KYC Policy

KYC and AML Policy at Playinexch

Last Updated: 21.12.2024

Objective

At Playinexch 247, we prioritize the security and integrity of our users' transactions by implementing comprehensive anti-money laundering (AML) policies. Our primary goal is to ensure that all users are properly authenticated, protecting the platform and individuals from money laundering (ML) and other illegal activities. We aim to adhere to the highest standards to comply with international and national AML regulations. This policy outlines the processes and steps users must follow to ensure AML compliance, prevent fraudulent activity and maintain a trusted environment for all users.

Rules of Compliance

Playinexch 247 is fully committed to complying with European Union (EU) and national AML regulations, ensuring maximum protection for our users. The following regulatory policies are guided by our AML policies:

• EU Directive 2015/849: Focuses on combating money laundering and terrorist financing through special measures to be taken by financial institutions and businesses.
• EU Regulation 2015/847: Addresses requirements for providing information affecting transfers to prevent illegal activities.
• Belgian Legislation of 18 September 2017: Legislation concerned with the prevention of money laundering and includes measures to limit the use of money in business transactions.

Money Laundering (ML) Definition

Money laundering is the act of concealing illegally obtained funds and can often take several forms through complicated financial transactions, including:

• Transfer or Acquisition of Criminal Property: The switch or transfer of assets regarded to be the end result of unlawful activity, specially funds.
• Concealing or Misrepresenting the True Nature of Property: This includes covering up the source, locality, or possession of property that is derived from unlawful activities.
• Acquisition or Use of Criminally Obtained Property: The acquisition or use of funds regarded to be of illegal origin.
• Aiding and Favoring Criminal Activities: Assisting others to avoid criminal consequences or assisting in criminal violations related to money laundering.

ML activities are considered illegal regardless of the jurisdiction they are conducted in.

AML Organization and Responsibilities

Playinexch 247 has established a strong organizational structure to maintain the integrity of our platform and comply with AML regulations:

• Management Responsibility: Senior management ensures the effective implementation of AML procedures and guidelines.
• AML Compliance Officer (AMLCO): The AMLCO oversees the implementation of AML policies and ensures compliance with both internal and regulatory standards.

Verification Process

We offer comprehensive guidance to users to ensure the integrity of their monetary activities and prevent money laundering. The verification process includes three steps:

Step 1 - Initial Assessment

Before withdrawing funds, users need to provide the following personal details:

• Full Name
• Date of Birth
• Gender
• Country
• Complete Residential Address

Step 2 - Detailed Analysis

Users who deposit or withdraw more than $2,000 (or equivalent local currency) must provide proof of identity, such as a passport or national ID, along with a random six-digit code created by Playinexch. A selfie with the ID may also be required.

Step 3 - Source of Wealth Verification

For deposits or withdrawals greater than $5,000 or transfers exceeding $3,000, users must verify the source of their funds. Documentation supporting the source of wealth (e.g., business ownership, employment, inheritance) will be requested.

Customer Identification

As part of the Know Your Customer (KYC) process, users must submit valid identification documents, including:

• A passport, national ID, or driving license
• A handwritten note containing six random digits generated by the Playinexch site
• A selfie holding the ID, showing the face and the identification document clearly

Proof of Address

We use digital checks through databases to confirm the user’s address. If these checks fail, users must provide proof of address in the form of recent utility bills (gas, electricity, water) or official documents such as bank statements.

Source of Wealth (SOW) Verification

If a user deposits more than $5,000, they must provide additional documentation to verify the source of their wealth. This may include proof of business ownership, employment details, or inheritance.

Risk Management

Playinexch 247 employs a risk-based approach to categorizing countries based on their economic conditions and potential risk levels:

• Low Risk: Regular KYC checks apply.
• Medium Risk: Stricter deposit/withdrawal limits and enhanced KYC checks.
• High Risk: Users from high-risk areas are not allowed on the platform.

Ongoing Monitoring & Compliance

We monitor user activities continuously to detect any unusual behavior or suspicious activities. If any such activities are flagged, they are investigated further and may be reported to the relevant authorities.

Enterprise-Wide Risk Assessment

We perform an annual Enterprise-Wide Risk Assessment (EWRA) to evaluate and mitigate risks associated with our platform, services, users, and geographies.

Report Suspicious Behavior

Our team is trained to detect and report suspicious activities. These reports are reviewed by the AML team, and if necessary, the issues are escalated to the relevant authorities for further investigation.

Procedures and Record Keeping

All customer records and transaction data are securely stored for at least 10 years after the business relationship ends. All data is encrypted to ensure security and privacy.

Training

Employees receive specialized AML training to ensure compliance with regulations. Training includes mandatory programs for those involved in financial transactions and sessions for new hires.

Data Security

We conduct periodic internal audits to ensure AML practices are followed and data protection laws are respected. All user data is securely stored and protected from unauthorized access.

Contact Us

If you have any questions about our AML and KYC policies, please contact our support team:

Email: support@playinexch.com

Phone: 1800 257 5008