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.
For 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.