assess whether further investigation is warranted. This may involve gathering additional information, contacting governmental bodies, freezing the account, and/or filing a report.
11. Payment Methods
The Company will not accept cash or non-electronic payments from Players. Funds may only be received from Players through approved methods, including credit cards, debit cards, electronic transfers, wire transfers, checks, and any other method sanctioned by the appropriate regulators.
12. Payment Transfers
Payments of winnings or refunds will be returned through the same method from which the funds originated, whenever possible.
13. Fund Transfers Between Players
Transfers of funds between Players’ accounts are strictly prohibited.
14. Record Retention
Records pertaining to financial transactions will be maintained in accordance with data protection and retention requirements as mandated by the relevant jurisdiction in Curaçao.
The Company and its staff continually monitor ongoing transactions to and from customers to identify any malicious or fraudulent activity. We collaborate closely with our payment gateway providers and third-party services to flag suspicious transactions, applying due diligence as outlined in our AML/KYC policy.
All documents, accounts, and transactions related to clients/customers are retained for a minimum of five calendar years from the date of the relevant transaction or activity. The following records will be preserved:
We are obligated to report any unusual or suspicious transactions in compliance with the National Ordinance and as a registered entity of the Department of the Financial Intelligence Unit (FIU). A customer identified as being on a sanctions list, or linked to money laundering, terrorism financing, or other criminal activities, may necessitate the submission of a formal suspicious activity report to law enforcement.
All documents related to money laundering reporting, business transactions, client identification, and customer due diligence will be retained for a minimum of five years.
The appointed person will ensure that the following minimum criteria are met regarding the information disclosed in any reports:
The AML Manual will be periodically reviewed and updated as necessary to reflect changes in legislation, national and international findings, the structure of Medial N.V., our customers, and the services provided.
An overview of AML risk assessments will be maintained to allocate and track components of the distinct risk classifications. Medial N.V. categorizes overall AML risk into: