Anti-Money Laundering and Customer Identity Verification Policy
AML / KYC Policy
Introduction
Understanding the importance of our customers, our future customers, and in response to the growing concern of the international community regarding the problem of Money Laundering and Terrorism Financing, numerous countries around the world are approving or perfecting their laws on this matter. Specifically in the Philippines, numerous regulations have been approved to prevent such activities.
WAGIBET.com identifies with society and authorities by recognizing the importance of the fight against Money Laundering and Terrorism Financing as they affect essential aspects of social life.
We understand that the best way to fulfill our commitment is through the establishment of effective internal standards and procedures that tend to:
- Develop financial activity in accordance with current regulations
- Implement action standards and control and communication systems to prevent our services from being used for Money Laundering or Terrorism Financing
- Ensure that all our employees observe this policy and are governed by regulations that prohibit such activities
- Strictly comply with laws against Money Laundering and Terrorism Financing, as well as recommendations issued on this matter by national and international authorities
Corporate Commitment
In compliance with the above, the Directors and Employees of WAGIBET must detect suspicious operations and immediately report them to the established internal bodies, according to specific policies and procedures, so that, in turn, they can report to the competent authorities.
At WAGIBET, there is a commitment from all Directors and Employees to ensure that the products we market and the services we provide are not used for Money Laundering or Terrorism Financing.
For this reason, when working at this company, employees adhere to this policy, committing to fully comply with legislation against Asset Laundering and Terrorism Financing, so they must be actively involved in its implementation and development.
Policy Enforcement
⚠️ Mandatory Compliance
This policy and the internal standards that are developed as part of the Asset Laundering and Terrorism Financing Prevention system are mandatory for all WAGIBET personnel. Any employee who violates any of the Asset Laundering Prevention and Terrorism Financing laws or regulations will be subject to disciplinary action, regardless of any legal actions arising from applicable legislation.
Risk Mitigation Activities
WAGIBET performs different tasks with the objective of mitigating the risk of Asset Laundering and Terrorism Financing, among which we can mention:
🛡️ Policy Development
- Generation of policies and procedures
- Customer identification and thorough knowledge of their activities
- Specific risk analysis in the customer linking process
📚 Training & Communication
- Continuous training and communication
- Updates for all relevant personnel
- Regular compliance assessments
Customer Identification Requirements
At WAGIBET, we have as a basic requirement in the fight against Money Laundering or Terrorism Financing, the identification and knowledge of customers, regular or not.
The commercial or contractual relationship maintained once, occasionally or habitually, with any Customer, must fundamentally pass with the full identification of the Customer, providing suitable documents issued by the corresponding authorities that accredit their legitimate existence, paying special attention to their operation or evolution, with the purpose of avoiding relationships with companies that practice Asset Laundering and Terrorism Financing.
Policy Guidelines
1. Regulatory Compliance
WAGIBET's AML policy is voluntarily guided by all regulations that govern Money Laundering Prevention in the Philippines and internationally.
2. Platform Protection
Our program is designed to prevent our platform from being used for Money Laundering or Terrorism Financing. We take all necessary measures to prevent and report suspicious activities.
3. Fraud Detection
Detection and prevention of fraudulent activities through identification and evaluation of fraud-related risk areas, implementing procedures to prevent such risks through control and surveillance mechanisms.
4. Suspicious Activity Response
If we suspect that a Customer is using WAGIBET services without adherence to any AML provision, we reserve the right to conduct necessary review and audit activities, request documentation, report to authorities, and terminate service.
Customer Obligations and Consequences
⚖️ Legal Obligations
In case it is legally or judicially demonstrated that you or the operations you perform violate our AML policy and/or the legal framework, the Customer agrees to waive all rights derived from the contract with WAGIBET and undertakes to hold our company harmless from any responsibility generated by the acts committed.
Information Requirements
As part of implementing our AML policy, WAGIBET reserves the right to require any additional information to determine the transactional profile of customers, as well as the origin and destination of funds involved in operations. Failure to provide necessary information may result in suspension or termination of services.
Legal Use Declaration
If you are seeking information for or intend to carry out any illegal or fraudulent financial activity, please refrain from using WAGIBET. You acknowledge and accept that you are aware of the legality of using our services in your jurisdiction and that you will not use services provided by WAGIBET if such use is prohibited or violates the laws of your state, locality, country, or other jurisdiction where you are located.
Account Verification Process
To verify information provided by customers and ensure the legality of funds, WAGIBET will request additional documentation from customers at any time.
Required Documents
These documents include, without limitation:
📄 Identity Documents
- Copy of Personal Identification (Philippine passport, driver's license, or unified ID)
- Front and back of credit or debit cards (when applicable)
- Proof of address (utility bill, bank statement)
- Additional documents to corroborate provided information
🔍 Verification Process
- Documents must be clear and legible
- All information must match account details
- Verification typically completed within 24-48 hours
- Additional documentation may be requested
🚨 Suspicious Activity Reporting
If abnormalities are detected in account fund movements, these will be reported to the corresponding authorities. The objective is to prevent the acceptance and manipulation of illegally obtained funds.
Philippine Regulatory Compliance
🏛️ BSP Compliance
Full compliance with Bangko Sentral ng Pilipinas regulations for financial service providers in the Philippines.
📊 AMLC Reporting
Suspicious activity reports filed with Anti-Money Laundering Council as required by Philippine law.
⚖️ PAGCOR Authorization
Operating under PAGCOR license with full adherence to Philippine gaming and financial regulations.
Contact Information
For questions regarding this AML/KYC policy or to report suspicious activity, please contact:
Compliance Department
Email: [email protected]
Phone: +63 2 1234-5678
Address: Makati City, Philippines
This policy is effective as of August 2025 and may be updated periodically to reflect changes in regulations or business practices.