- You may hear us talk about anti-money laundering, AML, and wonder what it means.
- Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
- Though anti-money laundering laws cover only a limited range of transactions and criminal behaviors, their implications are far-reaching.
- Example: AML regulations require that banks and other financial institutions that issue credit or allow customers to open deposit accounts follow rules to ensure they are not aiding in money-laundering.
How does anti money laundering law apply to Mr Green as a company?
- As Mr Green is a company that takes deposits and processes withdrawals we are required by law to monitor customers' transactions and report on anything suspicious.
- Criminals often try to "launder" the money they obtain illegally through acts such as drug trafficking so that it can't easily be traced back to them.
- One of the most common techniques is to run the money through a legitimate cash-based business.
- It's up to Mr Green to monitor customers' deposits and other transactions to ensure that we aren't part of a money-laundering scheme.
How does anti money laundering law apply to you as customer of Mr Green?
- Part of the verification process and source of wealth checks, which Mr Green carries out, is for the anti-money laundering as required by law.
- We are required by anti-money laundering regulations and gambling regulations to make checks to verify every player's identity and (where necessary) the source of any funds placed on deposit by the player.
- We have streamlined these processes to have a minimal impact on the experience that players have when registering with Mr Green.