AML & KYC Checks
The Gaming Control Anjouan is responsible for ensuring that all licensed gambling operators on the island of Anjouan comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. To achieve this, the board has implemented a structured framework that involves several key steps, including:
- Risk Assessment: The board conducts a thorough risk assessment of each licensed operator to identify any potential money laundering or terrorist financing risks. This involves analyzing the operator’s business operations, customer base, and geographical location.
- AML and KYC Policies and Procedures: Based on the results of the risk assessment, the board develops and implements AML and KYC policies and procedures that are tailored to each operator’s specific risk profile. These policies and procedures outline the processes and controls that the operator must follow to identify and mitigate AML risks.
- Customer Due Diligence (CDD): The board requires operators to perform CDD on all customers before they can engage in any gambling activities. This involves verifying the customer’s identity and assessing their level of risk based on factors such as their source of funds and occupation.
- Ongoing Monitoring: The board requires operators to conduct ongoing monitoring of their customers’ transactions and behavior to detect any suspicious activity that may indicate money laundering or terrorist financing.
- Reporting: If an operator detects any suspicious activity, they are required to report it to the Gaming Control Anjouan’s Financial Intelligence Unit (FIU) as soon as possible. The FIU then analyzes the report and may refer it to law enforcement authorities if necessary.
- Training and Education: The board provides training and education to operators on AML and KYC regulations, including best practices for detecting and preventing money laundering and terrorist financing. This helps to ensure that operators are equipped with the knowledge and skills they need to comply with the regulations.
By implementing this structured framework, the Gaming Control Anjouan is able to effectively manage AML and KYC risks in the gambling industry on the island of Anjouan, and ensure that licensed operators are operating in compliance with local and international AML and KYC regulations.