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Anti-Money Laundering (AML) Policy at Kwikbet 

At Kwikbet, we are fully dedicated to implementing robust measures that deter and detect any attempts at money laundering or the financing of unlawful activities. This document outlines our approach to combating money laundering and how we protect the platform and its users from financial crime.

Our Dedication

We maintain comprehensive procedures and safeguards designed to identify and prevent illicit financial behavior on our site. These strategies are developed based on globally recognized standards and the legal obligations applicable in Kenya and other operational jurisdictions.

User Obligations and Declarations

By registering and participating on our website, you confirm the following statements to be true:

  • You are the legal owner of any funds transferred to your Kwikbet account.
  • The funds you use on the platform are derived from legitimate sources and are not connected to any criminal or prohibited activity.
  • You will refrain from engaging in any unlawful or fraudulent acts while using our services.
  • All details you share with Kwikbet are truthful, accurate, and up to date.

You agree to notify us promptly if you are, or become, a Politically Exposed Person (PEP) or hold a senior position in any political organization.

Our platform adheres to a strict AML policy because it is important as part of our license

Identity Verification and Document Submission

  • You may be required to present documentation that verifies your identity and confirms the origin of your funds. Kwikbet reserves the right to request such information at any time.
  • Required documents may include official identification, proof of residence, and financial statements or records confirming the source of your deposits.
  • Providing misleading, false, or incomplete information may result in the immediate suspension or closure of your account and denial of access to our services.

Risk-Based Monitoring

Kwikbet follows a risk-based methodology to assess when enhanced verification is necessary. This includes:

  • Ongoing analysis of account behavior to detect irregular or potentially suspicious activity.
  • Actions such as large or frequent deposits/withdrawals or sudden changes in betting habits may lead to additional checks.
  • If suspicious behavior is observed, we reserve the right to escalate the matter and report it to the relevant authorities.

Periodic Reviews and Account Restrictions

  • Kwikbet may carry out periodic re-assessments of account information.
  • Failure to comply with verification requests will result in your account being temporarily locked. During this time, transactions including deposits and withdrawals will be disabled until verification is completed successfully.

Data Management and Record Retention

  • All information collected during identity checks is stored securely and handled according to applicable privacy regulations.
  • Records of identity verification and supporting documentation will be retained for at least 10 years. After this retention period, the data will be anonymized in accordance with data protection standards.

Kwikbet retains full authority to enforce this policy and take appropriate action if any aspect of it is breached. By accessing and using our platform, you agree to comply with these rules as part of your user agreement.

If you have any queries regarding our AML practices, feel free to reach out to Kwikbet Support.