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KYC Policy

KYC Policy

  1. Introduction

    1. At RaffleLocation, we are committed to ensuring the highest standards of compliance with all applicable laws and regulations regarding the prevention of money laundering, terrorist financing, and identity fraud.
    2. This Know Your Customer (KYC) policy outlines our approach to verifying the identities of both raffle hosts and customers who purchase raffle tickets to maintain the integrity and security of our platform.

  2. Purpose

    1. The purpose of this policy is to:
      • Establish a framework for the identification and verification of our raffle hosts and customers.
      • Outline the processes and procedures we use to conduct KYC checks.
      • Ensure compliance with relevant regulatory requirements.

  3. Scope

    1. This policy applies to all individuals and entities who host raffles or purchase raffle tickets on RaffleLocation.

  4. KYC Requirements for Raffle Hosts

    1. Information Collection

      1. We collect the following information from raffle hosts:
        • Full name
        • Date of birth
        • Residential address
        • Contact information (phone number and email address)
        • Government-issued identification number (e.g., passport, driver’s license)

    2. Identification Documents

      1. To verify the collected information, we require raffle hosts to provide one or more of the following documents:
        • A copy of a valid government-issued ID (e.g., passport, driver’s license)
        • Proof of address (e.g., utility bill, bank statement, lease agreement) issued within the last three months
        • Selfie photograph holding the government-issued ID

    3. Business Information (if applicable)

      1. For business entities, we require:
        • Business name
        • Business address
        • Registration number
        • Proof of business registration (e.g., certificate of incorporation)

    4. Customer Due Diligence (CDD)

      1. We conduct a risk assessment of all raffle hosts based on:
        • The amount and frequency of their transactions
        • Their country of residence
        • The nature of their business and raffles

    5. Enhanced Due Diligence (EDD)

      1. For hosts identified as high risk, we implement additional verification measures, such as:
        • Obtaining additional identification documents
        • Conducting background checks
        • Monitoring their activities more closely

  5. KYC Requirements for Raffle Ticket Buyers

    1. Information Collection

      1. We collect the following information from customers who purchase raffle tickets:
        • First and last name
        • Date of birth (must be 18 years or older)
        • Email address
        • Phone number

    2. Verification Process

      1. To verify the collected information, we require customers to confirm their details and agree to our terms and conditions during the registration process. In certain cases, additional verification may be required, such as:
        • Providing a copy of a valid government-issued ID (e.g., passport, driver’s license) showing their name and date of birth
        • Selfie photograph holding the government-issued ID (if deemed necessary for higher-risk transactions)

    3. Customer Due Diligence (CDD)

      1. We conduct a risk assessment of all customers who purchase raffle tickets based on:
        • The amount and frequency of their transactions
        • Their country of residence
        • The nature of their participation in the raffles

    4. Enhanced Due Diligence (EDD)

      1. For customers identified as high risk, we implement additional verification measures, such as:
        • Obtaining additional identification documents
        • Conducting background checks
        • Monitoring their transactions more closely

  6. Ongoing Monitoring

    1. We continuously monitor transactions and activities of both raffle hosts and customers to detect and prevent suspicious activities. This includes:
      • Reviewing transaction patterns for inconsistencies
      • Flagging and investigating large or unusual transactions
      • Updating customer and host information periodically

  7. Record Keeping

    1. We maintain records of all KYC documents and transaction data for a minimum of five years. This includes:
      • Copies of identification documents
      • Transaction records
      • Logs of interactions and verification processes

  8. Training and Awareness

    1. We provide regular training to our employees on KYC policies and procedures to ensure they are equipped to detect and prevent fraudulent activities.

  9. Compliance

    1. We are committed to complying with all applicable laws and regulations related to KYC and AML. This includes cooperating with regulatory authorities and submitting required reports.

  10. Policy Review

    1. This KYC policy is reviewed annually to ensure its effectiveness and compliance with current laws and regulations. Updates to the policy are communicated to all relevant stakeholders.

  11. Contact Information

    1. For any questions or concerns regarding our KYC policy, please contact us at Support@rafflelocation.com.
Updated 24/07/24