KYC & AML

PraidBet takes all appropriate measures to combat money laundering and international terrorism (AML Policy). At the same time, the Company maintains a strong and principled position on the prevention of any kind of illegal activity, as well as all related regulatory legal acts. In order to fulfill these obligations, the Company is obliged to inform the relevant official authorities if there are grounds to suspect that the funds deposited by the User into the account are related to the activity of money laundering or terrorist financing. The Company will also be obliged to block such User's funds, as well as take other measures provided for by the rules of the AML policy.


Money laundering means:


Concealment or preservation of confidentiality in relation to information about the real origin, source, location, disposal methods, movements, property rights or other rights to property obtained as a result of illegal activity (or property received in exchange for such property),

conversion, movement, receipt, possession or use of property obtained as a result of criminal activity (or property received in exchange for such property) in order to conceal the illegal origin of such property or assist persons taking part in criminal activities in order to avoid the legal consequences of their actions,

a situation in which the property was obtained as a result of criminal activity committed on the territory of another state.



 

In order to counter the penetration of criminal capital into the economy of the state and counteract the spread of crime, in many countries there is a constant struggle against money laundering and the financing of terrorism.

The company applies internal regulations and special action programs to help government and international organizations fight money laundering and terrorist financing around the world.

By registering an account with the Company, you assume the following obligations:


You warrant that you will comply with all applicable laws and regulations on anti-money laundering and terrorist financing, including but not limited to AML's Policy.

You confirm that you have no information or suspicions that the funds used to fund your account in the past, present or future are obtained from an illegal source or have anything to do with money laundering or other illegal activities prohibited by applicable law or instructions of any international organizations;

You also agree to immediately provide us with any information that we deem necessary to request in order for us to comply with applicable laws and regulatory requirements in relation to anti-money laundering.


The Company collects and stores documents proving the identity of the User, as well as reports on all transactions performed on the account;

 

The Company monitors suspicious transactions on the User's account, as well as transactions carried out under special conditions;

 

The Company reserves the right at any time and at any stage to refuse the User to carry out an operation if the Company has reason to believe that this operation has anything to do with money laundering and criminal activity. In accordance with international law, the Company is not obliged to notify the User that his activity is suspicious, and information about it has been transferred to the relevant state authorities.

 

In accordance with the internal AML Policy, the Company conducts initial and ongoing identity checks of the Company's Users in accordance with the level of potential risk associated with each User.


The company will require you to provide minimum data to verify your identity

The company will record and store data and documents proving your identity, as well as information about what methods were used to verify your identity and the results of checks.

The company will check your personal data for coincidences with the list of persons suspected of terrorism, formed by authorized state and independent bodies. The minimum set of identification data includes: - User's full name; - date of birth (for individuals); residential address or registration address of the User;

source of origin of funds to be deposited to the company's account.



 

To verify and confirm the authenticity of the above data, the Company may require the following documents from the User:


passport or identification card, or other document replacing them, which meets the following requirements: - contains the name, date of birth and photo of the owner of the document; - has been issued by national government authorities,

a recently received invoice for payment of utilities (not older than 3 months) or other document confirming the address of residence of the User.



 

The company may also request other additional information supported by relevant documents. In certain cases, the Company may also request from the User notarized copies of documents.