General

What is Money-Laundering?

The Money Laundering Directive of the European Union (2005/60/EC) requires the prohibition (in law) of money-laundering and terrorist financing in the following terms:

For the purposes of this Directive, the following conduct, when committed intentionally, shall be regarded as money laundering:

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 activity to evade the legal consequences of his action;
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 activity;
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 activity;
participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counseling the commission of any of the actions mentioned in the foregoing points.

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.

For the purposes of this Directive, "terrorist financing" means the provision or collection of funds, by any means, directly or indirectly, with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out any of the offences within the meaning of Articles 1 to 4 of Council Framework Decision 2002/475/JHA of 13 June 2002 on combating terrorism.

Knowledge, intent or purpose required as an element of the activities mentioned in paragraphs 2 and 4 may be inferred from objective factual circumstances.”

The 24winnerbet have chosen to comply with these Directives for the prevention of money-laundering and Combating the Financing of Terrorism. In addition, the regulated sector has developed an agreed set of standards.

Some of these measures in relation to anti money laundering include:

Identifying customers (including their age) and checking their information in detail;
Preventative and detective controls on technology shall be in place to ensure that the prospect of cheating through collusion (external exchange of information between different players) is prevented;
For protection against identity theft:
Confidential customer information submitted at any point in time shall be protected from unauthorised or unnecessary disclosure;
Making use of the watch lists containing known or suspected members of terrorist organisations, to try to ensure that they do not hold accounts;
Monitoring the gaming and in-payment/pay-out behaviour of customers;
Limiting deposits (monitor carefully large on-line deposits, e.g. over €1,000);
Prohibiting direct payments between customers;
Prohibiting cash payments directly;
Automatic blocking of payments from countries that are not the same as the registered home country of the customer;
We shall report any suspicious transaction to the relevant competent authorities.
If you become aware of any suspicious activity relating to any of the Games of the Website, You must report this to us immediately.
We may suspend, block or close Your Account and withhold funds if requested to do so in accordance with the terms of use of the applicable gaming license.