Spinbit Casino is committed to providing a secure and transparent gaming environment by adhering to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. These measures ensure compliance with international standards and protect our players and the platform from financial crimes, including money laundering, fraud, and identity theft.
Introduction
1. Purpose of the AML & KYC Policy
1.1 The primary purpose of this policy is to outline the processes and procedures Spinbit implements to detect and prevent financial crimes.
1.2 By adhering to AML and KYC regulations, we maintain the integrity of our platform and ensure compliance with licensing requirements set by the Curacao eGaming Authority.
2. Scope of the Policy
2.1 This policy applies to all players, employees, and stakeholders of Spinbit Casino.
2.2 It governs account registration, deposit and withdrawal transactions, and ongoing player activity monitoring.
Key Principles of AML Compliance
3. What is Money Laundering?
3.1 Money laundering is the process of disguising the origins of illegally obtained money to make it appear legitimate.
3.2 Spinbit Casino is vigilant against money laundering attempts and has robust systems in place to detect and prevent such activities.
4. Spinbit’s AML Commitment
4.1 Spinbit Casino is committed to:
- Preventing its platform from being used for money laundering or financing terrorism.
- Detecting and reporting suspicious activities to relevant authorities.
- Educating employees and players about AML regulations and practices.
5. AML Risk Assessment
5.1 Spinbit conducts regular risk assessments to identify and mitigate potential money laundering threats.
5.2 Factors considered include:
- Player geography (e.g., high-risk jurisdictions).
- Unusual transaction patterns.
- Use of high-risk payment methods (e.g., cryptocurrencies).
KYC Procedures
6. What is KYC?
6.1 Know Your Customer (KYC) is the process of verifying the identity and financial activities of players to ensure they are legitimate and not involved in fraudulent or illegal activities.
6.2 KYC is a mandatory requirement for all Spinbit Casino players.
7. Information Collected for KYC
7.1 Players must provide the following information during the registration and verification process:
- Full name
- Date of birth
- Residential address
- Email and phone number
- Payment details
7.2 Additional documentation may be required for account verification:
- Government-issued ID (passport, driver’s license, or national ID card).
- Proof of address (utility bill or bank statement issued within the last three months).
- Proof of payment method ownership (e.g., a photo of the credit card used for deposits).
8. Verification Process
8.1 Spinbit follows a structured KYC process to ensure a player’s identity and legitimacy:
8.1.1 Account Registration
- Players must provide accurate personal details during registration.
- Accounts with incomplete or false information will be suspended.
8.1.2 Document Submission
- Players are required to upload documents to verify their identity, address, and payment methods.
8.1.3 Verification Timeline
- Documents are reviewed within 48 hours of submission.
- Players will be notified via email if additional information is required.
8.2 Failure to provide required documentation may result in account suspension or closure.
Transaction Monitoring
9. Monitoring Player Activity
9.1 Spinbit Casino monitors all player transactions to detect and report suspicious activity.
9.2 Indicators of suspicious behavior include:
- Multiple transactions of unusual amounts.
- Frequent deposits and withdrawals without corresponding gameplay.
- Use of multiple payment methods under one account.
10. Transaction Limits
10.1 To reduce the risk of money laundering, Spinbit Casino enforces transaction limits:
- Minimum deposit and withdrawal limits are $10 and $20, respectively.
- Large transactions may trigger additional verification checks.
11. Reporting Suspicious Transactions
11.1 Spinbit Casino is obligated to report any suspicious activity to relevant authorities under AML regulations.
11.2 Players involved in suspicious transactions may have their accounts suspended pending investigation.
Enhanced Due Diligence (EDD)
12. High-Risk Players
12.1 Enhanced Due Diligence is conducted for players deemed high-risk due to factors such as:
- Residing in high-risk jurisdictions.
- Engaging in high-value transactions.
- Inconsistent or suspicious account activity.
12.2 High-risk players may be required to:
- Provide additional documentation.
- Undergo more frequent account reviews.
- Justify the source of funds used for deposits.
Data Protection and Privacy
13. Confidentiality of Player Information
13.1 Spinbit Casino is committed to safeguarding all personal data collected during KYC and AML procedures.
13.2 Player information is stored securely and only shared with authorized personnel or regulatory authorities.
14. Compliance with Data Protection Laws
14.1 Spinbit Casino complies with applicable data protection regulations, including the General Data Protection Regulation (GDPR).
14.2 Players have the right to access, correct, or delete their personal information upon request.
Employee Training and Awareness
15. Training Programs
15.1 All employees undergo regular training on AML and KYC policies to:
- Recognize potential money laundering activities.
- Understand reporting procedures for suspicious transactions.
- Stay updated on regulatory changes and best practices.
16. Reporting Obligations
16.1 Employees are required to report any suspicious behavior or transactions to the compliance team immediately.
Non-Compliance Consequences
17. Player Non-Compliance
17.1 Players who fail to complete KYC verification or are found engaging in suspicious activities may face:
- Account suspension or closure.
- Forfeiture of winnings.
- Reporting to relevant authorities.
18. Legal and Regulatory Sanctions
18.1 Non-compliance with AML regulations can result in significant penalties for Spinbit Casino, including fines and license revocation.
18.2 Spinbit Casino works diligently to ensure full compliance with all legal requirements.