The law requires us to monitor for Anti-Money Laundering (AML). For this, it is necessary to know who is buying or selling through our KiXX virtual marketplace. Therefore, we carry out Know Your Customer (KYC) procedures when registering new users.
AML to prevent money laundering
AML refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes ranging from small-time tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations.
Customer Due Diligence
The Bank Secrecy Act (BSA) (31 USC § 5318(h)) requires financial institutions to establish Anti-Money Laundering. AML regulations require financial institutions to develop sophisticated Customer Due Diligence (CDD) plans to assess money laundering risks and detect suspicious transactions. AML checks, which can range from basic Know Your Customer (KYC) verification to real-time screening, are designed to identify customers and assess their associated risk. AML checks are a safeguard to help prevent businesses from becoming directly or indirectly caught up in criminal activity.
As a sports marketing organisation, we help sports clubs and athletes achieve their ultimate goals. Therefore, we consider it extremely important to adhere to regulations, and carefully implement AML and KYC procedures. Hopefully, this also makes you, as a registered user of our virtual marketplace, feel safe and secure.