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KYC and AML Policy – Khelo24bet99.com

Objective of the AML Policy

Khelo24bet99 prioritizes the safety of its users and the integrity of its services. To ensure the authenticity of every Khelo24bet user account, we have implemented an identity verification procedure consisting of three separate steps. It is to ensure that the particulars of the customer truly represent him/her. Also, to make sure that the payment methods being utilized for processing deposits or withdrawals have not been misappropriated in a stolen or fraudulent manner. The whole system of identity verification can therefore nicely complement the prevention of money laundering.

In addition, things such as varying regulatory requirements, customer nationality, and source of funds may warrant variations in the approach to verification. Reasonable and appropriate measures are taken to mitigate, deter, and limit risks of unlawful financial activities.

Khelo24bet99.com is, therefore, an organization that uses stringent AML measures in conformity with European Union (EU) directives. Management and employees must comply with these standards and support the enforcement procedures to prevent the services from being abused by illegal financial activities.

Our AML Program complies with:

EU Directive 2015/849 on the prevention of ML by the misuse of the economic system.
EU Regulation 2015/847 on information accompanying fund transfers.
EU sanctions and restrictive measures against certain persons, entities, goods, and technology.
Belgian Law of 18 September 2017 on preventing ML and restricting cash use.

Definition of ML

ML in a broad sense means:

➢ Conversion or transfer of property, in particular funds, with the knowledge that it originates from some criminal activity, either to conceal its illegal source or to assist another to evade consequences.
➢ Concealment or disguise of the origin, ownership, movement, or rights associated with property known to come from unlawful activity.
➢ Acquisition, possession, or use of property with the knowledge of its illicit source at the time of receipt.
➢ Participation, facilitation, or attempts at committing any of the above activities.

ML applies even if the first crime, which is followed in the laundering process, occurred outside the jurisdiction of the European Union.

AML Organization

The AML Compliance Officer (AMLCO) shall supervise the enforcement of this policy. Under senior management authority, the AMLCO shall oversee and guide the procedures, implementations, and monitoring of compliance. Any major change in policy shall be approved by the AMLCO.

Three-Step Verification Process

Step 1 Verification

All customers must undergo this procedure before any withdrawal takes place. Basic identification information such as:

Name and surname
Date of birth
Country of residence
Sex
Full address

Step 2 Verification

For deposits and/or withdrawals exceeding USD 2,000. Transactions are held up until completion of this step. The following must be submitted by the customers:

A government-issued identification document
A photo of an ID with a handwritten note, along with the system-generated code
An electronic check of the information provided

If automated checks are not successful in confirming the first ID check, then other proof of residence, such as a government registration certificate, will be needed.

Step 3 Verification

For deposits or withdrawals above USD 5,000 or transfers over USD 3,000, the customer is required to provide a declaration of Source Of Wealth (SOW).

Customer Identification and Verification (KYC)

Verification of identity is paramount for both AML compliance and KYC standards. Customers are expected to furnish the following:

A copy of their Identity documents, such as a passport, driving license, and/or national ID, exhibited alongside a handwritten verification code.
An image of a facial type of photo of the customer with the Identity-related documents.

Personal details can be blurred for privacy with the exception of first name, last name, date of birth, gender, nationality, and photo.

Proof of Address

The address verification is by searching through the electronic database. If it is not possible to verify via electronic means, then the client will be asked to submit a utility bill, bank statement, or government-issued evidence of residence, recent (not more than 3 months), having a clear name and address.

Source of Wealth

The customer is to disclose sources of funds, where applicable, for transactions that exceed EUR 5,000. Some of the virtually acceptable sources are:

Business ownership
Employment income
Investments
Inheritance
Contribution from family members

In the event the origin is questionable, then additional documentation may be requested. We reserve the right to place the account on hold until verification is completed.

Risk Management

Khelo24bet99.com stratifies foreign countries into three risk classes:

Category 1 (Low Risk): The Standard three-step process is adhered to.
Category 2 (Medium Risk): Lesser thresholds are invoked. Step 2 commences from USD 1,000 and Step 3 from USD 2,500. Clients utilizing cryptocurrency are also categorized under this.
Category 3 (High Risk): There is a prohibition for Clients coming from these jurisdictions. The list of such jurisdictions is regularly updated.

Monitoring and controls

At Khelo24bet99.com, we have been using both automated systems and human intervention while investigating anomalous activities:

Fast deposits and withdrawals, with no spending pattern
Different bank accounts are used for deposits and withdrawals.
Country inconsistency and variation in currencies.
Incongruity with the customer profile indicates suspicious activity.

To mitigate the associated money laundering risk, customers shall withdraw funds using the same method chosen upon deposit.

Enterprise-wide risk assessment (EWRA)

An annual AML risk assessment is conducted to identify risks associated with the vulnerability of services, customer types, transaction behavior, delivery channels, and geographical exposure. This risk assessment is reviewed and updated yearly.

The following are limiting controls:

Monitoring of Transactions

First Line of Control

Only approved payment providers with effective AML frameworks are used.

Second Line of Control

Staff interactions with customers require vigilance. Any financial service request may trigger additional due diligence checks.

Third Line of Control

High-risk accounts undergo manual review. Suspicious activities may be reported to the authorities if fraud or money laundering is detected.

Reporting Suspicious Transactions

In-house guidelines assist staff in recognizing unusual activities and reporting them. The AML team is charged with evaluating those cases.

If any cases are deemed appropriate, they will be escalated to the FIU, or customer relationships may be terminated.

Procedures and Record Keeping

All AML and KYC standards are incorporated into operational guidance available internally.

Identification records are stored for 10 years after account closure.
Transaction data is stored for 10 years after completion.
Data is encrypted and secured both online and offline.

Training and Awareness

Employees receive mandatory AML training tailored to their role. This includes:

Induction training for new hires
Regular updates on AML regulatory changes
Academic learning sessions delivered by AML specialists

Auditing

Internal audits are conducted periodically to review AML procedures, ensuring efficiency and compliance with regulatory standards.

Data Protection

All user data is securely stored and never shared with third parties, except when required by law or requested by relevant AML authorities. Khelo24bet99.com complies with Directive 95/46/EC on data protection.