KYC Policy

KYC Policy at ACE11

Last Updated: 22.12.2024

Objective

At ACE11, we care about the security of our users' data, user information, and transactions. The ultimate aim of the KYC policy is to establish a clear system for verifying our users' identities. This helps us avoid fraud, financial crimes, and identity theft risks. Our KYC process ensures long-term compliance with national and international regulatory frameworks, including anti-money laundering (AML) and terrorism financing (TF) regulations. This policy ensures a secure gaming platform so that users can enjoy our services in a safe and transparent manner.

Compliance with Regulatory Framework

ACE11 is dedicated to establishing and maintaining compliance with all relevant laws, particularly in money laundering (AML) and customer identity verification (KYC) requirements. Our policy follows various European Union (EU) directives and national laws to ensure we protect the platform and users against criminal activities.

Key Regulations

EU Directive 2015/849: Combats money laundering and terrorist financing, requiring institutions to detect and prevent illegal financial activities.
EU Regulation 2015/847: Focuses on information exchange related to transfers to reduce illegal activities.
Belgian Legislation of 18 September 2017: Limits the use of money in business dealings to fight money laundering.

Money Laundering (ML) Definition

Money laundering is the process of disguising illegally gained funds and presenting them as legitimate. It involves several stages, including:

Transfer or Acquisition of Criminal Property: Flouting the value of criminal assets, especially financial ones.
Concealing or Misrepresenting Property: Hiding or misrepresenting the source or ownership of criminal property.
Acquisition or Use of Criminal Property: Using illegal funds generated from unlawful activities.
Aiding Criminal Activities: Helping others involved in money laundering.

AML Organization and Responsibilities

ACE11 has a specialized organizational structure to meet AML requirements and ensure high-level security:

Management Responsibility: Senior management ensures the effective enforcement of AML policies.
AML Compliance Officer (AMLCO): The AMLCO oversees policy implementation, internal communication, and regular audits.

Verification Process

ACE11 implements a strict identity authentication check for users and financial credential verification. The 3-step process ensures compliance with security and fraud prevention standards.

Step 1 - Initial Assessment

Users need to provide the following information to enable withdrawals:

Full Name
Date of Birth
Gender
Country
Complete Residential Address

Step 2 - Detailed Analysis

Accounts making deposits/withdrawals over ₹2,000 (or local equivalent) require the following documents:

Proof of identity (e.g., passport, national ID)
Selfie with ID
Random six-digit code generated by ACE11

Step 3 - Source of Wealth Verification

If a user has deposited/withdrawn more than ₹5,000 or transferred more than ₹3,000, they need to provide proof of the source of funds, including supporting documents.

Customer Verification Process

The KYC process involves:

Valid ID Submission: Passport, national ID, or driver's license
Selfie with ID: Users must upload a selfie holding their ID
Unique Handwritten Note: A note containing a 6-digit code provided by ACE11 must be included in the photo

Address Verification

ACE11 uses advanced methods to verify addresses. If digital verification fails, users must provide the following:

Recent utility bills (electricity, gas, water)
Bank statements or government documents

Source of Wealth (SOW) Verification

For deposits over ₹5,000, users must verify their source of wealth. Documentation may include:

Proof of Business Ownership or Employment
Inheritance or Investment Documentation

Risk Management Framework

We classify countries into risk levels for enhanced security:

Low-Risk Countries: Standard KYC applies.
Medium-Risk Countries: Stricter deposit/withdrawal limits and extended KYC controls for higher transactions.
High-Risk Countries: Users are excluded from our platform.

Ongoing Monitoring & Compliance

We monitor customer activities continuously to detect suspicious behavior and report it to the relevant authorities when necessary.

Record Keeping and Data Security

We securely store all user data and transaction logs for a minimum of 10 years. All data is encrypted in compliance with international data protection laws.

Staff Training & Internal Audits

Our staff undergoes AML-specific training and standardized internal audits to maintain adherence to policies.

Reporting Suspicious Activities

Employees are trained to recognize and report suspicious behaviors. All flagged cases are investigated by the AML team and reported to relevant authorities when required.

Contact Us

If you have any questions about our KYC and AML policies, please contact our support team:

Email: [email protected]

Phone: 1800 257 5008