Terms & Conditions

3.1 You must not use the Service:

if you are under the age of 18 years (or below the age of majority as stipulated in the laws of the jurisdiction applicable to you) or if you are not legally able to enter into a binding legal agreement with us;

to collect nicknames, e-mail addresses and/or other information of other Customers by any means (for example, by sending spam, other types of unsolicited e-mails or the unauthorised framing of, or linking to, the Service);

to disrupt or unduly affect or influence the activities of other Customers or the operation of the Service generally;.

to promote unsolicited commercial advertisements, affiliate links, and other forms of solicitation which may be removed from the Service without notice;

in any way which, in our reasonable opinion, could be considered as an attempt to: (i) cheat the Service or another Customer using the Service; or (ii) collude with any other Customer using the Service in order to obtain a dishonest advantage;

to scrape our odds or violate any of our Intellectual Property Rights; or.

for any unlawful activity whatsoever.

3.2 You cannot sell or transfer your account to third parties, nor can you acquire a player account from a third party.

3.3 You may not, in any manner, transfer funds between player accounts.

3.4 Fraud and Syndicate Betting

    3.4.1 No person or household will be allowed to have more than one BetBarter account, unless expressly requested and accepted in advance.

    3.4.2 BetBarter reserves the right to terminate multiple accounts that fall within this breach. BetBarter also reserves the right to trace duplicate accounts and to close them. In this case all relevant data will be transferred to the oldest account of the respective client after a deep verification of customer’s personal details through the request of valid and acceptable KYCs.

    3.4.3 If a customer is found to have more than one account and have placed identical bets, the client will be immediately revoked of his/her client privileges which might result in confiscation of winnings and/or deposited amount.

    3.4.4 BetBarter does not accept bets when it is likely that customers act in agreement or as syndicate.

    3.4.5 BetBarter reserves the right to void/cancel any winning bets that result from suspicion of criminal activities and match fixing and confiscate any funds on the accounts prior to permanently close the accounts.

3.5 We may immediately terminate your Account upon written notice to you if you use the Service for unauthorised purposes. We may also take legal action against you for doing so in certain circumstances.

15.1 Money Laundering and Terrorism Financing

Money Laundering means:

a. The conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such an activity to evade the legal consequences of that person's action;

b. The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property, knowing that such property is derived from criminal activity or from an act of participation in such an activity;

c. The acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such an activity;

d. Participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions referred to in points (a), (b) and (c).

Money laundering shall be regarded as such even where the activities which generated the property to be laundered were carried out in the territory of another Member State or in that of a third country.

Terrorism financing means the provision or collection of funds, by any means, directly or indirectly, with the intention that they be used or in the knowledge that they are to be used, in full or in part, in order to carry out any terrorist act.

15.2 Organization of the AML/CFT function

15.2.1 Senior Management

Senior Management are responsible for the overall compliance policy of Betbarter and ensuring adequate resources are provided for the proper training of staff and the implementing of risk systems. This includes computer software to assist in oversight. Senior Management consists of the Board of Directors, the Executive Management and the MLRO.

15.2.2 The Nominated Officer/Money Laundering Reporting Officer

Responsible for receiving internal disclosures and making reports to the Gaming Control Board, Curacao. First point of contact for all compliance issues from staff. Conducts risk assessments of compliance systems. Undertakes regular random analysis of transactions including assessment of documentary evidence provided by customers. Assists in making any necessary amendments to AML Policy in line with risk assessment. Ensures everyone is periodically informed of any changes in anti- money laundering or anti-terrorist financing legislation, policies and procedures, as well as current developments and changes in money laundering or terrorist activity financing schemes particular to their jobs. Reviews customer identification information to ensure that all the necessary information has been obtained. Establishes and implement the risk scoring matrix following regulatory guidance and for review and approval by Senior Management.

15.2.3 Staff

Responsible for knowing the AML Compliance Policy and understanding responsibilities. Ensure company procedures are adhered to and obtaining all documentary evidence as outlined within the manual. Ensure that all suspicious and unusual activity is reported to the MLRO.

15.3 The Compliance Programme

15.3.1 The Money Laundering Reporting Officer (MLRO)

Betbarter has appointed a MLRO with full responsibility for Betbarter’s anti-money laundering compliance.

The MLRO:

• Will monitor the day-to-day operation of Betbarter Trading’s AML/CFT policies and respond to any reasonable request made by the law enforcement and/or the Gaming Control Board, Curacao.
• Has the authority to act independently in carrying out their responsibilities, which includes direct access to the Gaming Control Board, Curacao and appropriate law enforcement agencies, in order that any suspicious activity may be reported to the right quarter as soon as is practicable.
• Has the authority and the resources necessary to discharge their responsibilities effectively.
• Is from a senior level and has direct access to senior management and the board of directors.
• May choose to delegate certain duties to other employees, but wherever such a delegation is made, the MLRO retains ultimate responsibility for the implementation of the compliance regime.
• At least annually, the MLRO will issue a report (the MLRO Report) to the senior management of Betbarter on the operation and effectiveness of the money laundering controls. This report will cover improvements, remedial programmes, the outcome of any internal audit reviews of the AML/CFT processes, and other relevant items.

15.4 Compliance Policies and Procedures

Betbarter has policies and procedures to assess the risks related to money laundering and terrorist financing. These policies and procedures are:

• Written and maintained by the MLRO under the supervision of senior management
• Approved by senior management
• Communicated, understood and adhered to by everyone dealing with customers or their transactions, including those who work in the areas relating to customer identification, record keeping, and reportable transactions, who need enough information to process and complete a transaction properly as well as to ascertain the identity of customers and keep records as required.
• Policies and procedures which incorporate the reporting, record keeping, customer identification, risk assessment and risk mitigation requirements applicable.

Although directors and senior officers may not be involved in day-to-day compliance, they need to understand the statutory duties placed upon them, their staff and Betbarter itself.

15.4.1 The Risk-Based Approach

In money laundering and terrorist financing, a risk-based approach covers the following:

• The risk assessment of customer relationships and business activities;
• The risk mitigation to implement controls to handle identified risks;
• Keeping customer identification, beneficial ownership and business relationship information up to date; and
• The ongoing monitoring of business relationships and transactions.

Existing regulatory obligations, such as for customer identification, are a minimum baseline requirement. Where enhanced due diligence is appropriate, a principle of the risk-based approach is to focus resources where they are most needed to manage risks within our tolerance level.

15.4.2 Risk Mitigation

Risk mitigation is implementing controls to limit the potential money laundering and terrorist financing risks identified in the risk assessment so as to stay within the risk tolerance level. When the risk assessment determines that risk is high for money laundering or terrorist financing, then we will develop risk mitigation strategies and apply them.

In all situations, risk mitigation controls and measures include:

• Focussing on operations (products and services, customers and business relationships, geographic locations, and any other relevant factors) that are more vulnerable to abuse by money launderers and criminals;
• Informing senior management of compliance initiatives, identified compliance deficiencies, corrective action taken, and suspicious transaction reports filed;
• Providing for program continuity despite changes in management, employees or structure;
• Focussing on meeting all regulatory record keeping and reporting requirements, recommendations for anti-money laundering and anti-terrorist financing compliance and providing for timely updates in response to changes in requirements;
• Enabling the timely identification of reportable transactions and ensure accurate filing of required reports;
• Incorporating anti-money laundering and anti-terrorist financing compliance into job descriptions and performance evaluations of appropriate personnel; and
• Providing for adequate supervision and training of employees that handle currency transactions, complete reports, monitor for suspicious transactions, or engage in any other activity that forms part of the anti-money laundering and anti-terrorist financing program.
• Increasing awareness of high risk situations within all business lines;
• Increasing the frequency of ongoing monitoring of transactions or business relationships;
• Escalating the approval of the establishment of an account or relationship even if not otherwise required to do so;
• Increasing the levels of ongoing controls and reviews of relationships;
• Requesting high-risk customers provide additional, documented information regarding controls they have implemented to safeguard their operations from abuse by money launderers and terrorists;
• Verifying the identity of customers by reference to reliable, independent source documents, data or information;
• Preventing any transaction with a potential customer until identification and account opening information has been obtained;
• Implementing an appropriate process to approve all relationships identified as high-risk as part of the customer acceptance process or declining to do business with potential customers because they exceed BETBARTER’s risk tolerance level;
• Implementing a process to exit from an existing high-risk relationship which management sees as exceeding BETBARTER’s risk tolerance level.

15.4.3 Risk Assessment

Betbarter is required to and will analyse potential threats and vulnerabilities to money laundering and terrorist financing to which the business may be exposed to in a risk assessment.

The risk assessment will document and consider the following:

• Products, services and delivery channels
• Geographic locations and areas of operation
• Customers

The risk assessment may identify high-risk situations for which risk mitigation controls and monitoring may be required. The risk assessment is not static and will change over time.

When a customer is identified as high-risk, they are subject to more frequent ongoing monitoring and updating of customer identification information, as well as any other appropriate enhanced measures.

Betbarter shall perform an initial risk assessment at the beginning of a new customer relationship and for existing customers on an ongoing basis.

15.5 Client and Business Risk

15.5.1 Products, Services and Delivery Channels

Betbarter will identify products and services or combinations of them that may pose an elevated risk of money laundering or terrorist financing. For example, products and services that support the movement and conversion of assets into, through and out of the financial system pose a high risk. Certain services have also been identified by financial regulators, governmental authorities or other credible sources as being potentially high-risk for money laundering or terrorist financing:

• Wire transactions;
• Transactions involving third parties;
• Non-face-to-face business relationships.

15.5.2 Geographic Locations and Areas of Operation

Certain geographic locations potentially pose an elevated risk for money laundering and terrorist financing. These have been described by the FATF and by other resources such as Transparency International.

Clients from, or identified as linked to these countries will be regarded as high risk:

• Any country subject to sanctions, embargoes, or similar measures;
• Any country identified by credible sources as providing funding or support for terrorist activities, or that have designated terrorist organisations operating within their country;
• Any country known to be a tax haven, source of narcotics or other significant criminal activity;
• Any country identified by the Financial Action Task Force (FATF) as non-cooperative in the fight against money laundering or terrorist financing or subject to a FATF statement;
• Any country identified by credible sources as lacking appropriate money laundering or terrorist financing laws and regulations, or as having significant levels of corruption.

Betbarter does not do business with or provide services to anyone in any country belonging to a list of select countries subject to comprehensive international sanctions.

15.5.3 Customer Relationships

The risk assessment requires to know your customers (“KYC”). This is not limited to identification or record keeping, but it is also about understanding the customers – including their activities, transaction patterns, and how they operate.

Examples of the factors that will be considered are:

• How long we have known the customer and had a business relationship;
• Customers wanting to carry out large transactions;
• Customers with regulatory or enforcement issues;
• Customers with multiple online complaints;
• Customers whose identification is difficult to verify;
• Customers whose who are politically exposed.

Each customer is risk-rated as either posing a low, medium or high risk of money laundering and/or terrorist financing. The rating given at the beginning of the business relationship may be adjusted after the re-assessment and may change over time. The level of customer due diligence will vary depending on the risk rating of the customer at the beginning of the relationship and as it changes. For all high-risk players, enhanced due diligence is applied right away.

15.5.4 Regulatory risk

Regulatory risk means not meeting our obligations under applicable legislation. Examples of breaches of regulatory obligations include:

• Customer identification not done properly;
• Failure to train staff adequately;
• Bot having an anti-money laundering and anti-terrorist financing (AML/CFT) program;
• Failure to report suspicious transactions;
• Not having an MLRO;
• Failing to keep complete customer records.

15.6 Compliance Training

Betbarter has a training program for all relevant employees and other individuals who act on behalf of the Company. The goal of this training is to make sure that those who have contact with customers, who see customer transaction activity or who handle funds in any way understand the reporting, customer identification and record keeping requirements.

All new employees of Betbarter are required to complete anti-money laundering and terrorist financing compliance training within their first months of employment, and for customer-facing staff training is delivered prior to dealing with customers.

Training is currently conducted through internally by the company’s more experienced team members in the field. The training program is reviewed and updated by the MLRO to reflect requirements as they change. The compliance training includes a test which everyone must pass in order to consider their training complete.

To ensure employee training is kept up to date, all existing employees will receive follow up training on new and existing AML and regulatory requirements on a regular basis (at least within one year of their last training). If the online training test results show that a staff member does not understanding the training material, Betbarter will ensure that the staff member receives specialised one-on-one training to understand the material.

An employee log of assigned and completed training materials is kept by the MLRO and the Human Resources department for administrative purposes. Retention of these records is for a period of five years.

Compliance training is adjusted in accordance to the employee’s role within the company. The MLRO will review functions and arrange to provide suitable and customised training.

Our training will include at a minimum:

• An understanding of the reporting, customer identification and record keeping requirements as well as penalties for not meeting those requirements;
• Making all employees aware of the internal policies and procedures for deterring and detecting money laundering and terrorist financing that are associated with their jobs;
• Delivering to employees and suppliers a clear understanding of their responsibilities under these policies and procedures;
• All those who have contact with customers, who see customer transaction activity, who handle cash or funds in any way or who are responsible for implementing or overseeing the compliance regime must understand the reporting, customer identification and record keeping requirements.
• Making all employees aware of how Betbarter vulnerable to abuse by criminals laundering the proceeds of crime or by terrorists financing their activities;
• Making all employees and agents aware that they cannot disclose that they have made a suspicious transaction report, or disclose the contents of such a report, with the intent to prejudice a criminal investigation, whether it has started or not;
• That all employees and agents understanding that no criminal or civil proceedings may be brought against them for making a report in good faith;
• Background information on money laundering so everyone who needs to can understand what money laundering is, why criminals choose to launder money and how the process usually works;
• Details of what terrorist financing is and how that process usually works.

The MLRO is responsible for ensuring that everyone is informed of changes in anti-money laundering or anti-terrorist financing legislation, policies and procedures, and current developments in money laundering or terrorist activity financing schemes particularly relevant to their jobs.

Certain employees, such as those in compliance, customer services and operations, require types of specialised additional training which will be provided either through external services or internally. The training program is reviewed and updated to reflect changes in requirements.

15.7. Minimum standards – KYC POLICY

Betbarter has established standards regarding Know-Your-Customer (“KYC”). These standards require due diligence on each prospective customer before entering into a business relationship via identification and verification of his identity and, as the case may be, his representatives and beneficial owners on the basis of documents, data or information obtained from a reliable and independent source compliant with the domestic and European AML/CFT legislation and regulation.

Interpretation of the KYC principle begins with identification of the customer by means of the necessary identification documents.

That identification, completed by other information gathered, enables the Customer Acceptance Policy to be applied.

In addition to these objective criteria, there are subjective elements which may arouse suspicions regarding a customer and to which particular attention should be paid.

Finally, as KYC does not involve static data, but dynamic data through the relationship with the customer, it also needs follow-up and ongoing monitoring of the customer.

15.7.1. Customer identification and verification (KYC)

To maintain the highest level of security, we require all our members to provide us with certain documentation in order to validate their accounts.
Please note that the identification procedures shall be done before a cardholder starts operating and using services of our merchants.

There are several reasons:
We are committed to providing a socially responsible platform for online gaming. All of our members must be 18 or older and we are bound by our licensing agreement to verify this.
Secondly, as a respected online and global company it is in our interests to guarantee maximum security on all transactions.
Thirdly, our payment processors require that our policies are in line with international banking standards. A proven business relationship with each and every member is mandatory for the protection of all parties. Our licensing agreement also obliges us to comply with this.
Finally, by ensuring that your account details are absolutely correct, the inconvenience of 'missing payments' can be avoided. It can take weeks (and sometimes months) to trace, recall and resend using the correct information. This lengthy process also results in additional fees from our processors.

In order to successfully carry out our KYC procedures, you will be required to provide us with the following documents:
A proof of ID - A color copy of a valid government issued form of ID (Driver's License, Passport, State ID or Military ID)
A proof of address - A copy of a recent utility bill showing your address.
Note: If your government Id shows your address, you do not need to provide further proof of address.
Additional documentation might be required depending on the withdrawal method you choose.
If we do not have the required documents on file, your pending withdrawals will be cancelled and credited back to your account. You will be notified when this happens via the notification system.
These documents can be scanned, or sent through a high quality digital camera picture, by saving the images as jpegs, then upload the files using our secure form here.
The security of your documentation is of paramount importance. All files are protected with the highest level of encryption at every step of the review process. All documentation received is treated with the utmost respect and confidentiality.
We’d like to thank you for your cooperation in helping us make Betbarter.com a safer place to play. As always, if you have any questions about this policy, or anything else, don’t hesitate to contact us using the contact us links on this page.
The formal identification of customers on entry into commercial relations is a vital element, both for the regulations relating to money laundering and for the KYC policy.

This identification relies on the following fundamental principles:
- Each customer (= each individual person and/or each person involved in the case of a legal entity) must be identified by means of original supporting documents.
- These documents will be recorded in a centralised system.
- Each person identified must be registered by IT means.
- A person will not be accepted as a customer if the identification process proves to be incomplete.
The specific case of the due diligence exercised on the acceptance of politically exposed persons (PEP).
Concrete application at Betbarter is reflected by a specific identification procedure for customers referenced as PEP, whatever their place of residence.

15.7.2. Risk Profile calculation

To assist in determining the level of AML/CFT due diligence to be exercised with regard to the Customer, a “Compliance” risk profile is calculated first of all on entry into relations (Low, Medium, High), and is then recalculated daily.

15.7.3. Indicators of unusual transactions

I. OBJECTIVE INDICATORS

A. A transaction reported to the police or judiciary:

A transaction that is reported to the police or judiciary in connection with money laundering or the financing of terrorism is reported to the police or the judicial authorities.

B. A proposed transaction carried out by or on behalf of a natural person, legal person, group or entity included in a list drawn up pursuant to the Sanctions Ordinance:

A proposed transaction conducted by or for the benefit of a person, legal person, group, or entity that appears on a list established pursuant to the Sanctions Ordinance.

C. A transaction valued at NAf 5000,00 (€ 2.404,05) or more, whether such transaction is in cash, by check or other payment instrument or by electronic means or other non-physical means:

This includes, in any case:

1. A giro transaction worth NAf 5000,00 (€ 2.404,05) or more:

A giro transaction is a transfer from a bank account of the service provider to a local or international bank account, at the request of a customer to the service provider.

2. The depositing or releasing of cash values held on deposit of NAf 5000,00 (€ 2.404.05) or more.

3. The sale to a client of gaming tokens worth NAf 5000,00 (€ 2.404,05) or more.

4. Payment of prize money worth NAf 5000,00 (€ 2.404,05) or more.

II. SUBJECTIVE INDICATORS

Suspected money laundering transaction or terrorist financing:

A transaction where there is reason to believe that it may be related to money laundering or financing of terrorism.

In case of a subjective indicator, the transaction is considered unusual if the reporting entity (based on its knowledge of its clients, their income and their business activities, and any other circumstance that may be relevant) has reasonable indications to presume that a transaction is related to money laundering or terrorism financing.

15.7.4. Deadline for reporting

For objective indicators, all reporting entities should send their unusual transaction reports within 48 hours after the transaction has been executed, or after there has been an intention for a transaction.

For subjective indicators, the time period between the execution of the transaction (or the intention to execute a transaction) and the moment the compliance officer receives the report, should not exceed 24 hours.

As of the moment that the Compliance Officer receives the transaction report, the Compliance Officer will have 10 working days to complete the relevant research with regard to a possible Money Laundering/

Terrorism Financing situation.

15.7.5. Customer acceptance policy

15.7.5.1. Customer Identification

Client Identification is intended to confirm the existence and identify the individual with which Betbarter has a business relationship and obtain supporting identity information. This includes measures to:

• Confirm the existence of the individual through identification documents;
• Conduct due diligence into the identity of the customer including:
• Cross-referencing customer names against government watch lists;
• Determining whether the customers are politically exposed persons;
• Determining whether any third parties are involved;
• Keep records of all information and documents obtained.

15.7.5.2. Identifying Information for Customers

This section sets out the standard identification requirements for individuals who have entered into a business relationship with Betbarter. This outline is likely to be sufficient for most situations. If, however, the customer is assessed as presenting a higher money laundering or terrorist financing risk, in line with our identified risk matrix, then Betbarter requires additional identity information to be provided and increase the level or verification accordingly.

Where the result of the standard verification check gives rise to concern or uncertainty over identity, the number of matches that will be required to be reasonably satisfied as to the individual’s identity will increase. Any concerns must be reported to the MLRO.

If a customer is unable to produce a primary ID, the reasons for this should be noted and they may not be able to maintain an account.

All documentary evidence must be recent.

• Passports and drivers’ licenses should be valid and not expired
• Bank statement, passbook or check

In terms of beneficial ownership, we will ask every customer whether they are acting in their own capacity or on behalf of another person. If they are acting for another person then we will require details of such.

Sources of evidence

Proof of Identity - Acceptable photo identity:

• Valid passport; or
• Valid photo card driving licence (full or provisional); or
• National identity card

When accepting evidence of identity from a customer, it is important that we make sufficient checks on the evidence provided to satisfy us of the customer’s identity, and that we keep a record of the checks made. This will be done by the MLRO or under the supervision of the MLRO.

Usual checks on photo ID may include:

Likeness against the customer

• Does the date of birth on the evidence match the apparent age of the customer?
• Is the ID valid?
• Is the spelling of names the same as other documents provided by the customer?

Checks on secondary evidence of ID may include:

• Do the addresses match the address given on the photo ID?
• Does the name of the customer match with the name on the photo ID?

15.7.5.3. Identity Verification Triggers

Verification of the identity of the customer may occur in the following situations:

• When a customer requests a withdrawal to a different account than one that was used to make a deposit (e.g. due to the fact that certain payment service providers do not support incoming payments or other reasons). In these cases, the withdrawal requests will be immediately deducted from the customer’s account, however, will not be processed until the customer’s identity has been verified to ensure that the funds are going to the right person;
• When a customer makes multiple deposits within a short timeframe;
• Staff identifies suspicious deposit patterns and or several payment cards are used (three or more different payment methods used within one week);
• Registration country and IP do not match – In such cases, the player account may not be blocked and the player may still make deposits and play games, however, no withdrawal will be allowed until verification has been carried out;

Copies will be kept of all the documents used for identification.

15.7.5.4. Additional Documents

Additional documents may be requested from customers to substantiate their activities or to better understand their patters:

• Proof of Bank Account – This may be a screenshot or copy of the bank statement stating the customer’s name and IBAN and the name of the bank (for instances when a customer requests a withdrawal to be deposited to a bank account);
• Proof of Payment Card – This may be a photo or copy of the front side of the card in question or a bank statement that will include both the card details and the name of the customer (for instances when suspicious deposit patters are identified) –
• To protect the customer’s card data, Betbarter informs them that they may obfuscate some of the card details, however, the customer’s name, as well as the first and last four digits of the card number must be visible.
• Bank Statements and Payslips – These may be requested from customers displaying potentially problematic gambling patterns and when external information available on the customer does not validate the amounts being gambled. In such cases Betbarter would ask its higher volume customers for documents which would support the funds being spent on gambling.

15.7.5.5. Mitigation of Impersonation Risk

Various additional customer identity checks are permitted on a risk-based approach. These checks may include:

• Requiring the first payment to be carried out through an account in the customer’s name with an EU/EEA regulated credit institution or one from an equivalent jurisdiction;
• Verifying additional aspects of the customer’s identity, or of their electronic ‘footprint’.

15.7.5.6. Keeping Information Up-to-Date

Once the identity of a customer has been confirmed, it does not have to be confirmed again. However, if there is any doubt about the information held, then that identification will be obtained again, including the identification of the customer.

Betbarter may review the customer documentation and then update it as appropriate. Any changes to identification such as a change of name of the customer would require new documents to be obtained.

15.7.5.7. Ongoing transaction monitoring

There are certain automated controls in place to monitor customer activities, for example:

• First time deposits;
• Cash-out alerts for cash-outs greater than NAf 5000,00 (€ 2.404,05);

In addition, all cash-out requests are processed manually by the Payments Team and are reviewed on a daily basis. Every request undergoes security checks before approval in order to determine that the origin of the funds/wins is compliant with the Gaming Control Board Curacao Policy and the terms and conditions of the Company.

15.8. Organization of internal control

Any member of Betbarter can report suspicious activities to the MLRO, as Betbarter´s Nominated Officer. A suspicious activity is one where it is known, or suspected, there are reasonably grounds to know or suspect that a person is engaged in, or attempting, money laundering or terrorist financing.

15.8.1. Suspicious transactions reporting

Having knowledge means knowing something to be true. Knowledge can be inferred from the surrounding circumstances; so, for example, a failure to ask obvious questions may imply knowledge. The knowledge must, however, have come to Betbarter during the course of business, or from a disclosure (to the MLRO).

Suspicion is more subjective and falls short of proof based on firm evidence. Suspicion is more than speculation and is based on some foundation.

An unusual transaction is not necessarily suspicious. Unusual patterns of gambling, including the spending of particularly large amounts of money in relation to the casino or customer’s profile, should receive attention, but unusual behaviour should not necessarily lead to grounds for knowledge or suspicion of money laundering, or the making of a report to the FIAU. The MLRO is required to assess all of the circumstances and, in some cases, it may be helpful to ask the customer or others more questions. The choice depends on what is already known about the customer and the transaction, and how easy it is to make enquiries.

Members of staff who consider a transaction or activity to be suspicious, would not necessarily be expected to know or to establish the exact nature of any underlying criminal offence, or that the particular funds or property were those arising from a crime, money laundering or terrorist financing. “Reasonable grounds to know or suspect” introduces an objective test of suspicion. The test is likely to be met when there are facts or circumstances, known to the member of staff, from which a reasonable person (in a payments firm) would have inferred knowledge, or formed the suspicion, that another person was engaged in money laundering or terrorist financing.

A defence of failing to meet the test of suspicion, would be for staff to demonstrate that they took reasonable steps to know the customer and the rationale for the transaction, activity or instruction.

15.8.2 How to Make a Suspicious Activity Report

Betbarter is obliged to report without delay to the FIU any unusual transaction carried out or intended to be carried out to the FIU. A report shall contain, as far as possible, the following information: a. The identity of the client; b. The nature and number of the client's identification document c. The nature, time and location of the transaction d. The volume, destination and origin of the values involved in the transaction e. The circumstances on the basis of which the transaction is considered unusual.

Betbarter is further obliged to pay special attention to all complex and unusually large transactions and all unusual patterns of transactions with no apparent economic or clear purpose. Betbarter shall keep the data relating to the notification and shall record them in such a way that the data can be the data can be provided and the transaction in question can be reconstructed, in order to respond without delay to requests for information from the competent supervisor.

Betbarter must be registered in Financial Intelligence Unit (FIU) Curaçao.

Reporting of unusual transactions takes place electronically via the goAML reporting portal (http://mot.cw/Web/MOTWeb/MOTWeb.nsf/web/goaml%20the%20new%20portal%20for%20fiu%20curacao), to which the service provider, after registration and validation of his registration by the the Financial Intelligence Unit Curaçao, is granted access.

A transaction is reported via the goAML Reporting Portal by filling in a web form, which consists of two parts:

1. Information about the reporting service provider and its designated reporting person.
This information remains the same for every report made by this person.
2. The actual transaction information, which is entered for each transaction, according to the choices made when completing the web form. The Financial Intelligence Unit Curaçao will indicate which fields are mandatory and must be filled in for submission. Information must be filled in per transaction report should be filled in, such as applicable indicator(s) and further transaction-specific details and any attachments.
The reporting portal is written in the English language.

15.8.3 How to Identify Suspicious Activity

Transactions may give reasonable grounds to suspect that they are related to money laundering or terrorist activity financing regardless of the sum of money involved. There is no monetary threshold for making a SAR. Suspicious transactions may involve several factors that on their own seem insignificant, but together raise suspicion that the transaction is related to the commission or attempted commission of a money laundering or terrorist activity financing offence, or both. As a general guide, a transaction may be connected to money laundering or terrorist activity financing when we think that it (or a group of transactions) raises questions or gives rise to discomfort, apprehension or mistrust.

Betbarter will examine, as far as reasonably possible, the background and purpose of all complex, unusual large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose.

The context in which the transaction occurs or is attempted is a significant factor in assessing suspicion and this will vary from one customer to another.

Transactions will be evaluated in terms of what seems appropriate and is within normal practices in business and based on our knowledge of the customer. The fact that transactions do not appear to be in keeping with normal industry practices may be a relevant factor.

Reasonable evaluation of relevant factors, including the knowledge of the customer's business, financial history, background and behaviour is the basis of assessing suspicion. Behaviour is suspicious, not people. We have listed below some indicators to help with this assessment.

15.8.4 Indicators of Suspicious Transactions

Certain products, services, activities or channels may pose a higher risk of misuse for money laundering. Listed below are several anti-money laundering risk indicators or “red flags” that might be grounds for suspicion. The list is not exhaustive and not conclusive but will be used as a guide for inquiry and follow-up, alongside other material.

A single indicator does not necessarily indicate reasonable grounds to suspect money laundering or terrorist financing activity. However, if several indicators are present during one or a series of transactions, then we will take a closer look at other factors before deciding whether the transaction must be reported.

In the case of a transaction aborted in the belief that the property is owned or controlled by or on behalf of a terrorist or a terrorist group, then there must be a terrorist property report. If there are reasonable grounds to suspect that the transaction is related to an attempted commission of a terrorist activity financing or money laundering offence, then a suspicious transaction report about the attempted transaction is also required.

Becoming aware of certain indicators could trigger reasonable grounds to suspect that one or more transactions from the past (that had not previously seemed suspicious) were related to money laundering or terrorist financing.

15.8.4.1 Application and Identification

• Information mismatch from application
• Application information/address/customer differs from initial registration
• Inability to provide government issued identification details
• Change of address to high-fraud area or to problematic jurisdiction, shortly after the application
• Lack of reliable third party and/or governmental verification of individual
• The address indicated (or corroborated) is identified as mail drop or other high-risk address, as opposed to a physical street address
• Transaction volume, deposits, and cash-outs are inconsistent

15.8.4.2 Account Settlement

• Large, cross-border wire transfer payments
• Settlements/partial settlements from unrelatedthird parties
• Excessive/ongoing large credit refunds

15.8.4.3 Transaction and Customer Monitoring

• Stakes wagered by a customer become unusually high or out of the ordinary and the customer is believed to be spending beyond his or her known means. This requires some knowledge of the customer but, nevertheless, there may be circumstances that appear unusual and raise the suspicion that he is using money obtained unlawfully.
• It may be that the customer lives in low cost accommodation with no known source of income but nonetheless is spending money well above his or her apparent means.
• There is no set amount which dictates when a SAR should be made and much will depend on what is known, or suspected, about the customer.
• A customer exhibits unusual gambling patterns with an almost guaranteed return or very little financial risk.
• It is accepted that some customers prefer to gamble in this way but, in some instances, the actions may raise suspicion because they are different from the customer’s normal gambling practices.
• Money is deposited by a customer or held over a period and withdrawn by the customer without being used for gambling.
• For instance, suspicions should be raised by any large amounts deposited in gaming machines or gambling accounts that are then cashed or withdrawn after very little game play or gambling.
• A customer regularly gambles large amounts of money and appears to find a level of losses acceptable.
• In this instance, the customer may be spending the proceeds of crime and sees the losses as an acceptable consequence of the process of laundering those proceeds.
• A customers spend increases over a period of time, thereby masking high spend and potential money laundering.
• A customer spends little, but often, and his annual aggregate spend is high and out of kilter with his expected spend.
• A customer displays gambling patterns where spend is high but the risk is low, for example gambling on red and black in roulette. The customer could be laundering money in a way that guarantees minimal loss.
• Instances of high spend by customers that lead to significant commercial risk for the operator may also indicate suspicious activity.

Indicators to help establish suspicion that a transaction may be related to a terrorist activity financing offence mostly resemble those relating to money laundering, although there are some differences. For example, amounts relating to terrorist financing generally may be smaller.

15.8.5. Financial Sanctions

It is the policy of BETBARTER to verify the identity of all customers, and to check that they are not the subject of sanctions or other statutory measures prohibiting the Company from providing its services. The member of staff conducting verification of identity will complete the process by checking that the customer is not the subject of sanctions or other statutory measures, using the screening methods set out by the MLRO. These include the direct questions to the prospective customer, screening of all new customers against sanctions and other databases (via direct reference to an official list or using a commercially available product), and ongoing screening of all customer names (via ongoing subscription to commercially available products and automatic uploads).

15.8.6. Adverse Media

Along with Sanctions and PEP databases, third-party providers offer a service that screens individuals for adverse media. Betbarter uses such a service to identify if a customer has been identified by the media as having links to financial crime, terrorist financing and/or other criminal activity. These individuals, once confirmed to be one and the same in both media and among the BETBARTER customers, would only be allowed to continue using Betbarter services after a close review by the MLRO and/or senior management.