Last updated: 10.02.2025
For Deposits and Withdrawals.
AML (Anti-Money-Laundering) policy of logicasino.com.
Introduction
logicasino.com is operated by the company named in the footer at the bottom of this webpage.
Objective of the AML Policy:
We seek to offer the highest security to all of our users and customers on logicasino.com and for that a three step account verification is done in order to ensure the identity of our customers. The reason behind this is to prove that the details of the person registered are correct and the deposit methods used are not stolen or being used by someone else, which is to uphold the general framework for the fight against money laundering (ML). We also take into accord that depending on nationality and origin, the way of payment and for withdrawing different safety measurements must be taken.
logicasino.com also puts reasonable measures in place to control and limit ML risk, including dedicating the appropriate means. logicasino.com is committed to high standards of anti-money laundering (AML) according to the EU guidelines, compliance and requires management & employees to enforce these standards in preventing the use of its services for ML purposes.
The AML program of logicasino.comis designed to be compliant with :
EU : “Directive 2015/849 of the European Parliament and of The Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering”
EU : “Regulation 2015/847 on information accompanying transfers of funds”
EU : Various regulations imposing sanctions or restrictive measures against persons and embargo on certain goods and technology, including all dual-use goods
BE : “Law of 18 September 2017 on the prevention of money laundering limitation of the use of cash
Definition of money laundering
Money Laundering is understood as:
The conversion or transfer of property, especially money, knowing that such property is derived from criminal activity or from taking part in such activity, for the purpose of concealing or disguising the illegal origin of the property or of helping any person who is involved in the commission of such an activity to evade the legal consequences of that person's or companies action;
The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property, knowing that such property is derived from criminal activity or from an act of participation in such an activity;
The acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from assisting in such an activity;
Participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions referred to in points before.
Money laundering shall be regarded as such even when the activities which generated the property to be laundered were carried out in the territory of another Member State or in that of a third country.
Organization of the AML for logicasino.com:
In accordance with the AML legislation, logicasino.comhas appointed the highest level for the prevention of ML: The full management of logicasino.com are in charge.
Furthermore, an MLRO (an anti-money laundering compliance officer) is in charge of the enforcement of the AML policy and procedures within the System.
The MLRO is placed under the direct responsibility of the general Management.
AML policy changes and implementation requirements:
Each major change of logicasino.com website AML policy is subject to be approval by the general management and the MLRO.
Three step Verification:
Step one verification:
Step one verification must be done by every user and customer to withdraw. Regarding of the choice of payment, the amount of payment, the amount of withdraw, the choice of withdraw and nationality of the user/customer step one verification must be done first. Step one verification is a document that must be filled out by the user/customer himself. Following information must be filled in: first name, second name, date of birth, country of usual residence, gender and full address.
Step two verification:
Step two verification must be done by every user who deposits over 2,000 EUR (two thousand Euro) or withdraws any amount. Until step two verification is done the withdrawal, tip or deposit will be on hold. Step two verification will lead the user or customer to a subpage where he must send in their ID. The user/customer must take a picture of their ID (a six-digit random generated number is next to the ID). Only an official ID may be used for ID verification, depending on the country the variety of accepted IDs may be different.
There will also be an electronic check if the filled in data from the verification is correct. The electronic check will check via two different databanks to insure the given information matches with the document and the name from the ID:
If the electronic test fails or is not possible the user/customer is required to send in a conformation of their current residence. A certificate of registration issued by the government or a similar document is required.
Step three verification:
Step three verification must be done by every user who deposits or withdraws over 10,000 (ten thousand Euro). Until step three verification is done the withdrawal, tip or deposit will be on hold. For step 3 a user/customer will be asked for documents showing their source of wealth.
Customer identification and verification (KYC)
The formal identification of customers on entry into commercial relations is a vital element, both for the regulations relating to money laundering and for the know your customer (KYC) policy.
This identification relies on the following fundamental principles:
A copy of your passport, ID card or driving license, each shown alongside six random generated numbers. Also, a picture with the face of the user/customer is required. The user/customer may blur out information besides date of birth, nationality, gender, first name, second name and the picture to secure their privacy.
Please note that all four corners of the ID have to be visible in the same image and all details have to be clearly readable besides the named above. We might ask for all details if necessary.
We may do additional checks if necessary, based on the situation.
Proof of Address:
Proof of address will be done via two different electronic checks, which use two different databases. If an electronic test fails, the user/customer has the option to make a manual proof.
A recent utility bill sent to your registered address, issued within the last 3 months or an official document made by the government that proves your country of residence.
To make the approval process as speedy as possible, please make sure the document is sent with a clear resolution where all four corners of the document is visible, and all text is readable.
For example: An electricity bill, water bill, bank statement or any governmental post addressed to you.
We may do additional checks if necessary, based on the situation.
Source of funds
If a player deposits over ten thousand (10,000) Euro there is a process of understanding the source of wealth (SOW)
Examples of SOW are:
Ownership of business
Employment
Inheritance
Investment
Family
It is critical that the origin and legitimacy of that wealth is clearly shown. If this is not possible we may ask for an additional document or proof.
The account will be frozen if the same user deposits either this amount in one go or multiple transactions which amount to this. An email will be sent to them to go through the above and information on the website itself.
logicasino.com also asks for a bank wire/credit card to further verify the identity of the user/customer. It also gives additional information about the financial situation of the user/customer.
Basic document for step one:
The basic document will be accessible via a specific page on logicasino.com. Every user has to fill out the following information:
First name
Second name
Nationality
Gender
Date of Birth
The document will be saved and we may do additional checks if necessary based on the situation.
Risk management:
In order to deal with the different risks and different states of wealth in different geographical regions logicasino.com will categorize every nation in three different regions of risk.
Region one: Low risk:
For every nation from region one the three-step verification is done as described earlier.
Region two: High risk:
Regions of high risks will be banned. High risk regions will be regularly updated to keep up with changing regulatory requires.
Additional measurements
In addition, monitoring which is overseen by the MLRO will look for any unusual behaviour and report it right away.
Checks may be redone or additional checks may be required according to the situation.
In addition, we look for unusual behaviour such as: depositing and withdrawing in a short period of time; Attempts to use a different bank account to for deposit and withdrawal, nationality changes, currency changes, behaviour and activity changes and attempts by third parties to use a customer account.
Enterprise-wide risk assessment
As part of its risk-based approach, logicasino.com has conducted an AML “enterprisewide risk assessment” to identify and understand risks specific to logicasino.com and its business lines. The AML risk policy is determined after identifying and documenting the risks inherent to its business lines such as the services the website offers. The users to whom services are offered, transactions performed by these users, delivery channels used by the bank, the geographic locations of the bank’s operations, customers and transactions and other qualitative and emerging risks.
The identification of AML risk categories is based on logicasino.com understanding of regulatory requirements, regulatory expectations and industry guidance. Additional safety measures are taken to take care of the additional risks the world wide web brings with it.
The risk policy is yearly reassessed.
Ongoing transaction monitoring
AML-Compliance ensures that an “ongoing transaction monitoring” is conducted to detect transactions which are unusual or suspicious compared to the customer profile. This transaction monitoring is conducted on two levels:
1) The first Line of Control:
logicasino.com works solely with trusted Payment Service Providers whom all have effective AML policies in place as to prevent suspicious deposits onto logicasino.com from taking place without proper execution of KYC procedures onto the potential customer.
2) The second Line of Control:
logicasino.commakes its network aware so that any contact with the customer or player or authorized representative must give rise to the exercise of due diligence on transactions on the account concerned. In particular these include:
• Requests for the execution of financial transactions on the account;
• Requests in relation to means of payment or services on the account;
Also, the three-step verification with adjusted risk management should provide all necessary information about all customers of logicasino.com at all time.
Determination of the unusual nature of one or more transactions essentially depends on a subjective assessment, in relation to the KYC obtained, the customer’s financial behaviour and the transaction counterparty.
These checks will usually be done by an automated system, while we crosscheck them for additional security.
The transactions observed on customer accounts for which it is difficult to gain a proper understanding of the lawful activities and origin of funds must therefore rapidly be considered atypical (if they are not directly justifiable).
Any logicasino.com operative must inform the MLRO of any atypical transactions which they observe and cannot attribute to a lawful activity or source of income known of the customer.
3) The third Line of Control:
As a last line of defence against AML logicasino.com will do manually checks on all suspicious and higher risk users in order to fully prevent money laundering.
If fraud or Money Laundering is found the authorities will be informed.
Reporting of Suspicious transactions on logicasino.com
In its internal procedures, logicasino.com describes in precise terms, when it is necessary to report and how to proceed with such reporting.
Reports of atypical transactions are analysed within the AML team in accordance with the precise methodology fully described in the internal procedures.
Depending on the result of this examination and on the basis of the information gathered, the AML team:
● will decide whether it is necessary or not to send a report to the FIU, in accordance with the legal obligations provided in the Law of 18 September 2017;
● will decide whether or not it is necessary to terminate the business relations with the customer.
Record keeping:
Records of data obtained for the purpose of identification must be kept for at least five years after the business relationship has ended.
Records of all transaction data must be kept for at least five years following the carrying-out of the transactions or the end of the business relationship.
These data will be safely encrypted and stored offline and online.
Training:
logicasino.com will make manual controls on a risk based approach.
Our training and awareness program includes:
Mandatory AML training program in accordance with the latest regulatory evolutions, for all in touch with finances
Academic AML learning sessions
Auditing:
Internal audit regularly establishes reports about AML activities. Data Security: All data given by any user/customer will be kept secure, will not be sold or given to anyone else. Only if forced by law, or to prevent money laundering data may be shared with the AML-authority of the affected state.
logicasino.com will follow all guidelines and rules of the data protection directive (officially Directive 95/46/EC)
Contact us:
If you have any questions about our AML and KYC Policy, please contact us by email.
If you have any complains about our AML and KYC Policy or about the checks done on your Account and your Person, please contact us by email.