JungliWIN AML and KYC Policy
With recent increases in fraud and other types of digital crime including money laundering, regulations are stronger than ever. By definition, money laundering is the practice of cleaning up money that has been obtained illegally. To provide its customers with high-quality services, safety, and fairness, Jungliwin integrates into its work such policies as AML and KYC. AML or anti-money laundering refers to the steps the gambling provider takes to prevent cyber criminals from depositing or transferring funds that came from illicit activity. These regulations are used to avoid human trafficking. In its turn, KYC stands for Know Your Customer which refers to the standard that ensures the provider can verify a client’s identity and know its client’s investment knowledge and financial profile.
Components of KYC
The three major components of KYC involve:
- Customer Identification Program (CIP) must be conducted to verify that customers are who they say they are and are being truthful about the business they engaged in. The CIP is intended to enable the company to form a reasonable belief that it knows the true identity of each customer. Thus, the program sets the minimum requirements for onboarding new clients;
- Customer Due Diligence (CDD) is a series of checks to help the provider to verify its users’ identities and assess their risk profiles. CDD involves analyzing information from different sources, including the customer, sanctions lists as well as public and private data sources. There are two variants of the CDD procedure: Simplified Due Diligence (SDD) and Enhanced Due Diligence (EDD). The first one is applied to customers and accounts deemed to be at very low risk, while the second one is carried out towards a customer that is at higher risk.
The Purposes of the Policy
- To obtain data and develop employee awareness on the prevention of laundering proceeds of crime and financing of terrorism;
- To estimate users, transactions, and services offered with a risk-based approach and to mitigate those risks;
- To comply with the obligations regarding local regulations.
KYC process includes:
- ID verification to ensure the company is not allowing underage gambling. The age requirement for gambling on the site is 18 years old. It is also used to check whether you have self-excluded from gambling and to confirm your identity. To go through the ID verification, you will need your passport, a driving license, or a household bill;
- Face verification to identify criminals by matching facial features captured on video with an available photo database;
- Document verification such as utility bills serves as proof of address.
How to Pass the KYC Verification
Under the Jungliwin Terms and Conditions, a registered user must undergo the KYC verification procedure to be allowed to cash out his winning money from the account. To pass the verification, you need to:
Click on the verification button at the end of the registration;
Enter your email box;
Apply the scan of a document that will prove your identity (it can be your passport, a driving license, or another governmental document);
After the verification is passed successfully, you will be able to withdraw your funds from the account.
Compliance Officers are responsible for ensuring that all corporate processes and procedures comply with the law. And not only the law — a Compliance Officer is responsible for ensuring that company operations comply with internal standards too. They use research and communication skills to provide information about complex regulations which can help the company with proper legal requirements.
Other Measures Aimed at the AML Policy
Suspicious transaction reporting
A Suspicious Transaction Report (STR) is a document that financial institutions must file with their Financial Intelligence Unit (FIU) whenever there is a suspected case of money laundering or fraud. If a reporting entity suspects or has reasonable grounds to suspect that funds are the proceeds of criminal activity, or are related to terrorist financing, it shall as soon as possible but no later than 3 days report promptly its suspicious to the FIU.
AML training is an important step in motivating employees to stay vigilant, report potential misconduct, and understand their role in creating and maintaining a culture of compliance. An effective AML training program should focus on relevant information, example,s and actionable insights that increase employees’ understanding of what is money laundering and how to spot red flags.
Internal audits evaluate the company’s internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. The internal audit activity is effective in estimating as it has qualified, skilled, and experienced people who work in accordance with the Code of Ethics and the International Standards.