Fighting Money Laundering
These guidelines set out the principles to fight against fraud and money laundering and the measures to be taken to prevent money laundering and monitor transactions between players and Stake. Modern technological tools and procedures are used to stop all illegal activities related to finances.
Business model of the company
Medium Rare NV (the “Company”) is an interactive betting operator established in 2017, which operates under license no. 1668/JAZ issued by the Government of Curacao. The website www.stake.com is available in 169 countries. Its users are required to comply with requirements designed to detect and prevent illegal activities related to financial transactions. These include: registering and verifying the profile, monitoring money transactions and other actions taken by players on the platform.
Company Policy Statement
In accordance with the Anti-Fraud Regulations, which are subject to the laws of Curacao, Stake is combating the use of services and products on www.stake.com for the purposes of illegal money laundering schemes. The company is taking all necessary measures to detect suspicious user activity and to crack down on illegal activities.
Ways and principles of combating money laundering
A variety of approaches and methods are used to combat the illicit phenomena in an operational manner:
- Developing systems to track and monitor transactions;
- Training of security personnel;
- Recording money transactions;
- Testing the effectiveness of controls;
- Assessing system vulnerabilities;
- Weighing the risks associated with financial terrorism.
If questionable user activity is detected, we reserve the right to verify their identity and data. Reports are generated based on the results, indicating the appropriateness of further services and transactions performed by the player. We will check payment methods, deposit history, turnover of funds and other financial information before we pay out any winnings.
Know Your Customer and Transaction Monitoring
In order to better understand the purpose and nature of a player’s relationship with Stake, we gather documentary and statistical information. The Company adheres to Customer Due Diligence (CDD) principles and has therefore implemented a program of mandatory user identification, which consists of several procedures:
- Collection of basic data – email addresses, bank account numbers;
- Tracking activity in profiles related to cryptocurrency exchange;
- Keeping records of gaming activity and frequency of financial transactions;
- Determining whether a user belongs to a group of persons engaged in suspicious activity.
Different measures are used to obtain the above information – identity and age verification, geo-blocking for banned jurisdictions, contractual bans on accepting users from banned jurisdictions. In addition, the Company may collect personal data such as bank account/wallet number, date of birth, name and address of residence, postal code and other information.
24/7 player monitoring is conducted to detect any suspicious activity indicating possible financial frauds in a timely manner. To this end, we use a wide range of risk indicators to help us identify suspicious player behavior.
Monitoring transactions
We have set up a financial transaction monitoring software tool to detect any suspicious activity from a user in real time. Monetary transactions are monitored on a regular basis using a variety of third-party systems that improve statistical recording, depositing and withdrawal history analysis.
To achieve these objectives, we have resorted to monitoring cryptocurrency transactions in banned and sanctioned jurisdictions, performing due diligence on withdrawals, tracking activity for transaction type, pattern and size.