KYC-AML Policy

1. INTRODUCTION

betsea.net is operated by Raw Entertainment B.V., (hereinafter “BetSea”, “Company”, “We” or “Us”), a company duly incorporated under the laws of Curaçao with the company number 157205, and registered office at Korporaalweg 10, Curaçao, that operates the website under the license 8048/JAZ2021-031 issued by the Government of Curacao.

As a reputable worldwide business and a reference in the gambling industry, BetSea expressly condemns, prohibits and rejects the use of its website and services for any form of illicit activity, including money laundering and terrorist financing.

BetSea as implemented a set of measures and internal procedures that help identify and deter illicit activities on its website and that comply with Curaçao applicable regulations in regards to Anti-Money Laundering and Prevention of Terrorism Financing and follow the industry's best practices.

2. WHAT IS MONEY LAUNDERING AND TERRORISM FINANCING?

Money Laundering – Money laundering is the process by which the proceeds of crime are processed / “washed” through the financial system in an effort to disguise their illegal origin. Money laundering is split in 3 stages:

  • a) Placement - This is when illegal money is separated from criminal activity and introduced into the legitimate financial system.
  • b) Layering – Once the money is in the legitimate financial system, it is fed through a complex web of financial transactions. This helps to complicate and obscure the trail that leads back to the criminals and their illegal activity.
  • c) Integration - This describes, when criminals introduce their illegally obntained funds into the economy through a seeminly legitimate source or transaction, therefore making the dirty money appear clean.

Terrorism Financing – Is the process of collection or receipt of funds with the intent or knowledge that the funds will be used to finance or carry out an act of terrorism.

3. HOW DO WE FIGHT IT?

BetSea established a set of measures, internal procedures and policies that help detect and prevent its website and services from being used for illicit activities such as money laundering and terrorism financing. The measures and procedures implemented by BetSea are split in different layers:

  • a) Internal Policies & Procedures;
  • b) Know Your Customers;
  • c) Transactions Monitoring;
  • d) Governance & Training;
  • e) Reporting.

4. KNOW YOUR CUSTOMER

BetSea applies appropriate due diligence measures to its players at registration and during the ongoing relationship with the player. The due diligence process is split in different stages and can be performed at different moments in time depending on the player's activity on the website. Through the due diligence process, BetSea will:

  • a) Check the players’ identity (name, date of birth, address, etc.);
  • b) Perform PEP and Sanctions checks; and
  • c) Understand where the player funds come from as and where appropriate.

5. TRANSACTION MONITORING

At BetSea we are conscious that preventing money laundering and terrorist financing also requires checking our players' transactions. Accordingly, We have implemented a transactions monitoring system that is a mix of internal and external software tools that help detect, deter and report potential illicit activities on the website by analysing players’ gameplay patterns and activity. This information is equally used to understand the players’ risk and help review and improve our control systems.

6. GOVERNANCE & TRAINING

BetSea has appointed an MLRO, which is responsible for coordinating the implementation of the AML Policy and developing AML initiatives that help improve the internal procedures. The MLRO is also responsible for working with other stakeholders in revising the AML policy, assessing new regulatory requirements and investigating potentially suspicious or unusual activity.

Additionally, BetSea is committed to building an AML awareness within its organisation through providing annual AML training to all of its employees, regardless of seniority.

7. REPORTING & COLLABORATION

As a regulated Curaçao online casino, BetSea has implemented the adequate procedures to detect and report any unusual or suspicious transactions to the Curaçao Financial Intelligence Unit (FIU). BetSea is also open to collaborating with all government authorities that perform investigations regarding illicit activities that might require BetSea collaboration.

8. CONTACTS

If you have any questions regarding this policy or want to report any suspicious activity, please contact our support team through support@betsea.net .