Anti-Money Laundering (AML) Policies and Regulations
Compliance with AML Regulations
BetSphere LLC is fully committed to adhering to Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws, including the Anti-Money Laundering and Countering Financing of Terrorism Act of 2021. We have established a dedicated AML compliance function to ensure strict adherence to these regulations.
Key Responsibilities of Our AML Function
- Customer Identification and Verification: We implement robust procedures to accurately identify and verify our customers’ profiles during the registration process. This includes collecting and maintaining valid identification documents to confirm the identity of each player.
- Data Recording and Retention: We securely record and retain customer identification data and related transaction information, ensuring compliance with legal requirements for data storage and protection.
- Reporting to Financial Intelligence Agency (FIA): In line with Liberia’s AML/CFT laws, we regularly report to the Financial Intelligence Agency (FIA) and promptly notify them of any suspicious activities or transactions that may indicate money laundering or terrorist financing.
- Implementation of Control Measures: We have established comprehensive internal controls to monitor and detect unusual or suspicious activities, thereby preventing the misuse of our gaming platform for illicit purposes.
- Employee Training: We provide ongoing training to our employees to ensure they are well-informed about AML regulations, emerging trends, and their responsibilities in preventing money laundering and terrorist financing.
Account Management and Monitoring
In compliance with AML obligations, BetSphere LLC:
- Identity Verification: Verifies the identity of customers during the initial registration process. Players are required to submit a copy of a valid identification document within 30 days of registration. Accounts without proper documentation within this timeframe will be suspended. Duplicate registrations are strictly prohibited.
- Account Monitoring: Monitors gaming accounts to detect and prevent fraudulent use, reducing the risk of money laundering activities.
- Collaboration with Authorities: Cooperates fully with Liberian authorities by providing necessary data and information when there are reasonable grounds to suspect ongoing or attempted money laundering or terrorist financing activities.
Regulatory Framework
BetSphere LLC operates under the regulatory oversight of Liberia’s Financial Intelligence Agency (FIA) and the National Lottery Authority (NLA). We are committed to complying with all AML/CFT laws and regulations, including the Anti-Money Laundering and Countering Financing of Terrorism Act of 2021.
Continuous Improvement
We recognize the evolving nature of AML/CFT regulations and are dedicated to continuously updating our policies and procedures to remain compliant with the latest legal requirements and best practices.
Contact Information
For any inquiries or further information regarding our AML policies, please contact us at:
Email: support@betsphere.bet
Date of Publication: January 13, 2025
Last Updated: January 13, 2025
