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AML Policy at Candy Spinz Casino

Candy Spinz Casino » AML Policy

Welcome to Candy Spinz Casino. Our Anti-Money Laundering (AML) Policy outlines the comprehensive measures we implement to prevent financial crimes such as money laundering and fraud. This policy is designed to protect both our customers and our business, ensuring a secure and trustworthy gaming environment.

Commitment to AML Compliance

At Candy Spinz Casino, we are fully committed to adhering to all relevant AML regulations and guidelines. Our dedication to responsible gaming and regulatory compliance ensures that we maintain the highest standards of integrity and security for our users. By enforcing stringent AML procedures, we aim to safeguard our community from potential financial misconduct and uphold a safe gaming experience for everyone.

Experience and Expertise

Candy Spinz Casino possesses extensive experience in securing gaming businesses against criminal misuse. We have implemented wide-ranging anti-fraud and anti-money laundering processes, procedures, and comprehensive staff training programs. Our expertise ensures that we are well-equipped to handle and mitigate any threats related to financial crimes within our operations.

Knowledge of Regulatory Frameworks

Our future training programs are underpinned by a deep understanding of the Proceeds of Crime Act and the indicators of money laundering typically detected in a gaming environment, especially in Card Not Present (CNP) transactional settings. The director of Candy Spinz Casino is thoroughly knowledgeable about all aspects of the Proceeds of Crime Act and is responsible for imparting AML measures and requirements to our team, having successfully secured major remote and non-remote gaming businesses in this field.

Anti-Money Laundering and Transaction Fraud

Gaming platforms are often targeted by individuals aiming to launder money. The rapid pace of transactions and the use of multiple payment processing options make gaming businesses particularly vulnerable to such activities. Recognizing this, many of our initial trading and procedural decisions are directly aimed at combating this threat or enhancing protections as a byproduct of our overall commercial and trading strategies.

Staff Training and Awareness

All Candy Spinz Casino staff receive training on identifying money laundering indicators, including but not limited to:

  • Unusual betting patterns
  • Suspicious deposit and withdrawal activities (size and frequency)
  • Reliability of provided data
  • Customer verification issues and identity theft
  • Account linkage or multiple accounting

Reporting Suspicious Activities

Any suspected instances of money laundering must be reported to the Money Laundering Reporting Officer (MLRO) immediately. It is crucial that such suspicions are not disclosed to the customer. The MLRO is responsible for liaising with and submitting Suspicious Activity Reports (SARs) through the goAML system of the Financial Intelligence Unit (FIU) Costa Rica, as appropriate. Additionally, the MLRO ensures that comprehensive registers are maintained for all related reporting activities.

Comprehensive Know Your Customer (KYC) Policy

Candy Spinz Casino has implemented a robust ‘Know Your Customer’ (KYC) policy. This policy not only addresses money laundering threats but also mitigates other forms of fraud. Customers are informed during registration and through our non-transactional website that we utilise online verification tools. In cases where verification criteria are not met, ID and address verification documents will be requested.

Withdrawal and Transaction Controls

To enhance our AML protections, we have established specific procedures, including:

  • Setting period thresholds and velocities for withdrawals
  • Requiring checks and director approval for card withdrawals and bank transfers exceeding €3,000 in a single transaction
  • Limiting withdrawals to a maximum of three daily transactions and an overall daily withdrawal cap of €9,000

Enhanced Due Diligence Standards

Withdrawals exceeding €3,000 within a single 24-hour period and €9,000 within a 90-day period trigger Enhanced Due Diligence (EDD). In such cases, further proof through ID and address verification is required. Simple online verification is insufficient for these high-risk transactions.

Cashless Operations

Our business model eliminates the cash element, thereby mitigating risks associated with counterfeit money. All financial transactions are conducted through secure, authorized payment methods to ensure proper tracking and verification.

Transaction Recording and Monitoring

Candy Spinz Casino maintains detailed records of all account transactions. These histories undergo regular and continual checks against fraud and social responsibility indicators. Unusual betting and winning patterns are cross-referenced with call history to prevent collusion between staff and customers or illicit activities.

High-Risk and Politically Exposed Persons (PEPs)

We maintain a register of customers identified as high-risk or politically exposed persons (PEPs). These accounts are subject to heightened scrutiny and more frequent checks to ensure compliance with AML standards.

Investigatory and Disciplinary Procedures

In instances of illegal or inappropriate behavior by staff, Candy Spinz Casino enforces investigatory and disciplinary procedures as outlined in staff contracts and employment law directives. Measures such as suspension are implemented when transactional fraud is suspected, ensuring that such activities, which may be part of an employee’s role, are appropriately managed.

Security and Monitoring

Implementing adequate monitoring procedures across all aspects of our gaming business—premises, equipment, people, communications, and transactions—is essential. Candy Spinz Casino has established a range of measures to ensure security and safety in these areas.

Call Recording Technology

We have installed call recording technology, which provides multiple benefits, including:

  • Enhancing staff training
  • Ensuring the accuracy of bet timing, placement, and transaction data
  • Protecting customer and brand reputation
  • Implementing robust monitoring procedures to deter and detect collusion between staff and customers

Data Protection and Encryption

The protection of data and the security of our software and hardware are of paramount importance. We adhere to a strict policy of ‘Encrypt whatever can be Encrypted,’ ensuring that all sensitive data is protected during transmission and storage. Access to shared drives is strictly limited and monitored, with appropriate password protections in place. Our data storage and backup solutions ensure that customer data remains inaccessible to unauthorized parties and is reliably protected against loss.

Responsible Relationships with Customers and Businesses

Candy Spinz Casino publishes our Terms and Conditions alongside our KYC and AML policies on our website. These documents specifically reference fraudulent activities, match-fixing, and suspicious events. They outline the actions we may take if cheating is suspected or identified and detail the extent of our cooperation with regulators and sports governing bodies to address these issues, fostering a transparent communication process with our customers.

Confidentiality in Serious Criminal Activity

In cases where serious criminal activity is suspected or identified, it is imperative that neither the director nor the staff ‘tip off’ the suspected individuals about these suspicions and subsequent investigations. Alternative approaches and appropriate staff training and escalation procedures are in place to handle such situations discreetly and effectively.

Propriety in Business Relationships

We ensure the propriety of our relationships with other businesses by implementing a standardized due diligence approach, often accompanied by Non-Disclosure Agreements (NDAs) where appropriate. This process includes default disclosure of ownership and management structures, company incorporation details, and contact information. All investigations are templated, and records are meticulously maintained to ensure transparency and compliance.

Contact Information

If you have any questions or require assistance regarding our AML Policy, please do not hesitate to contact our support team:

Changes to the AML Policy

We may update this AML Policy periodically to reflect changes in our practices or legal requirements. The date of the latest revision will be indicated at the top of this page. Significant changes will be communicated to you via email. Continued use of Candy Spinz Casino after such updates constitutes your acceptance of the new policy.

Your Obligations

By using Candy Spinz Casino and providing your personal data, you agree to:

  • Provide Accurate Information: Ensure that all information and documents submitted are accurate, current, and complete.
  • Update Information: Inform us promptly of any changes to your personal information to maintain its accuracy.
  • Comply with Laws: Adhere to all applicable laws and regulations regarding online gambling and data protection.

Failure to comply with these obligations may result in the rejection of your registration, suspension, or termination of your account without notice, and you will forfeit any rights to compensation.