KYC Policy: Ensuring Security and Compliance

Demystifying KYC: Know Your Customer Explained

KYC stands for “Know Your Customer” or “Know Your Client,” and it refers to a set of policies, procedures, and practices that businesses and organizations, particularly in the financial and banking sectors, use to verify the identity and assess the background of their customers or clients. The primary goal of a KYC policy is to prevent illegal activities, such as money laundering, terrorist financing, fraud, and other financial crimes, by ensuring that the entities they engage with are legitimate and trustworthy.

Baji’s KYC Policy Elements: What You Need to Know

Baji’s KYC policy involves the following key elements:

When a user accumulates lifetime deposits exceeding EUR 2000 or requests any withdrawal within the platform, they are required to complete the full KYC process.

During the KYC process, users must provide basic personal information and upload the following documents:

• A copy of their Government Issued Photo ID (in some cases, both front and back).
• A selfie with themselves holding the ID document.
• A bank statement or utility bill.

Upon submission, the user’s status will temporarily change to “Temporarily Approved.” The KYC Team will review the documents within 24 hours and notify the user of one of the following outcomes:

• Approval;
• Rejection;
• Request for More Information (No change in Status).

Status During “Temporarily Approved” Phase:

While in the “Temporarily Approved” status, users can:

Use the platform normally.

Deposit up to EUR 500 in aggregate.

Not complete any withdrawals.

Guidelines for the KYC Process:

Proof of ID:

a. Ensure the ID has a signature.

b. Ensure the user is not from a restricted country (e.g., United States, France, Netherlands, Australia, United Kingdom, Spain).

c. Verify that the full name matches the client’s name.

d. The document should not expire within the next 3 months.

e. The document owner must be over 18 years of age.

Proof of Residence:

a. Provide a recent bank statement or utility bill.

b. Ensure the user is not from a restricted country.

c. Verify that the full name matches the client’s name and matches the proof of ID.

d. The document should be issued within the last 3 months.

Selfie with ID:

a. Ensure the person in the selfie matches the ID document.

b. Verify that the ID document matches the one submitted in the proof of ID section.

Notes on the KYC Process:

If the KYC process is unsuccessful, the reasons will be documented, and a support ticket will be created, with the ticket number and an explanation communicated back to the user.

Once all required documents are in the possession and approved, the user’s account will be approved.

AML Measures in the company: Safeguarding the Industry

Anti-Money Laundering (AML) measures in the company are essential to prevent illicit funds from being used within the gambling industry. AML regulations and practices in betting sites help identify and report suspicious activities, ensuring compliance with legal requirements. Here are some key AML measures commonly implemented:

Customer Identification and KYC (Know Your Customer): BJ typically require players to provide verifiable identification before they can deposit funds or make withdrawals. This includes providing personal information, proof of identity, and sometimes proof of residence. The KYC process helps verify the player’s identity and ensures they are of legal gambling age.

Transaction Monitoring: BJ employs sophisticated software systems to monitor player transactions. Unusual or large transactions, especially those with no apparent gambling activity, are flagged for further review. This helps identify potentially suspicious behavior.

Source of Funds Verification: BJ may request information about the source of a player’s funds, especially if they are making significant deposits or withdrawals. Ensuring that funds come from legitimate sources is crucial in preventing money laundering.

Transaction Reporting: BJ is required to report certain transactions to regulatory authorities when they meet specific criteria. This includes reporting large cash transactions, suspicious transactions, and any activity that raises red flags during monitoring.

Customer Due Diligence (CDD): CDD is an ongoing process that involves assessing the risk associated with individual players. BJ may apply enhanced due diligence for high-risk players, such as VIPs or those with a history of large transactions.

Record Keeping: BJ maintains comprehensive records of customer transactions, KYC documentation, and reports submitted to regulatory authorities. These records can be audited to ensure compliance.

Red Flags and Suspicious Activity Reporting: Employees are trained to recognize red flags indicating possible money laundering or terrorist financing. When such activities are suspected, they are reported to the appropriate authorities as required by law.

Sanctions Screening: The company may screen players against international sanctions lists to ensure they are not dealing with individuals or entities involved in criminal or illegal activities.

Technological Solutions: Advanced technologies, such as blockchain analysis and machine learning algorithms, can be employed to detect suspicious transactions and patterns more effectively.

Reporting to Regulatory Authorities: The company is legally obligated to report suspicious transactions to relevant regulatory authorities and financial intelligence units when necessary.

By implementing these AML measures, the company aims to create a secure and transparent environment for gambling while helping to prevent money laundering and financial crimes within the industry. Compliance with AML regulations not only protects the integrity of the company but also contributes to the broader efforts to combat financial crime globally.

Other AML Measures: Tightening the Security Net

Other Anti-Money Laundering (AML) Measures:

Users who have not completed the full KYC process are not allowed to make additional deposits or withdrawals of any amount.

For users who have successfully passed KYC:

a. There is a deposit limit per transaction (maximum EUR 2,000).

b. Prior to any withdrawal, a detailed algorithmic and manual check is performed on the user’s activity and balance to ensure the withdrawal is legitimate.

Under no circumstances may a user transfer funds directly to another user. This is strictly prohibited.