Know Your Customer (KYC): 

KYC or Know Your Customer is a vital element in the customer verification process. This is part of anti-money laundering – KYC is also called Expanded due diligence. For example, when we talk about online gambling areas, KYC is required, policies that help turn away fraudulent activity.

KYC is therefore undertaken so that it is guaranteed that the person filling in the registration details is the same as the one who is going to register on the site. It is common in the banking and the finance sector aimed at decreasing cons and money laundering. KYC is crucial for safeguarding against criminals, simply because KYC establishes and checks Personally Identifiable Information (PII) as well as valid identity documents, collections of such information.

It is a fact that the KYC processes are aimed at curbing abuse by ensuring that illegal users of the platform are properly respected and their identities checked. Carol and his team of researchers managed to have such KYC developed for their suspicious and high-risk members that aimed at monitoring, even banning them. Prevention of gambling by minors, multiple accounts in a gambling establishment by one individual, self-barring and gambling addicts – all these are issues that KYC also addresses. In the end, KYC not only fights against crime but also helps in making sure that fraudulent users do not go into online gambling platforms.

Anti-Money Laundering (AML):

 The gaming and gambling industries are profiting criminals and terrorists for money laundering and terrorism Financing. They utilize these areas to ‘clean’ their dirty money. A company, Cricaza, puts in place measures to protect its customers from such financial crimes. We are in compliance with a very good AML Compliance Program, which has been tailored to meet acceptable standards as well as legal requirements.

This work is carried out by our commitment to two KYC aspects pertaining to fighting financial crime with a gambling responsibly initiative:

Age Verification:

Gamblers who are underage are not permitted to participate in gambling. Legal age restrictions for various countries are marketed, In all areas in which we do business they are strictly adhered to.

Source of Funds Verification:

There is the assurance that customers will only gamble responsibly by spending what they can afford. This includes cross checking with the customer on foreign databases on income, cost of living and disposable income expectations for reasonableness for the purpose of responsible gambling.

Safeguarding Clients and Adhering to International Requirements:

We ensure customers’ funds are safe, and that the organization adheres to international laws on money laundering and the financing of terrorism. Our policy is bound by several legal regimes which include the following:

• National Ordinance Penalization of Money Laundering NOPML
• National Ordinance on the Reporting of Unusual Transactions NORUT0
• National Ordinance on Identification of Clients When Rendering Services NOIS
• EU Directive 2018/843
• FATF Financial Action Task Force Recommendations

To comply with these regulations, Cricaza established a Compliance Department which has general responsibility for the implementation of AML and KYC measures. This division reviews the measures implemented by all company employees and the measures all registered clients are required to comply to.

Secrecy and Compliance:

In accordance with the law, we owe no duty to customers or any third parties to disclose what specific measures we take in order to fight money laundering or the financing of terrorism. Yet in some cases, for instance, when an action is taken to suspend a service or an action where a request from a customer is denied, he may be informed or asked for further documentation.

The customers’ account opening on our platform is regulated by agreements or contracts that encompass terms and conditions. Accepting this AML policy implies that the customer understands and recognizes the systems designed to safeguard her/his data and our platform from potential misuse.

Both KYC and AML compliance do not stand only for regulator’s demands; their execution is valuable to every single user of Cricaza.org  in assuring a safe and trustable environment.