AML Policy

Last updated: 30.10.2023
Version: 1.0

Introduction

Bombastic.com is operated by BetMax Entertain N.V. having its office at Zuikertuintjeweg Z/N (Zuikertuin Tower), Curacao and Company Registration number 163731.

This AML Policy seeks to offer the highest security to all users and customers on Bombastic.com. A verification procedure is implemented in order to ensure the identity of all customers. Different safety measures may be taken depending on the nationality and origin as well as the method and the amount of the payment and withdrawal requests.

Bombastic.com also puts reasonable measures in place to control and limit Money Laundering (ML) risk, including dedicating the appropriate measures.

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Definition of Money Laundering

Money Laundering is understood as:

• The conversion or transfer of property, especially money,  knowing that such property is derived from criminal activity or from taking part in such activity, for the purpose of concealing or disguising the illegal origin of the property or of helping any person who is involved in the commission of such an activity to evade the legal consequences of that person's or companies 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 an activity;
• The acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from assisting in such an activity;
• Participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions referred to in points before.

Money laundering shall be regarded as such even when the activities which generated the property to be laundered were carried out in the territory of another country or in that of a third country.

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Customer Identification and Verification (KYC)

The formal identification of customers on entry into commercial relations is a vital element, both for the regulations relating to money laundering and for the KYC Policy.

This identification relies on the following fundamental principles:

1. A copy of Government Issued Photo ID (in some cases front and back depending on the doc);
2. A selfie of themselves holding the ID doc;
3. A bank statement/Utility Bill not older than six (6) months;
4. A source of wealth document;
5. A source of funds document.

We will not accept and will block users that do not provide the identification information requested, provide fake identification documents, try to use different means to mask their location, are from restricted or prohibited jurisdictions, are subjected to United States, European Union, or other global sanctions or watch lists, are gambling addicted or have mental health issues, or have source of funds originating from exchanges in restricted jurisdictions.

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Additional Measures

Specialised personnel supported by modern, electronic, analytic systems will look for unusual behaviour like depositing and withdrawing, attempts to use a different bank account for deposit and withdrawal, nationality changes, currency changes, behaviour and activity changes as well as account ownership checks.

The Company has adopted a risk-based approach to combating money laundering and terrorist financing.  By adopting a risk-based approach, the Company is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the identified risks.  This will allow resources to be allocated in the most efficient manner.  The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.

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Ongoing Transaction Monitoring

AML-Compliance ensures that an “ongoing transaction monitoring” is conducted to detect transactions which are unusual or suspicious compared to the customer profile. Determination of the unusual nature of one or more transactions essentially depends on a subjective assessment, in relation to the knowledge of the customer (KYC), their financial behaviour and the transaction counterparty.

We will apply appropriate user due diligence and ongoing monitoring measures required by law. We will endeavour to prevent users from engaging in illicit or otherwise unauthorised activity. We use a combination of software development and other service agreements, which are enforced through internal operational features to ensure compliance with the applicable law.

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Reporting of Suspicious Transactions on Bombastic.com

In its internal procedures, Bombastic.com describes in precise terms, for the attention of its staff members, when it is necessary to report and how to proceed with such reporting. The AML rules, including minimum KYC standards will be translated into operational guidance or procedures.

Reports of suspicious transactions are analysed within the AML team in accordance with the precise methodology fully described in the internal procedures.

Depending on the result of this examination and on the basis of the information gathered, the AML team:

• will decide whether it is necessary or not to send a report to the relevant authorities;
• will decide whether or not it is necessary to terminate the business relations with the customer.

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Record Keeping

Records of data obtained for the purpose of identification must be kept for at least ten years after the business relationship has ended.

Records of all transaction data must be kept for at least ten years following the carrying-out of the transactions or the end of the business relationship.

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‍Training

Bombastic.com employees will make manual controls on a risk based approval for which they get special training.

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Auditing

Internal audit regularly establishes missions and reports about AML activities.

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‍Data Security

All data given by any user will be kept secure, and will not be sold or given to anyone else. Only if forced by law, or to prevent money laundering data may such data be shared with the AML-authority of the affected jurisdiction.

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Contact Us

If you have any questions about our AML and KYC Policies, please contact us by email on [email protected]

In the event of there being a discrepancy between the English language version of this document and any other language version, the English language version will be deemed to be correct.

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