So you have certainly been able to see the online sports betting sites becoming exposed to the risk of financial crime at an increased rate. In response to this, the Financial Action Task Force (FATF) which typically is an intergovernmental group that was formed back in the year1989 was set out with a comprehensive framework of measure that was termed The Financial Action Task Force 2012 recommendations, which nations are required to implement. The reason as to why this is so, is basically so that they can be able to combat the money laundering activities, fraud, and also so that they can be able to predicate other offences.
A key requirement of the Financial Action Task Force, is for the online sports betting setting to be fully aware of the assess and risk of the suitably of the punters and player that they are dealing with. Know Your Customer (KYC) has been able to emerge as the norm and an important aspect of the process of compliance of the regulatory measures as well as the 먹튀검증 process and the customer due diligence (CDD). This typically means that an online sport betting site is very much required to put a verification process in place so that they can be able to identify their gamblers and gamers as well as to be able to conduct an ongoing screening of the business transactions of that online sports gambling sites.
PEPs and Sanctions
Business relationships with individuals or entities on PEPs and Sanctions lists are very high risk.
The two most essential aspects of the screening whenever an onboarding gambler or gamer is joining the online sports betting platform for their first time is screening against the sanction list and against the politically exposed persons (PEPs). Business relationships or Financialrelationships with entities or individuals on the Sanction list or on the Politically Exposed Persons (PEPs) list are people who are very risky people.
A politically exposed person (PEPs) is typically an individual who is currently or has been in the past held to be in a prominent position or in a public position, which might probably be abused for the purpose of financial gain.
The politically exposed persons (PEPs)might probably pose a heightened risk of corruption, bribery, fraud, or money laundering, or even financing the terrorist. Such people who have that public figures might probably use their close associates, relative, or even family member to launder the proceeds of crime or disguise their money trail. Politically exposed persons (PEPs) are very much capable of being local national, international, or domestic figure, and might probably include the heads or figure of government, individual who are performing judicial roles, ranking officials, or even board member of entities that are state owned, and the sport committees.
Performing the politically exposed persons (PEPs) screening on the punter and gamers who are indulging the games of an online sports betting site is a mandatory process of Identification verification, know your customer (KYC), and Customer Due Diligence (CDD) along with the sanction checks.