AML Policy
1. General Provisions
This AML (Anti-Money Laundering) Policy (hereinafter referred to as the "Policy") governs the measures taken by Best-bet (hereinafter referred to as the "Company," "We," "Our") to prevent the use of the website for money laundering, terrorist financing, and other illegal financial activities.
The Company strictly complies with the requirements of the regulator that issued the license to conduct gambling activities, as well as international standards in the field of anti-money laundering, including the recommendations of FATF (Financial Action Task Force).
By registering on the Best-bet website, You confirm that You have read this Policy and agree to its terms.
2. Key Principles of AML
In its anti-money laundering activities, the Company adheres to the following principles:
Risk Assessment — we conduct a risk assessment of money laundering for each player and each transaction.
Transaction Monitoring — we perform continuous monitoring of all financial operations of players.
Identification of Suspicious Transactions — we analyze transactions for signs of suspicious activity.
Reporting Suspicious Transactions — we inform the regulator and competent authorities about identified suspicious transactions.
Data Retention — we retain all records of transactions and conducted checks for the period established by law.
Staff Training — we regularly train employees on AML rules and procedures.
3. Risk Assessment
The Company conducts money laundering risk assessment at several levels:
Country Risk — we take into account the player's country of residence. Players from high-risk countries (included in FATF lists or national sanctions lists) undergo enhanced due diligence.
Gaming Risk — we analyze the player's gaming behavior. Unusual patterns (for example, deposits without gaming activity, immediate withdrawals) may indicate an elevated risk.
Transaction Risk — we assess the size and frequency of transactions. Large deposits and withdrawals, as well as transactions using multiple payment methods, are subject to additional control.
Client Risk — we consider the player's status. Politically Exposed Persons (PEPs), individuals on sanctions lists, and players with a negative history undergo enhanced due diligence.
4. Transaction Monitoring
The Company performs continuous monitoring of all financial operations of players to identify suspicious activity.
4.1. Objects of Monitoring
The following operations are subject to monitoring:
Deposits and withdrawals.
Internal transfers between accounts.
Changes in gaming behavior.
Use of various payment methods.
Cryptocurrency transactions (if available).
Transactions exceeding established threshold limits.
4.2. Signs of Suspicious Transactions
Signs of suspicious transactions include:
Deposits of large amounts without subsequent gaming activity.
Immediate withdrawals after deposits without playing.
Frequent deposits and withdrawals of small amounts (transaction structuring).
Use of multiple payment systems by one player.
Transactions between accounts without an apparent reason.
Gaming behavior that does not match normal patterns.
Operations from high-risk countries.
Multiple failed deposit or withdrawal attempts.
4.3. Automated Monitoring
We use automated monitoring systems that analyze transactions in real-time and generate alerts when anomalies are detected. All alerts are reviewed by compliance department staff.
5. Suspicious Transactions
5.1. Identification of Suspicious Transactions
When a suspicious transaction is identified, Company staff conduct an additional analysis, including:
Verification of the player's identity.
Analysis of transaction history.
Screening against sanctions lists.
Assessment of the source of funds.
Request for additional information from the player.
5.2. Actions Upon Identification of a Suspicious Transaction
Upon identification of a suspicious transaction, the Company takes the following actions:
Suspends the transaction.
Requests additional information and documents from the player.
Conducts Enhanced Due Diligence.
Decides on account blocking or freezing of funds.
Reports the suspicious transaction to the relevant authority (in accordance with regulatory requirements).
5.3. Reporting Suspicious Transactions
In accordance with regulatory requirements, the Company is obliged to report suspicious transactions to the authorized body. Reports are submitted in the established form and within the established timeframes.
The Company does not inform the player about the fact of such a report being submitted, unless this contradicts regulatory requirements.
6. Politically Exposed Persons (PEP)
6.1. Who Are PEPs
Politically Exposed Persons (PEPs) are individuals who hold or have held important public positions, as well as members of their families and close relatives. Such persons include:
Heads of state and government.
Members of parliaments.
Members of governments and ministers.
Judges of higher courts.
Heads of central banks.
Ambassadors and diplomats.
Family members and close relatives of the above-mentioned persons.
6.2. PEP Screening
Upon player registration, we screen them against PEP databases. If a PEP status is identified, the player undergoes enhanced due diligence, including:
Request for additional information on the source of funds.
More detailed transaction analysis.
Enhanced monitoring throughout the entire cooperation period.
Regular updates of status information.
6.3. Refusal to Service PEPs
The Company reserves the right to refuse service or close a PEP's account if enhanced due diligence cannot be completed or if a high risk is identified.
7. Sanctions List Screening
The Company screens all players against international and national sanctions lists, including:
UN Security Council lists.
FATF lists.
OFAC (US Office of Foreign Assets Control) lists.
National sanctions lists of countries where we operate.
Screening is conducted upon player registration and on a regular basis during the service period. If the player's information matches information from sanctions lists, the Company is obliged to:
Block the gaming account.
Freeze all funds in the account.
Report the match to the relevant authority.
Not inform the player about the detection (if this does not contradict regulatory requirements).
8. Source of Funds
The Company has the right to request information from the player about the origin of funds used for gaming and deposits. In particular, the following may be requested:
Employment and income documents (salary statements, tax returns).
Documents on the sale of property (real estate purchase and sale agreements, car purchase agreements).
Documents on inheritance or gifts.
Documents on business activities.
Bank statements confirming fund movements.
Documents on loans or borrowings.
If the legal origin of funds cannot be confirmed, the Company has the right to limit, suspend, or block withdrawals, as well as report the suspicious transaction to the competent authorities.
9. Data Retention
In accordance with regulatory requirements and anti-money laundering legislation, the Company is obliged to retain:
All documents provided by players for verification.
Records of all transactions (deposits, withdrawals, bets).
Gaming activity logs.
Reports on conducted checks.
Reports on suspicious transactions.
Results of risk assessments.
The data retention period is at least 5 years from the date of closure of the gaming account. After the retention period expires, data is deleted or anonymized in accordance with legal requirements.
10. Staff Training
The Company conducts regular training for employees on anti-money laundering issues. Training includes:
Key principles of AML.
Signs of suspicious transactions.
Procedures for action upon identification of suspicious transactions.
Regulatory and legal requirements.
Confidentiality and data protection.
All employees with access to financial operations and player data undergo mandatory training and testing. Training is conducted at least once a year.
11. Liability for Non-Compliance with AML Requirements
Non-compliance with AML requirements may entail serious consequences for the Company and its employees, including:
Fines and sanctions from the regulator.
Suspension or revocation of the license.
Criminal liability for management and employees.
Reputational damage.
Civil lawsuits.
The Company takes all necessary measures to ensure compliance with AML requirements and minimize risks.
12. Player Obligations
When using the Best-bet website, the player undertakes to:
Not use the website for money laundering or terrorist financing.
Provide accurate information about the origin of funds upon request of the Company.
Promptly provide requested documents.
Not use the website if prohibited by the legislation of their country of residence.
Immediately notify the Company of changes in their status (for example, appointment to a public office).
Not engage in transactions that may be qualified as suspicious.
13. Changes to the AML Policy
The Company reserves the right to make changes to this Policy at any time. The updated version will be published on the website with the date of the last update indicated.
We recommend that you regularly review this page for changes. By continuing to use the website after changes are made, the player confirms their acceptance of the updated Policy.
14. Contact Us
If you have any questions regarding this Policy or wish to obtain additional information about anti-money laundering measures, you may contact us:
Email: [email protected]
Live Chat: available on the website 24/7