WIRELESS VEGAS – KNOW YOUR CLIENT POLICY
In certain circumstances we will request KYC details from our Players in order to activate their accounts, to increase their monthly deposit limits, or for verification when being paid winnings.
Wireless Vegas has issued comprehensive ‘Know Your Customer’ (KYC) Guidelines to all Non-Banking Financial Companies (NBFCs) in the context of the recommendations made by the Financial Action Task Force (FATF) and Anti Money Laundering (AML) standards and Combating Financing of Terrorism (CFT) policies as these being used as the International Benchmark for framing the stated policies, by the regulatory authorities. In view of the same, Wireless Vegas (“Company”) has adopted the said KYC guidelines with suitable modifications depending on the activity undertaken by it. The Company has ensured that a proper policy framework on KYC and AML measures are formulated in line with the prescribed guidelines and duly approved by its relevant stakeholders.
OBJECTIVES, SCOPE AND APPLICATION OF THE POLICY:
The objective of KYC guidelines is to prevent the Company from being used, intentionally or unintentionally, by criminal elements for money laundering activities or terrorist financing activities. KYC procedures shall also enable the Company to know and understand its Customers and its financial dealings better which in turn will help it to manage its risks prudently. Thus, the KYC policy has been framed by the Company for the following purposes:
To prevent criminal elements from using Company for money laundering activities;
To enable Company to know and understand its Customers and their financial dealings better which, in turn, would help the Company to manage risks prudently;
To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures;
To comply with applicable laws and regulatory guidelines; 5. To ensure that the concerned staff are adequately trained in KYC/AML/CFT procedures.
This KYC Policy of Wireless Vegas is applicable to all branches/offices of the Company and is to be read in conjunction with related operational guidelines issued from time to time. This Policy includes nine (9) key elements:
a) Customer Acceptance Policy (CAP);
b) Customer Identification Procedures (CIP);
c) Monitoring of Transactions;
d) Risk Management;
e) Training Programme;
f) Internal Control Systems;
g) Record Keeping;
h) Appointment of Principal Officer;
i) Reporting to relevant authorities.
DEFINITION OF CUSTOMER:
For the purpose of Company’s KYC policy a ‘Customer’ means a Person as defined under Know Your Customer Guidelines issued by Wireless Vegas (and any amendment from time to time to this) which are at present as under:
a) A person or entity that maintains an account and/or has a business relationship with the Company;
b) A Person who has a Registered Account with Company and has any kind of monetary activity within the Company;
c) A Person on whose behalf the Registered Account is maintained (i.e. the beneficial owner);
d) Beneficiaries of transactions conducted by professional intermediaries such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law;
e) Any other Person connected with the monetary activity which can pose significant reputation or other risks to Company, say a wire transfer or issue of high value demand draft as a single transaction.