What is Money-Laundering?
Art. 1 of the third money laundering directive, issued by the European Union (2005/60/EC), legally bans the money laundering and financing of terrorism in following terms:
1. For the purposes of this directive, the following actions if intentionally made, represent laundering:
- the conversion or transfer of assets, made by knowing they came from criminal actions or from implication to such ations, in order to conceal or disguise the illegal source of those same assets, or to help anyone who has been involved in such activities in evading his own legal consequences;
- concealing or disguising the real nature, source, location, disposal, movement, property of assets or rights on themselves, made by knowing they came from illegal activities or from implication to suhc activities;
- purchasing, holding or using those same assets knowing they came from illegal actions or implication to such actions;
- the involvement to one of these earlier described points, the association or the attempt on perpetrating one of them, helping, inciting or suggesting someone in committing one of them or facilitating its exceution.
2. Laundering is considered so even if activities generating launderable assets have been performed under the jurisdiction of another member or non-member country.
3. For the purposes of this directive, "financing of terrorism" means all those action made to suppy or foundraising, in any way, directly or indirectly, with the intention of using them, in whole or in part, in order to commit one of the crimes referred to in articles from 1 to 4 of framework decision 2002/475/PJCC issued by the Council, June 13th 2002, about fighting against terrorism, or knowing they will be used to do so.
4. The knowledge, the intention or the purpose, constituting an element of acts referred to in paragraphs 2 and 4, can be assumed from objective factual circumstances.
Together with other online betting companies authorized in EU, we have decided to comply with directives issued by the European Unionin in terms of money laundering prevention. Furthermore, the regulated sector has developed a dedicated set of rules; some of these rules, in terms of anti-money laundering, are:
- identification of customers (including their biological age) and inspection of all those informations in detail;
- prior checking on technologies used to avoid perspectives of fraud through collusion (an exchange of external informations among different players);
- introduction of protection systems in order to prevent from identity thefts;
- protection against unauthorized or not necessary attempts to disclosing every reserved informationreported to customers at any time;
- take advantage from a list containing names of known or suspected members of terrorist organisation in order to make sure none of those members could be holders of accounts;
- supervise playing, payments and deposits, winnings and behaviours of each customer;
- set a limit on movements (like carefully following large online deposits, ove 1.000€);
- prohibit direct payments among customers;
- prohibit payments in cash;
- automatic lock of payments in favour of customers registered in a country of origin that requires withdrawing from another country;
If a money-laundering attempt is detected, all gathered informations will be submitted to the Financial Intelligence Unit (FIU) and, once informed competent authorities, the account will be definitely blocked and the business relationship will be terminated.