AML Policy

FESTWIN 

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Policies

1. Standard KYC Procedures

As a responsible sports betting company, Festwin ensures full compliance with all applicable industry standards. We focus on maintaining long-term relationships with our customers and take pride in our ability to offer tailored services based on each customer’s needs and objectives. Alongside our excellent customer relationships, we also comply with relevant anti-money laundering laws to safeguard our customers' assets and provide them with first-class financial services.

To balance compliance and service concerns, Festwin requires customers to provide a high-resolution identity and proof of residence document (not older than three months) for any withdrawal request.

Our Standard KYC Requirements Are as Follows:

For all customers making their first withdrawal request:

  • A copy of a passport or identity card;

  • A utility bill (as proof of address) not older than three months.

Festwin may request customers to justify certain financial transactions. In such cases, customers will be expected to provide relevant contracts, invoices, or purchase orders. Festwin reserves the right to contact parties associated with these transactions to verify customer legitimacy. Additionally, Festwin informs account holders of all account-related information via email. In necessary cases, the registered contact number may also be called to verify the account holder's identity. Customers must report any changes to their contact details.

2. AML Policy

2.1. Policy and Definition

Festwin enforces a strict anti-money laundering policy with zero tolerance for money laundering activities. We define money laundering as the process of disguising the origins of illegally obtained funds and the attempt to integrate such funds into legal financial systems through fraudulent means.

All Festwin affiliates are required to comply with Festwin’s anti-money laundering policy and all applicable AML laws. Failure to comply with these policies can result in serious consequences, including criminal penalties and substantial fines.

Festwin ensures full compliance with anti-money laundering laws and policies. Activities such as chip dumping, collusion betting, or any other suspicious or illegal financial transactions are strictly prohibited. Festwin immediately blocks such activities as they violate the principles and ethical standards the company has upheld since its inception.

To quickly and accurately identify any financial situation that may indicate money laundering, Festwin implements a series of filtering processes to prevent money laundering activities across its entire system.

By using this website, opening an account, and conducting financial transactions as a Festwin customer, all users agree, declare, and undertake the following conditions:

  1. The customer will comply with all regulations regarding proceeds derived from money laundering and criminal activities during their time as a Festwin customer.

  2. Festwin has the right to implement AML procedures to help detect and prevent money laundering. Festwin operates under specific obligations against illegal activities, regardless of their geographical location.

  3. The customer agrees to fully cooperate with Festwin in preventing money laundering. This includes providing any requested details regarding their business, account usage, financial transactions, etc., based on applicable laws.

  4. Festwin reserves the right to delay or halt any financial transfer if it has reason to believe that completing the transaction would violate applicable laws or accepted industry practices.

  5. If Festwin has reason to believe that an account is being used for illegal activities, it reserves the right to suspend or terminate the account and freeze any funds within the account.

  6. Festwin has the right to use customer information to investigate and/or prevent fraud or any other illegal activity.

2.2. Risk Assessment

Festwin uses a standardized risk rating model to assess money laundering risks in all customer relationships. The Festwin Board of Directors approves this model annually.

2.3. Activities Deemed "Suspicious" by Festwin

Festwin evaluates the following activities as potential indicators of money laundering:

  • The customer exhibits unusual concern or reluctance regarding Festwin’s anti-money laundering policy.

  • The customer has a history of legal or criminal offenses.

  • The customer appears to act as a "front person" for an undisclosed entity or individual and fails to provide satisfactory responses to identification requests.

  • The customer frequently makes large deposits and insists on conducting transactions only with cash equivalents.

  • The customer holds multiple accounts and conducts an unusually high number of account-to-account transactions or third-party transactions.

  • The customer is a citizen of, or has an account in, a country listed by the Financial Action Task Force (FATF) under “Non-Cooperative Countries or Territories.”

  • An account that was previously inactive suddenly begins receiving a surge of wire transfers.

  • Chip dumping and collusion betting.

The above list is not exhaustive; Festwin monitors customer and account activity for other red flags and takes appropriate measures to prevent money laundering.

2.4. Customer Identity Verification Procedures

Festwin employs customer identification procedures to verify the true identity of its customers. If Festwin cannot verify a customer’s identity within an acceptable timeframe, all services for that customer will be suspended, and any accounts opened will be terminated. Additionally, any accounts and services linked to the customer will undergo stricter scrutiny, and based on the investigation, they may be suspended or closed.

Identification Requirements for Individuals

Festwin requires the following information from individuals:

  • Full legal name, including maiden name (if applicable);

  • Address details;

  • Phone number;

  • Email address;

  • Date and place of birth;

  • Country of residence;

  • A government-issued photo ID such as a passport, national ID card, or driver’s license.

2.5. Record Keeping

Festwin retains all relevant documents and service records for the minimum period required by applicable laws.

2.6. Training

Festwin implements a comprehensive training policy that provides anti-money laundering training to all new employees. In addition to initial training, Festwin employees must also complete an annual anti-money laundering training program. Employees involved in AML-related tasks are required to participate in specialized training programs.

As a result of this extensive training policy, Festwin employees are fully aware of AML laws and regulations, as well as the company’s services and customer agreements. Therefore, all Festwin employees are in an ideal position to perform their duties in full compliance with Festwin’s AML policy and all applicable laws and regulations.

2.7. Management

An AML Compliance Officer is responsible for managing Festwin’s anti-money laundering policies. The Compliance Officer’s responsibilities include interpreting, revising, and enforcing Festwin’s AML policy.