Prize City Gaming is committed to maintaining a secure, lawful, and transparent platform. To protect against money laundering, fraud, and other illicit activities, we have implemented the following Anti-Money Laundering (AML) protocols. By using the platform, you agree to comply with these protocols.
AML Compliance Overview
Prize City Gaming strictly prohibits money laundering, terrorist financing, and any other illegal financial activities. In compliance with applicable local and international AML laws, we have established procedures to detect, prevent, and report suspicious activity.
Know Your Customer (KYC) Requirements
To participate in any financial transaction involving Gems exchange for cash or other monetary transfers, you must undergo a Know Your Customer (KYC) process. This involves verifying your identity to ensure that all participants on the platform are legitimate.
- Required Documents: You must provide valid, government-issued identification (e.g., passport, driver’s license, or national ID card), proof of address (e.g., utility bill, bank statement), and, in some cases, other supporting documentation as requested by Prize City Gaming.
- KYC Verification Process: All identity verification requests will be reviewed and processed by Prize City Gaming. We reserve the right to reject any verification if the provided documents do not meet our standards or if there are concerns about their authenticity.
- Suspension of Transactions: If a user fails to provide the necessary KYC documentation or if their identity cannot be verified, they will not be permitted to exchange Gems for cash or engage in any monetary transactions on the platform.
Monitoring for Suspicious Activity
Prize City Gaming actively monitors user activity on the platform to detect signs of suspicious behavior. This includes, but is not limited to:
- Large or Unusual Transactions: Large, frequent, or otherwise unusual redemptions of Gems for cash, especially those that do not align with the user’s previous activity or purchasing patterns.
- Multiple Accounts: The creation of multiple accounts by a single individual or associated entities for the purpose of circumventing limits or AML checks.
- Identity Mismatches: Users providing conflicting or suspicious information during the KYC process, such as mismatched names, addresses, or documents.
- Suspicious Patterns: Activities such as rapid successive withdrawals, especially those involving the transfer of cash or prizes to unrelated third parties, or transactions that seem structured to avoid detection by our monitoring systems.
AML Risk Assessment
Prize City Gaming employs an internal AML risk assessment framework to evaluate the level of risk associated with a user’s activities. Factors considered in the risk assessment include:
- Geographical Risk: If the user resides in or has financial connections to high-risk jurisdictions (e.g., countries identified by international bodies as posing an increased risk for money laundering or terrorist financing).
- Transaction Risk: The frequency, volume, and pattern of transactions initiated by the user. High transaction volume or abrupt changes in spending patterns may trigger additional scrutiny.
- Behavioral Risk: A history of fraudulent or suspicious activity tied to a user or related accounts.
AML Compliance Checks
Prize City Gaming will conduct regular AML compliance checks across all user transactions. These checks include:
- Transaction Scrutiny: We will screen cash redemptions, prize claim requests, and large-volume transactions to ensure they align with the user’s historical activity and are consistent with the platform’s intended use.
- Screening Against Lists: We may screen users against global sanction lists (e.g., OFAC, EU Sanctions) and other databases to identify users who may be involved in illegal activity.
- Ongoing Monitoring: We continuously monitor user behavior for signs of suspicious activity and will investigate any flagged transactions.
Reporting Suspicious Activity
If any transaction or user activity appears suspicious or is identified as potentially involving money laundering, fraud, or other illicit activities, Prize City Gaming will:
- Report Suspicious Activity: Prize City Gaming will report suspicious transactions to the appropriate authorities as required by law. This may include reporting to law enforcement, financial regulatory bodies, or any other relevant agencies.
- Cooperate with Authorities: We fully cooperate with legal and regulatory authorities and may provide them with user information, transaction records, and other relevant data upon request.
Freezing or Blocking Accounts
If at any time we detect activity that we suspect may be associated with money laundering, fraudulent behavior, or any unlawful financial activity, we may take the following actions:
- Suspension of Transactions: We reserve the right to temporarily suspend any transactions, including redemptions or withdrawals, while we investigate.
- Account Freezing: If necessary, we will freeze accounts suspected of being involved in money laundering, fraud, or other illicit activities. This may include preventing users from accessing or transferring funds.
- Account Termination: In cases where users are found to be in violation of AML protocols or engaging in illegal activities, Prize City Gaming reserves the right to permanently terminate their account, seize any remaining Gems, and report the individual to the appropriate authorities.
Compliance with International AML Regulations
Prize City Gaming operates in full compliance with all local and international anti-money laundering (AML) laws and counter-terrorist financing (CTF) regulations. This includes, but is not limited to:
- The Bank Secrecy Act (BSA) and Patriot Act in the United States.
- Regulations set forth by international bodies such as the Financial Action Task Force (FATF), which sets global AML standards.
- Any applicable regional AML/CTF laws in the jurisdictions in which Prize City Gaming operates.
User Responsibility
By using the platform, you agree to:
- Provide Accurate Information: You are responsible for providing accurate and truthful information during the KYC process and throughout your use of the platform.
- Comply with AML Laws: You agree not to use the platform for any illegal purpose, including but not limited to money laundering, terrorism financing, or other illicit activities.
- Report Suspicious Activity: If you suspect that someone is using the platform for illegal activities, you must report it to Prize City Gaming immediately.
AML Protocol Updates
Prize City Gaming reserves the right to update or modify these AML protocols in order to comply with changing regulations or best practices in the industry. Any changes will be communicated to users, and your continued use of the platform constitutes acceptance of the updated protocols.
By participating in the Prize City Gaming platform, you acknowledge that you understand and agree to these Anti-Money Laundering (AML) protocols. You also acknowledge that you are fully responsible for ensuring that your use of the platform complies with all applicable laws and regulations.