Anti-Fraud Policy
Small House B.V., the company that runs BC Game, is subject to Anti-Money Laundering regulations since it was issued a Curacao license and operates in India. The AML is aimed at combating all forms of laundering money, which is a complex issue. The money that has been gained unlawfully is made to appear legitimate using a variety of techniques, such as placement, layering, and integration. As a result of the awareness of the dangers presented, the company has taken steps to identify, prohibit, and restrict actions related to money laundering and the funding of terrorist organizations.
Why is an AML Policy Necessary?
An AML policy is required to provide protection against the possibility of using data and the website or BC Game app for unlawful financial operations. Because of the nature of internet gambling, which includes the movement of cash and the possible anonymity of users, there is a higher danger of money laundering.
BC Game created a policy to identify, prevent, and report suspicious actions. This shows compliance with international and national Indian laws. In addition, the presence of an anti-money laundering policy reveals that the company is committed to doing business in an ethical and responsible manner.
Should the gaming company fail to implement an effective anti-money laundering strategy, it may face serious repercussions, such as:
- Incurring legal fines;
- Suffering harm to the reputation;
- Losing users.
Key Aspects of the Policy
Small House B.V. has implemented an anti-money laundering policy to ensure compliance with the laws of Curacao and prevent the use of the services for conduct that is criminal. The following are some of the steps that are included in this policy:
- Internal organization processes;
- Procedures for due diligence (KYC);
- Risk assessment;
- Classification of users and thorough verification for high-risk gamers;
- Reporting guidelines for relevant authorities.
Before submitting a cashout request, users of BC Game are required to gamble the amount of their top-up. This is done in order to comply with anti-money laundering protocols. This necessity for an x1 turnover helps to guarantee that the funds that are placed into the balance are authentic and not obtained via illegal activity. The users will only be able to request withdrawals depending on the winnings they have generated from their bets. This stipulation would not be suitable for those engaging in money laundering since they can’t afford to operate at a potential loss.
The implementation of the AML protocols is part of BC Game’s efforts to preserve the integrity of the site and to prevent it from being used for any unlawful activities. That is why the company does the following:
- Additionally performs increased due diligence on particular users or transactions that are regarded as high-risk;
- Keeps the records of all transactions;
- Does frequent monitoring in order to identify any activity that may be questionable;
- Reports any suspicious transactions to the appropriate authorities in accordance with the law.
