What is Money Laundering?
Money laundering refers to the process of transforming illegally obtained income into legitimate assets. It generally involves three stages:
- Placement: The introduction of illegal funds into the financial system, often through deposits into banks or other financial channels.
- Layering (Lamination): This stage involves disguising the origin of the criminal proceeds by conducting complex financial transactions, such as converting money into traveler’s checks, transferring funds, or purchasing assets like stocks or bonds.
- Integration: The laundered funds are reintroduced into the legal economy through legitimate transactions, making them difficult to trace and appear as legitimate income.
BC.Game’s Anti-Money Laundering (AML) Policy
BlockDance B.V. understands the risks associated with online gambling services, particularly the potential for money laundering and terrorist financing. To mitigate these risks, the company has put in place a comprehensive AML policy, designed to identify, prevent, and report any suspicious financial activities. The policy includes the following measures:
- Internal Process Organization: Systems are in place to monitor and prevent money laundering activities within BC.Game’s daily operations.
- Know Your Customer (KYC) Procedures: BC.Game follows strict KYC procedures to verify the identity of its users, ensuring that all customer data is accurate and current.
- Risk Assessment: A detailed risk assessment is conducted to evaluate potential money laundering risks, and the company adjusts its internal controls based on these findings.
- Client Verification: BC.Game categorizes customers into groups that require varying levels of verification. Enhanced identity checks are conducted when necessary to ensure compliance with AML regulations.
- Reporting Obligations: BC.Game is committed to reporting any suspicious transactions to the appropriate regulatory authorities to ensure full compliance with anti-money laundering laws.
The AML policy is continuously updated to reflect changes in industry regulations and best practices, ensuring that BC.Game stays ahead in preventing financial crimes.
Compliance and Turnover Requirement
To comply with AML procedures, BC.Game requires players to place at least one bet on all deposits before submitting a withdrawal request. This turnover requirement is a standard AML practice to ensure that funds used on the platform are genuinely intended for gaming purposes and not for money laundering. Players must meet this requirement to process withdrawals.
Example of Turnover Requirement
For example, if a player deposits $100 into their BC.Game account, they must wager the full amount ($100) before they are eligible to withdraw any winnings. If the player earns a profit of $58 from this activity, they can request a withdrawal of $158 ($100 deposit + $58 profit).
This requirement ensures that all deposits are actively used for betting, preventing any misuse of the platform for illegitimate financial transactions. Players are encouraged to continue betting to potentially earn additional rewards before making a withdrawal.
