Know Your Customer (KYC) Policy
The purpose of this Know Your Customer (KYC) Policy is to outline the detailed procedures that Weiss Bet Casino follows to verify the identity of its players. The policy is designed to ensure compliance with Canadian laws and regulatory requirements, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). It also helps prevent money laundering, fraud, and other illicit financial activities on the platform.
To protect our platform and ensure that we meet the highest regulatory standards, we conduct a robust KYC procedure to verify each player's identity and prevent misuse of our services. This is essential in maintaining compliance with anti-money laundering (AML) laws and ensuring the integrity of the financial system.
1. KYC Verification Process
The KYC verification process is a crucial step in protecting both the player and the platform. The process involves several stages, which may vary depending on the risk profile and the nature of the player’s activity. The core stages of the KYC procedure are as follows:
1.1. Identity Verification
Each player must provide a government-issued photo ID, such as a passport, driver’s license, or national identity card. This document should clearly display the player’s full name, date of birth, and photograph. The identity verification ensures that the person registering for the account is who they claim to be.
1.2. Address Verification
To confirm the player's residence, we require a recent document showing the player’s name and address. Examples of acceptable documents include utility bills, bank statements, or official correspondence from a government agency. The document must be no older than three months.
1.3. Payment Method Verification
For all financial transactions, we require verification of the player's payment method to ensure it belongs to the player and is not being used by a third party. The player may be asked to provide a bank statement, a screenshot of an e-wallet account, or a copy of a credit card, showing the last four digits. This step helps prevent fraud and ensures that money is not being funneled through the account via illegal or third-party sources.
1.4. Enhanced Due Diligence (EDD)
For high-risk accounts or players involved in significant financial transactions, Weiss Casino may implement Enhanced Due Diligence (EDD) procedures. This includes obtaining additional information about the player’s financial background and source of funds. EDD may be required for high-volume players, those from high-risk jurisdictions, or players whose activities raise concerns. This step ensures that higher-risk players are appropriately vetted and monitored.
1.5. Verification of Age
As part of the KYC process, Weiss Casino ensures that all players are of legal gambling age, which is 19 years or older in most provinces and territories in Canada. Verification of age is typically conducted using government-issued identification.
2. Continuous Monitoring and Review
The KYC process is not a one-time event; it is an ongoing procedure. WeissBet continuously monitors player activity to detect any suspicious behavior that may indicate money laundering, fraud, or other illicit activities. This monitoring includes tracking changes in betting behavior, transaction patterns, and account activity.
Players’ accounts are regularly reviewed for any inconsistencies or irregularities in their profiles. In particular, we monitor:
- Large or frequent deposits and withdrawals.
- Rapid and unusual changes in gambling activity.
- Multiple accounts being used from the same IP address or payment methods.
If unusual activity is detected, the player may be asked to provide updated documentation or further verification.
3. Risk-Based Approach
Weiss Bet adopts a risk-based approach to KYC. This means that players are classified based on the level of risk they pose to the platform. The risk profile of each player is assessed during the verification process, considering factors such as:
- Country of residence.
- Frequency and volume of transactions.
- History of gambling behavior.
- Sources of funds.
Players who are considered high-risk may be subject to additional scrutiny, and their accounts may be subject to more stringent monitoring and verification.
4. KYC for Withdrawals
When players request withdrawals, Weiss Casino may require additional KYC checks. This is particularly important for large withdrawals or when there are significant changes in withdrawal behavior. The withdrawal process will not proceed until all necessary verifications have been completed to our satisfaction.
5. Record Keeping
Weiss Casino retains all KYC-related documents, including identification documents, proof of address, and payment method verification, for a minimum of five (5) years. These records are stored securely in compliance with Canadian data protection regulations. The information will be made available to regulatory authorities or law enforcement agencies upon request, as required by law.
6. Confidentiality and Data Protection
Weiss Casino values the confidentiality of its players’ personal and financial information. All documents submitted as part of the KYC process are handled in strict confidence and stored securely in accordance with applicable privacy and data protection laws. We do not share personal information without the player’s consent, except when required by law or regulatory authorities.
7. Non-Compliance and Consequences
If a player fails to comply with the KYC process or refuses to provide the requested documents, their account may be suspended or terminated. Players may also face restrictions on deposits, withdrawals, or access to certain gaming features until the verification process is successfully completed.
In cases of suspected fraud, money laundering, or any other illegal activity, Weiss Casino reserves the right to report the player to the relevant authorities, including FINTRAC, and suspend or close the account.
