AML (Anti-Money Laundering) policy and KYC for Gad.bet

Financial security is extremely important in the activities of any organization. AML and KYC policy is a customer verification process related to money transfers. It is carried out before the provision of financial services. In the case of modern financial technologies, the transaction tools already include certain security measures, while the online casino and streaming platform Gad.bet complies with the provisions on countering the legalization (laundering) of proceeds from crime and the financing of terrorism (AML / CFT). We carry out additional verification in cases of suspicious transactions.

Most often, the conditions of modern banking involve the rejection of the anonymity of transactions. Banks and other financial institutions in most cases advocate the transparency of transactions, whether it is withdrawing money to a card or buying foreign currency.

To cope with the growing demand for financial services and the urgent need for increased security and fraud protection in the casino industry, the regulator KYC (Know Your Customer or Know Your Client) is becoming more popular. KYC and AML are mandatory procedures in many jurisdictions. They help in reducing the risk of banks and companies being used as vehicles for financial crimes.

However, what kind of data to request from the client is decided by the services themselves, since there is no single standard. For example, cryptocurrency exchanges can request full name, date of birth, mail, phone number, residential address, ID. Banks may require a copy of your passport, driver's license, other document or other data. KYC procedures can also include limits in an online casino for withdrawing cash from an account or verifying a client's identity using a code from an SMS or in another way.

The purpose of this procedure is to determine whether it is worth making a deal with this user, whether he bears risks for the company or other clients. The procedure is based on the collection of personal information and its verification using special software. This is usually a multi-stage operation, which may even involve third-party independent reviewers. Thus, casinos and financial institutions that provide their services to the institution can determine the degree of risk for each client.

AML (Anti-Money Laundering) includes the identification, storage and exchange of information about users, their income and transactions between organizations and departments. AML consists of several protection tools to help stop financial crimes at the time of their occurrence or even before they are committed.

The main difference between KYC and AML is that KYC is a procedure whereas AML is a complete structure. KYC refers to identity verification procedures used to verify that customers are who they say they are. AML is a generic term for the entire set of mechanisms used to protect casinos from money laundering and financial crime. The combination of AML and KYC helps financial institutions and casinos prevent illegal activities in time.

Sometimes AML and KYC compliance seems like a simple bureaucratic procedure. However, the growth of cybercrimes and online fraud is increasing, so more and more casinos are aiming to expand their security policies. Identity verification and risk assessments KYC and AML represent a full range of anti-money laundering and modern protection against financial crimes.