AML & KYC policy
In order to implement the highest standards of international trade, protect existing clients and combat money laundering activities, InplayBet implemented various automation tools as part of its back-end platform as well and carries out various internal processes and procedures which substantially minimize the risk of processing money which were gained by criminal means.
AML and KYC procedures (respectively known as Anti-Money Laundering and Know Your Client) are obligatory for InplayBet employees. The AML officer and compliance Department are making sure that all the operations of InplayBet are consistent with the international standards for combatting money laundering and all the documents provided by the client are up-to-date and comply with relevant legal requirements.
- InplayBet performs compulsory initial (upon registration) and periodic KYC and AML checks of the Participants in order to conduct AML risk assessment. It does not continue relations with Participants whose conduct gives rise to reasonable suspicion of involvement with illegal activities. Accounts of such Participants will not be activated or will be blocked.
- All persons using Company’s services or products are identified and Money Laundering Officer is promptly provided with and advice of unusual or suspicious transactions or persons who can be identified as Publicly Exposed Person (PEP).
- Business participants are not able to register for gaming account.
- “Professional Gambler” and “Sporting professionals” categories are deemed as high risk and trigger Enhanced Due Diligence. InplayBet may close such accounts and return funds to their holders without any explanation.
- Full enhanced due diligence is conducted upon any identified PEPs. The holds the right to request additional documents or refuse to open an account for any person who falls under such category without any explanation.
- InplayBet may use Third Party Service providers to undertake KYC/AML/PEP screening.
- High net worth individuals with over €1,000,000 in liquid financial assets or those with over €500,000 in annual income are identified in open-source checks.
- InplayBet does not allow Participants, to utilise any of the Company’s products or services from jurisdictions outlined in its blocked jurisdiction resolution.
- A quarterly review is conducted across all registered participant jurisdictions. The review encompasses both AML/CFT and commercial considerations. The quarterly overview of the jurisdictions takes place in order to check that participants have not been accepted from FATF closed or deficient jurisdictions.
- If funds deposited or withdrawn by a Participant are over EUR 3,000 in 30 days period such Participants may be requested to provide additional ID documents or documents which verify his source of income.
- The Participants which upon Company’s consideration require enhanced due diligence will not be able to conduct the transaction that they are attempting (either a deposit or withdrawal will not be permitted) until they have satisfied the due diligence requirements accordingly.
- Multiple accounts are not permitted.
- All withdrawals are sent to the source from which the Participant deposited. In cases when such transaction cannot be performed, the Participant shall contact Participant Service and provide the reason, evidence and proof of the reason as to why they are requesting a different source for withdrawals.
- Company holds the right to perform enhanced KYC/AML checks on Participants who frequently change their payment processors.
- To activate an account, a Participant must provide InplayBet with details of their: First Name, Last name, Participant name (chosen), Gender, Date of Birth, Email Address, Residential Address, Nationality.
- Participants registering on the site are required to input a password of their choosing. No participant under the age of 18 can register with InplayBet . If their age is below 18, they are unable to register.
- Known problem gamblers will be excluded from registration as will gamblers who have previously been excluded from the site. Records will be maintained by the Company’s administration of all current, attempted and past registrations.
- Upon completion of all required fields and confirmation of agreement to the terms and conditions, an email will be sent to the registered participant at the email address provided. Registration will not take place if all fields are not completed. To activate the participant will be required to re-log on to the respective domain using the link provided, upon successful input of their password their account will be activated.
- No monies can be deposited with InplayBet and no bonuses allocated to the account until the account has been activated.
- When registering with a website owned by the Company, the account will not be opened unless the requested identity details are completed in full.
- The verification of identity may be completed via the verification screening conducted upon registration/first deposit depending on the information gathered. Should the screening report support enough information whereby the Participant’s name, address and date of birth can be relied on as being accurate then that will be sufficient for this purpose and no further information will be required from the Participant. However, consideration must also be applied should there be any other suspicion, for example if the Participant is underage and is using the details of an adult to register on the platform. In such circumstances further due diligence items should be requested from the Participant.
- Transaction reports are reviewed on a weekly basis, overseen by the MLRO.
- Company is making secure backups of Participant’s Data Records including but not limited to his verification documents, gaming activities and financial transactions.
- Records associated with a Participant (including all identification records and the financial transactions made by them) are maintained for a period of 5 years after the date of closure of the partner’s account or the date of the last transaction.
- Records associated with the register of internal and external disclosures and the register of money laundering and financing of terrorism enquiries will be maintained for a period of 5 years following the finalisation of the relationship with the related parties or for the period as advised by the FIU.