AML and KYC Policy
Introduction: QGbet is committed to the highest standards of international trade, ensuring customer protection and combating money laundering. This policy outlines the mandatory Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures for all QGbet operations.
Scope and Purpose of the Policy: This policy applies to all financial transactions at QGbet, including deposits and withdrawals, to prevent and combat money laundering on online gambling platforms. The AML Director and the Compliance Department ensure that all operations comply with international standards and legal requirements.
Customer Identification and Verification: QGbet conducts initial and periodic KYC and AML checks on participants for risk assessment. Accounts linked to illegal activities or from blocked jurisdictions are not activated or are blocked. Enhanced due diligence is conducted for high-risk categories such as “Professional Gambler,” “Sports Professionals,” and identified PEPs (Politically Exposed Persons). Accounts with over R$1,000,000 in assets or R$500,000 in annual income are subject to open-source verification checks. All participants must provide detailed personal information after account activation.
Monitoring of Deposits and Withdrawals: Deposits and withdrawals are monitored for signs of money laundering. QGbet may request additional information regarding the source of funds and the purpose of transactions. Deposits must be fully wagered before withdrawal to ensure they are used for gaming purposes. Transactions exceeding R$18,000 within a 30-day period may trigger additional identity or income source verification requests.
Mandatory Wagering Requirement: Customers must wager 100% of the deposited amount before initiating a withdrawal, ensuring that funds are used for gaming.
Suspicious Activity and Reporting: QGbet reports suspicious activities to authorities in accordance with regulatory requirements. Accounts involved in such activities may be suspended or terminated.
Compliance and Regulatory Requirements: QGbet adheres to all local and international anti-money laundering laws and regulations. Customers must comply with these regulations and provide the necessary information to verify the legality of transactions.
Third-Party Screening and Transaction Reviews: Third-party services may be used for KYC/AML/PEP screening. Transaction reports are reviewed weekly and supervised by the MLRO (Money Laundering Reporting Officer).
Data Security and Record Keeping: Secure backups of participant data are maintained, including verification documents, gaming activities, and financial transactions. Records are kept for five years after the account closure or the last transaction.
Participant Registration and Verification: Registration requires complete identity data, and accounts cannot be opened unless fully completed. Identity verification can be completed through screening at registration/first deposit.
Amendments and Review: This policy is subject to quarterly reviews and amendments to remain aligned with evolving regulatory standards.