Definitions of Money Laundering
The laundering cycle spins funds through placement, lamination, and integration stages. Initially, illicit earnings enter financial institutions under false pretenses through deposits or transfers. Next, layer upon layer of complexity obscures the dirty money’s origin as it cycles between accounts, currencies, securities, and assets. In the final stage, the washed wealth rejoins circulation disguised as legitimate returns, completing laundering’s laundromat laundering. The cleaned cash is then flushed back for criminals to reclaim and reuse in their underground empires.
BlockDance B.V. recognizes that facilitating online gambling inherently carries risk of money laundering and terrorist financing. To identify, prevent, and mitigate such risks, BlockDance B.V. implemented comprehensive measures, processes, and internal controls into daily operations, considering both customer profiles and services offered. These stringent protocols allow BlockDance B.V. to comply fully with all anti-money laundering regulations according to Curacao law. BlockDance B.V.’s anti-money laundering policy underscores commitment to detecting, preventing, and promptly reporting all attempts to utilize services for transactions fitting statutory definitions of money laundering, terrorist financing, or other illicit financial activities. The policy undergoes continual updates and improvements aligning with legislative changes and industry best practices. Content includes:
- Internal organization of processes to thwart money laundering;
- The rigorous “Know Your Customer” vetting protocol;
- Risk assessments;
- Customer categories subject to or exempt from identity validation;
- Enhanced identity verification standards;
- Mandatory reporting obligations to authorities.
In accordance with anti-money laundering procedures, regulated gaming requires patrons to wager deposited funds fully as a prerequisite for cashing out rewards. Failure to satisfy this lone mandate risks account limitations or forfeiture of profits altogether. Once the single turnover condition is satisfied through participatory betting, account holders may then petition for a payout reflecting accumulated earnings. For example, a player crediting his account with $100 must place totalizing bets to that same amount as an unlock prerequisite to withdrawing profit. Should said participant’s engagements then yield $58 in additional funds, his eligible withdrawal would total $158 in complete. Yet liquidating earnings remains optional—account holders might instead reinvest rewards through ongoing wagering in pursuit of amplifying payout potential still further.