AML (Anti-Money Laundering) is a set of legal norms aimed at combating money laundering, the financing of terrorism and the creation of weapons of mass destruction.
AML in online poker
Auditing software and documentation, establishing the status of a client, checking the legitimacy of the turnover of funds – all this relates to the functions of AML.
In more detail, it is necessary for
- Monitoring suspicious transactions;
- Checking the crypto money for its “purity”;
- Comprehensive risk assessment;
- Checking sources of income and wallets or accounts receiving funds;
- Storing and regularly updating customer information;
- Identification and verification of the personality of customers.
What is AML made of?
- KYC (Know Your Customer) is a process of customer identification, which in turn consists of
- CDD (Customer Due Diligence).
- EDD (Enhanced Due Diligence).
- KYCC (Know Your Customer’s Customer) is the process of identifying the customer’s partners.
- Monitoring procedure aims to identify suspicious client transactions and verify the client in the sanctions lists.
Compliance with the AML policy ensures the security of storing and transferring player’s funds.
How EvenBet Gaming can help operators enforce AML policies
Poker room operators are advised to comply with the AML policies, otherwise it may lead to consequences: the loss of large amounts of money, fraud, and terrorism financing – and that’s not all.
In order to avoid these problems, operators can adjust the following characteristics:
- Full control in the back-office. In case of suspicious financial transactions between players, the administrator can check the transaction or block the payment. The function of confirming the transfer of funds by the moderator is also implemented.
- An effective way to combat chip dumping is by monitoring the progress of the game. Chip dumping is a type of fraud in which the user intentionally loses all the chips to their opponent.
- Restrictions on withdrawing money from the system. In the back-office of EvenBet Gaming, the operator has the right to set any cash limit that a player can withdraw. If the user wants to withdraw a large amount of money, the system will send a withdrawal confirmation to the administrator, without which the player will not be able to access the money.