AML & KYC Policy
At Khelo24bet, we are committed to maintaining the highest standards of security and transparency. Our Anti-Money Laundering (AML) and Know Your Customer (KYC) policies are designed to protect our users, prevent fraudulent activity, and ensure a safe gaming environment for everyone.
This page explains our verification process, the documents you may need to provide, and our commitment to keeping your data secure.
What is Money Laundering?
Money laundering is the process of concealing the origins of money obtained through illegal activities. It typically involves three stages:
– Placement: Introducing illegal funds into the financial system
– Layering: Moving funds through multiple transactions to obscure their origin
– Integration: Using the funds as if they were legitimate
Khelo24bet actively works to prevent money laundering by verifying user identities, monitoring transactions, and reporting suspicious activity.
Our Commitment to Compliance
Khelo24bet operates in full compliance with applicable laws and regulations. We have implemented a robust AML framework that includes:
A dedicated Anti-Money Laundering Compliance Officer (AMLCO)
A three-tier verification process based on transaction volume and risk
Continuous monitoring of user accounts for suspicious activity
Secure record-keeping and data protection measures
Regular training for our employees on AML and KYC procedures
The AMLCO – Anti-Money Laundering Compliance Officer
Khelo24bet has appointed a dedicated Anti-Money Laundering Compliance Officer (AMLCO) who is responsible for:
Enforcing the AML policy across the platform
Ensuring all employees comply with AML procedures
Monitoring and updating the policy as needed
Liaising with relevant authorities when required
The AMLCO works closely with our compliance team to ensure that Khelo24bet remains a secure and trustworthy platform for all users.
Three-Step Verification Process
To ensure the security of all accounts, Khelo24bet implements a three-step verification process. The level of verification required depends on the user’s activity and transaction volume.
Step One: Basic Verification
Step one verification must be completed by every user before they can withdraw funds. This step is required regardless of the payment method, amount, or nationality.
Users must fill out a document with the following information:
– First name
– Second name
– Date of birth
– Country of usual residence
– Gender
– Full address
This document is accessible via the settings page on Khelo24bet. The document will be created using an automated system, with employees conducting additional checks if necessary.
Step Two: Enhanced Verification
Step two verification must be completed by every user who deposits or withdraws over $2,000. Until this verification is complete, the withdrawal, tip, or deposit will be held.
Users must provide:
– A clear picture of their official ID (passport, ID card, or driving license)
– The ID must be shown alongside a paperclip with a six-digit randomly generated number
– The electronic check will verify the filled-in data from step one via two different data banks
– If the electronic test fails, the user must provide a confirmation of current residence (a government certificate or similar document)
Step Three: Full Verification
Step three verification must be completed by every user who:
– Deposits over $5,000
– Withdraws over $5,000
– Sends another user over $3,000
Until this verification is complete, the withdrawal, tip, or deposit will be held. For step three, a user will be asked for a Source of Wealth (SOW).
Customer Identification and Verification (KYC)
The formal identification of customers is a vital element of our AML and KYC policy.
Required Documents
Users must provide:
– A copy of your passport, ID card, or driving license, shown alongside a handwritten note mentioning six randomly generated numbers
– A second picture showing the face of the user/customer
– All four corners of the ID must be visible in the same image
– All details must be clearly readable
– Users may blur out every other information besides date of birth, nationality, gender, first name, second name, and the picture to secure their privacy
Photo Guidelines
To ensure your verification is processed quickly, please follow these guidelines:
– Ensure good lighting
– Make sure all text is clearly visible
– Show all four corners of the document
– Do not obscure any required information
– Ensure the handwritten note with the random number is clearly visible
Proof of Address
Proof of address will be done via electronic checks using two different databases. If an electronic test fails, the user has the option to make a manual proof:
– A recent utility bill sent to your registered address, issued within the last 3 months
– An official document made by the government that proves your state of residence
Examples: Electricity bill, water bill, bank statement, or any governmental post addressed to you.
Source of Wealth (SOW)
If a player deposits over a certain threshold, we require an understanding of the source of wealth (SOW). Examples of SOW include:
– Ownership of business
– Employment
– Inheritance
– Investment
– Family
It is critical that the origin and legitimacy of that wealth is clearly understood. The account will be frozen if the same user deposits either this amount in one go or through multiple transactions.
Transaction Monitoring
We continuously monitor all transactions on our platform to detect suspicious activity.
What We Monitor:
– Unusually large deposits or withdrawals
– Rapid deposits followed immediately by withdrawals
– Attempts to use multiple accounts
– Changes in user behavior or activity patterns
– Use of different payment methods for deposit and withdrawal
Three Lines of Control:
- The First Line of Control: Khelo24bet works solely with trusted Payment Service Providers who all have effective AML policies in place.
- The Second Line of Control: Khelo24bet makes its network aware so that any contact with the customer must give rise to the exercise of due diligence on transactions.
- The Third Line of Control: Khelo24bet will do manual checks on all suspicious and higher-risk users to fully prevent money laundering.
Automated Monitoring
An automated system, overseen by the AML Compliance Officer, will look for any unusual behavior and report it right away to an employee. Human employees will recheck all system checks and may redo or do additional checks based on the situation.
Risk Indicators
A data scientist, supported by modern electronic analytic systems, will look for unusual behavior like:
– Depositing and withdrawing without longer betting sessions
– Attempts to use a different bank account for deposit and withdrawal
– Nationality changes
– Currency changes
– Behavior and activity changes
– Checks if an account is used by its original owner
Note: Users must use the same method for withdrawal as they used for deposit, for the amount of the initial deposit, to prevent money laundering.
Suspicious Transaction Reporting
Reports of atypical transactions are analyzed within the AML team. Depending on the result of this examination, the AML team will:
– Decide whether it is necessary to send a report to the relevant authorities
– Decide whether it is necessary to terminate the business relations with the customer
When suspicious activity is detected, we take immediate action, including:
– Temporarily freezing the account
– Requesting additional information from the user
– Reporting the activity to the relevant authorities
– Terminating the business relationship if necessary
Risk Management
Khelo24bet categorizes every nation into three different regions of risk.
Region One: Low Risk
For nations from region one, the three-step verification is done as described earlier.
Region Two: Medium Risk
For nations from region two, the three-step verification will be done at lower deposit, withdrawal, and tip amounts:
Threshold | Amount |
Step Two | Depositing $1,000, Withdrawing $1,000, or Tipping $500 |
Step Three | Depositing $2,500, Withdrawing $2,500, or Tipping $1,000 |
Additionally, users from a low-risk region that change cryptocurrency into any other currency will be treated as medium risk.
Region Three: High Risk
Regions of high risk will be banned. High-risk regions will be regularly updated to keep up with the changing global environment.
Prohibited Conduct
To maintain a secure platform, the following activities are strictly prohibited:
– Using fabricated, stolen, or altered KYC documents
– Attempting to bypass verification procedures
– Using multiple accounts to circumvent limits or verification requirements
– Engaging in any form of money laundering or terrorist financing
– Using the platform for any illegal activity
– Sharing your account with others
Violation of these prohibitions may result in immediate account suspension and reporting to the relevant authorities.
Record Keeping
Records of data obtained for the purpose of identification must be kept for at least ten years after the business relationship has ended. Records of all transaction data must be kept for at least ten years following the carrying-out of the transactions or the end of the business relationship. These data will be safely encrypted and stored offline and online.
Training
Khelo24bet human employees will make manual controls on a risk-based approval for which they get special training. The training and awareness program includes
– A mandatory AML training program in accordance with the latest regulatory evolutions, for all in touch with finances
– Academic AML learning sessions for all new employees
Data Security
All data given by any user or customer will be kept secure and will not be sold or given to anyone else. Only if forced by law, or to prevent money laundering, data may be shared with the AML authority of the affected state.
Khelo24bet follows strict data protection standards to ensure your personal information remains safe.
Policy Maintenance
This policy is reviewed periodically to ensure it remains effective and up to date. Any changes will be communicated to users through the website.
Contact Us
If you have any questions about our AML and KYC Policy, please contact us:
Email: compliance@khelo24bet7.com
If you have any complaints about our AML and KYC Policy or about the checks done on your account and your person, please contact us:
Email: compliance@khelo24bet7.com