AML Policy
Peak Interactive N.V.
(the "Company")
Landhuis Groot Kwartier, Groot Kwartierweg 12, Willemstad, Curacao Parent Company of Backweb Services Limited, Cyprus
Last updated: February 17, 2023
The Company is committed to have procedures in place for the prevention of the misuse of its Services provided to Account Holders for money laundering, terrorism financing or other criminal purposes such as fraud.
Proper Identification of Account Holders, verification of the identity, monitoring of player activities and reporting of unusual activities are part of the measures the company has in place in an effort to mitigate industry related risks.
a) The Code of Criminal Law (Penal Code) (N.G. 2011, no. 48);
b) The National Ordinance on the Reporting of Unusual Transactions (N.G. 1996, no. 21) as lastly amended by N.G. 2009, no. 65 (N.G. 2010, no. 41) (NORUT) together will all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
c) The National Ordinance on Identification of dients when Rendering Services (N.G. 1996, no. 23) as lastly amended by N.G. 2009, no. 66 (N.G. 2010, no. 40) (NOIS) together with all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
d) The National Decree containing general measures on the execution of articles 9, paragraph 2, and 9a, paragraph 2, of the National Ordinance on Identification of Clients when rendering Services. (National Decree containing general measures on Penalties and Administrative Fines for Service Providers) (N.G. 2010, no. 70);
e) Sanctions national decree AI-Qaida c.s.1 the Taliban of Afghanistan c.s. Osama bin Laden c.s., and terrorist to be designated locally (N.G. 2010, no. 93);
f) National Ordinance on the Obligation to report Cross-border Money Transportation N.G. 2002, no. 74) together with all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
These laws and decrees serve as the basis for the procedures maintained by the financial sector of Curaao to detect and deter industry related risks for money laundering, the financing of terrorism or other criminal activities.
On international level, the FATF plays a very important role in the combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.
In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism. In total 34 countries are direct members of the FATF and through regional organizations over 180 countries are connected to the FATF.
Subsequently the present policy is a combination of the FATF and local AML/CFT rules and regulations. This ensures a solid, internationally accepted basis regarding AML/CFT. In case local laws and regulations require additional compliance duties, the Company is free to develop additional procedures to comply with local regulations.
- Know Your Client
- Monitoring of player activities
- Risk management
- Reporting of unusual transactions
- Recordkeeping
In this light, the company requires each employee, which are pre-screened prior to employment in the casino industry, to undergo training in each of the stated areas of procedures. Such AML procedures are routinely updated as warranted and such training is also updated as warranted.
a. date of birth, confirming he/she is over eighteen (18) years of age or the applicable legal age of majority as stipulated in the jurisdiction of residence. Identification documents which must be submitted include: copy of a valid Passport, copy of other identification paper and a proof of address;
b. player's first and last name;
c. player's full residential address;
d. player's valid email address; and
e. a username and a password
The Company reserves the right to request additional documentation and perform additional checks in order to verify the information provided. An account may be suspended until satisfactory information is provided.
a) if the Account Holder is a national of a high risk country, or the geographical location check at onboarding shows that the Player is residing in a such country;
b) upon suspicion of an Account Holder attempting to or having created multiple accounts in multiple different names;
c) upon suspicion of Account Holder(s) being part of a syndicate colluding to gain an advantage over the Company;
d) upon suspicion of the Account Holder being a politically exposed person (PEP);
e) at the detection of any irregular, suspicious, inappropriate or fraudulent activity;
f) anytime, at the discretion of the Company.
Whenever an Account Holder requests for a withdrawal of funds from his/ her account, the system will check the presence of multiple accounts, the geo-location of that account (if suspected) and further checks if whether the Account Holder has used a false proxy. At the presence of multiple accounts, all the accounts will be dosed and the Account Holder will be denied the opening of a new account.
Transfers or Pay outs to a third party account will not be effected unless sufficiently substantiated and to the discretion of the Company.
Unlike a physical casino/betting shops, the fact that the Company is only online creates a central set of systems, this simplifies the monitoring of all deposits and the control of all user activities.
All Account Holders are required to comply with the irequirements as detailed in the KYC procedure and are submitted to the regular monitoring of their activities.
It concerns all unusual transactions of which the service provider takes notice while rendering his service, whether executed or intended, and whether the service provider is a party to such transaction or not.
This obligation to report to the FIU exists independently of the fact that another party in the service chain has a similar obligation to report to the FIU.
Therefore, it is the Company Policy that unusual transactions or circumstances for which the transaction monitoring department has not received sufficient explanation, as per sections 3.2.2 and others, may give rise to its report to the FIU in Curac;ao. The department will hold a list of all instances in which it did not consider it necessary to report to the relevant authority. The decision not to report will need to be sufficiently supported.
In specific circumstances, if ordered by rule of law and permitted by national law and the relevant authorities, the Company may provide copies of the records maintained.
AML: Anti Money Laundering. All efforts focused on the prevention of transforming proceeds obtained from criminal activities into funds which appear to be obtained from legal activities.
CFT: : Combating the Finance of Terrorism. All efforts focused on the prevention of providing funds at the disposal of terrorists to be used for committing terrorist attacks.
FATF: : Financial Action Task Force (www.fatf-gafi.org)
FIU: : Financial Intelligence Unit -Curacao
KYC: : Know Your Client
Service: the gaming and betting offers provided by the internet gateway operated by the Company to the Account Holder, through the Website.
(the "Company")
Landhuis Groot Kwartier, Groot Kwartierweg 12, Willemstad, Curacao Parent Company of Backweb Services Limited, Cyprus
Last updated: February 17, 2023
1. AML/CFT Policy
1.1 Policy
Money laundering and the financing of terrorism are some of the ever-growing threats for national and international economies throughout the world, forcing all vulnerable sectors to have measures in place for the prevention of their misuse for these purposes.The Company is committed to have procedures in place for the prevention of the misuse of its Services provided to Account Holders for money laundering, terrorism financing or other criminal purposes such as fraud.
1.2 Objective
Peak Interactive N.V. (the "Company") is a limited liability company, duly incorporated and registered in accordance with the laws of Curacao. The Company also wholly applies this policy to it's wholly owned subsidiary, Backweb Services Limited, limited liability company, duly incorporated and registered in accordance with the laws of Cyprus. This policy is written based on the national legislation on AML, CFT and the penalization of predicate crimes of Curacao and applicable international standards set by the FATF. Combined these regulations provide a solid, internationally accepted standard for the procedures maintained for the prevention of the misuse of the Services provided by the Company.Proper Identification of Account Holders, verification of the identity, monitoring of player activities and reporting of unusual activities are part of the measures the company has in place in an effort to mitigate industry related risks.
1.3 Scope
The company is committed to the highest national and international AML and CFT standards when providing its Services and requires management and employees to follow these standards.2. Regulatory Framework
2.2 National regulations
Pursuant to the National Ordinance of Money Laundering (1993), money laundering is a criminal offence in Curacao. Further main national regulations relating to money laundering and terrorist financing are amongst others:a) The Code of Criminal Law (Penal Code) (N.G. 2011, no. 48);
b) The National Ordinance on the Reporting of Unusual Transactions (N.G. 1996, no. 21) as lastly amended by N.G. 2009, no. 65 (N.G. 2010, no. 41) (NORUT) together will all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
c) The National Ordinance on Identification of dients when Rendering Services (N.G. 1996, no. 23) as lastly amended by N.G. 2009, no. 66 (N.G. 2010, no. 40) (NOIS) together with all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
d) The National Decree containing general measures on the execution of articles 9, paragraph 2, and 9a, paragraph 2, of the National Ordinance on Identification of Clients when rendering Services. (National Decree containing general measures on Penalties and Administrative Fines for Service Providers) (N.G. 2010, no. 70);
e) Sanctions national decree AI-Qaida c.s.1 the Taliban of Afghanistan c.s. Osama bin Laden c.s., and terrorist to be designated locally (N.G. 2010, no. 93);
f) National Ordinance on the Obligation to report Cross-border Money Transportation N.G. 2002, no. 74) together with all amendments thereto and all related National Decrees containing general measures and Ministerial Decrees with general operations;
These laws and decrees serve as the basis for the procedures maintained by the financial sector of Curaao to detect and deter industry related risks for money laundering, the financing of terrorism or other criminal activities.
2.2 International regulations
As a member of the Financial Action Task Force (www.fatf-gafi.org) and of the Caribbean Financial Action Task Force (www.cfatf-gafic.org), Curaao is meeting International standards by regularly implementing these standards in its national legislation.On international level, the FATF plays a very important role in the combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.
In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism. In total 34 countries are direct members of the FATF and through regional organizations over 180 countries are connected to the FATF.
Subsequently the present policy is a combination of the FATF and local AML/CFT rules and regulations. This ensures a solid, internationally accepted basis regarding AML/CFT. In case local laws and regulations require additional compliance duties, the Company is free to develop additional procedures to comply with local regulations.
3. Procedures / Employee Training
In an effort to be compliant with the applicable rules, regulations and international standards, the Company has procedures in place to which it attains itself to when providing Services to Account Holders. These procedures cover the following standards:- Know Your Client
- Monitoring of player activities
- Risk management
- Reporting of unusual transactions
- Recordkeeping
In this light, the company requires each employee, which are pre-screened prior to employment in the casino industry, to undergo training in each of the stated areas of procedures. Such AML procedures are routinely updated as warranted and such training is also updated as warranted.
3.1 Know Your Client Procedure
An individual cannot participate in a game for money unless that individual is an Account Holder. To be registered as a player, an individual must register personally and submit an application for registration. The following information must be provided during registration and upon cash withdrawals:a. date of birth, confirming he/she is over eighteen (18) years of age or the applicable legal age of majority as stipulated in the jurisdiction of residence. Identification documents which must be submitted include: copy of a valid Passport, copy of other identification paper and a proof of address;
b. player's first and last name;
c. player's full residential address;
d. player's valid email address; and
e. a username and a password
The Company reserves the right to request additional documentation and perform additional checks in order to verify the information provided. An account may be suspended until satisfactory information is provided.
3.1.1 Enhanced due diligence
Enhanced Due Diligence is applied as soon as a Player is classified as a High risk including but not limited to the following situations and as further discussed in the section 'Monitoring of Account Holder activities:a) if the Account Holder is a national of a high risk country, or the geographical location check at onboarding shows that the Player is residing in a such country;
b) upon suspicion of an Account Holder attempting to or having created multiple accounts in multiple different names;
c) upon suspicion of Account Holder(s) being part of a syndicate colluding to gain an advantage over the Company;
d) upon suspicion of the Account Holder being a politically exposed person (PEP);
e) at the detection of any irregular, suspicious, inappropriate or fraudulent activity;
f) anytime, at the discretion of the Company.
3.2 The Monitoring of Account Holder activities
The company has its own transaction monitoring department in charge with the monitoring of all player activities together with the related deposits and bets. The Company is constantly investing in the best software of the industry in order to mitigate industry related risks such as money laundering, terrorism financing and other criminal activities such as fraud.3.2.1 Prevention of multiple accounts and geo-location blocking
The system maintained for the monitoring of the activities comprises of an IP address control uncovering any attempt to register multiple accounts. This system, supplied by Playtech.com, also has detailed technical capabilities to source the geographic IP location to block a User when relevant.Whenever an Account Holder requests for a withdrawal of funds from his/ her account, the system will check the presence of multiple accounts, the geo-location of that account (if suspected) and further checks if whether the Account Holder has used a false proxy. At the presence of multiple accounts, all the accounts will be dosed and the Account Holder will be denied the opening of a new account.
3.2.2 Unusual activities
If an Account Holder has unusual deposits and gets flagged by the system, the department manager will contact the Account Holder to get an explanation of the abnormal use. In case no (satisfactory) answer or information is provided, the manager will suspend the account until necessary papers/ explanation are in place. If the Account Holder has not provided satisfying information within 30 days, the account will be closed. The manager will proceed with the reporting of the unusual transaction to the relevant authority. See section 3.43.2.3 Withdrawal or Pay out of funds
The Company will not deposit withdrawn funds to another source from which it was originated unless sufficient information or documentation is provided substantiating the request. The pay out of prizes or winnings will only be deposited on the bank account of the Account Holder.Transfers or Pay outs to a third party account will not be effected unless sufficiently substantiated and to the discretion of the Company.
Unlike a physical casino/betting shops, the fact that the Company is only online creates a central set of systems, this simplifies the monitoring of all deposits and the control of all user activities.
3.3 Risk Management
Based on the industry related risks, the Company maintains a nondiscretionary approach.All Account Holders are required to comply with the irequirements as detailed in the KYC procedure and are submitted to the regular monitoring of their activities.
3.4 Reporting of unusual transactions / SAR Reporting
To maintain the integrity of the financial system and to contribute to the combating of money laundering and financing of terrorism, anyone who renders financial or certain designated non-financial services by virtue of his profession or in the ordinary course of business is under the obligation to report unusual transactions to the FIU via online portal named "CORSYS."It concerns all unusual transactions of which the service provider takes notice while rendering his service, whether executed or intended, and whether the service provider is a party to such transaction or not.
This obligation to report to the FIU exists independently of the fact that another party in the service chain has a similar obligation to report to the FIU.
Therefore, it is the Company Policy that unusual transactions or circumstances for which the transaction monitoring department has not received sufficient explanation, as per sections 3.2.2 and others, may give rise to its report to the FIU in Curac;ao. The department will hold a list of all instances in which it did not consider it necessary to report to the relevant authority. The decision not to report will need to be sufficiently supported.
3.4.1 Tipping-Off
It is an offence for a person in the regulated sector (casino) to "tip off' (i.e. inform) a person suspected of money laundering that (a) he or someone else has made a lawful disclosure (i.e. a SAR) or (b) there is a money launde.ring investigation taking place, where the tipping off is likely either to prejudice any investigation arising from the disclosure or to prejudice the investigation disclosed to the person suspected of money laundering. The company shall make all reasonable attempts to educate and train our employees to the serious nature of 'tipping-off' however noting, a number defenses and exceptions that apply, particularly in relation to disclosures within groups, undertakings and between institutions, up to including; a lack of awareness that the disclosure is likely to prejudice the investigation.3.5 Recordkeeping
The Company maintains a record of all relevant documentation on a separate database for at least five years after ending a business relationship. The company is obliged to retain files in a way that enables investigating authorities to identify a satisfactory audit trail for individual transactions including the amounts, currencies and type of transactions.In specific circumstances, if ordered by rule of law and permitted by national law and the relevant authorities, the Company may provide copies of the records maintained.
4. Definitions and Abbreviations
Account Holder: an individual who applied and was granted an account held at the internet gateway operated by the Company for the use of the provided Services.AML: Anti Money Laundering. All efforts focused on the prevention of transforming proceeds obtained from criminal activities into funds which appear to be obtained from legal activities.
CFT: : Combating the Finance of Terrorism. All efforts focused on the prevention of providing funds at the disposal of terrorists to be used for committing terrorist attacks.
FATF: : Financial Action Task Force (www.fatf-gafi.org)
FIU: : Financial Intelligence Unit -Curacao
KYC: : Know Your Client
Service: the gaming and betting offers provided by the internet gateway operated by the Company to the Account Holder, through the Website.
