BC Game Anti-Money Laundering (AML) Policy
What is Money Laundering?
Money laundering means the process of making illegally earned money appear as legally earned income. It consists of three stages, usually:
- Placement: Illegally earned money is presented into the financial system through deposits or any other form.
- Layering: It is a point where separation of illegal money from origin is done by going through complex financial transactions like converting money into money orders, checks, bonds, or any investment.
- Integration: The money is now “washed” money utilized in licit transactions, which are backtracking to the criminal origin. This process makes it difficult to trace.
BC Game AML Policy
BC Game realizes that the online gambling services do carry some specific risks related to money laundering and terrorist financing. BlockDance B.V. has in place prudent measures, processes, and internal controls that might help to avoid or minimize such risks. These are practices that adhere to the applicable laws of Curacao, concerning adherence to anti-money laundering legislation.
Hereby, BlockDance BV’s AML policy is targeted at disclosing, preventing, and reporting the very intentions of attempts to use BC Game services to further money laundering or terrorist financing. It is subjected to constant changes regarding changes in legislation and best practice within the industry. The following can be included but are not limited to the most important constituents of the policy:
- Internal processes to prevent money laundering;
- Extensive customer verification – Know Your Customer (KYC);
- Assessing risks related to money laundering;
- Definition of those kinds of clients whose identity should be verified.
- Performing enhanced verification when needed;
- Reporting suspicious activity to the appropriate authorities.
BC Game Compliance Requirements
In order to achieve compliance with the AML, BC Game requests that all users bet at least once on all deposits made to their account prior to requesting any withdrawals. This way, this website is not used for carrying out criminal financial transactions. A withdrawal might either be delayed or simply not be made available up until such time when this condition is fulfilled.
To be more specific, in depositing $100 for instance, one needs to make $100 worth of bets to be able to withdraw his winnings. If he is able to make a profit of $58 thru these bettings, then he can withdraw $158. Further betting activities can also be done in order to gain more rewards.