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Iceland Luck sees 90% of the cash transfers fall.
ICELAND Luck said that it saw a 90% cut in its system's cash transfer activities as it positioned itself in the avant-garde of Know your Customers (KYC) needs. Island Luck CFO Neil Major said the webshop is optimistic that all new bank account information is "100 percent compliant" with the company's own policy and processes and "all legal requirements".
"Iceland Luck took the step on November 1 to take remedial action to tackle the problem of depositing and withdrawing customers without gambling," he said. "After implementing these corrections, cash inflows and outflows without gambling, i.e. cash transfer, have decreased by 90 percent.
In the coming few months, we plan to take more violent action to alleviate the 10 percent that remains. "Island Luck last November said it would shut down all client bank account balances used for non-game activities such as cash transfer after the government voiced concerns that this could lead to the Bahamas being black listed because of shortcomings in the fight against AML.
So Mr. Major said yesterday: "Island Luck recognizes the importance of compliance with KYC and AML for onboarding. We have therefore taken the step of adopting the best practice of existing banks that goes beyond the demands of the game.
"In addition to a full identification and addressing validation, our strong KYC program includes a sponsorship statement that certifies that our games comply with government rules and standards. "Our client involvement and supervision procedures, as with merchant banking and all other Bahamian banking entities, are subject to the provisions of the FTA and theFTA.
We believe that all new bank account balances are 100 percent in accordance with our own guidelines and processes and all legal regulations. "Mr Major said that Island Luck's KYC regimes require clients to present a current ID card that has been validated by the state, that no Benefactor has more than one account and that they need a current and up-to-date identity card.
"Iceland Luck has made progress in establishing itself as a pioneer in the industry," said Mr. Major. "We have teamed up with the Bahamas Institute of Financial Services to lead an induction course in anti-money laundering and regulatory systems. This course was launched in May 2017 and successfully concluded by members of the Corporate Governance team.
"These members have now taken the Intermediate Anti-Money Learning and Compliances Systems course provided by BIFS. Currently, the Corporate Complaints and Activations departments consist of 10 people. Several members of the Corporate Governance Division have a comprehensive Bachelor's degree in Business Administration, Information Technology and Certified Anti-Money Laaer.