AML / Compliance Department – The unit has primary responsibility for the initiation and delivery aspects of the AML program within an Organisation.
Business relationship – Business or commercial relationship between a Customer and the Organisation and which is expected, at the time when the contact is established, to have an element of duration for a certain period (e.g. conclusion of an agreement between the Customer and the Organisation, continuous performance of gambling/betting and monetary operations and transactions).
Close Associate – A natural person who, together with the Politically Exposed Person, is a member of the same legal entity or of a body without legal personality or maintains other business relationship.
Close family member – The spouse, the person with whom partnership has been registered (i.e. the cohabitant), parents, brothers, sisters, children and children's spouses, children's cohabitants.
Customer due diligence (CDD) – Identification of the Customer and verification the Customer's identity on the basis of documents, data or information obtained from a reliable and independent source; assessment and, as appropriate, obtainment of information on the purpose and intended nature of the Business Relationship; the conducting of ongoing monitoring of the Business Relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the Organisations' knowledge of the Customer.
Customer/Client/Player – a person that uses online gambling and betting services provided by the Organisation.
FATF – The Financial Action Task Force.
FIU – Financial Investigation Unit.
High-risk third countries – countries identified as having strategic deficiencies in their AML/CFT regime, which pose a significant threat to the Union's financial system (Article 9 of Directive (EU) 2015/849).
Identification – A part of Customer Due Diligence, allowing to ascertain the identity of a person on the basis of the personalised unique information directly related to that person.
Law – Law on the Prevention of Money Laundering and Terrorist Financing.
Money laundering (ML) – the doing of any act which constitutes an offence of money laundering and is defined in the Law on the Prevention of Money Laundering and Terrorist Financing of Anjouan. The criminal acts cover all procedures that seek to change the identity of illegally obtained funds, arising from drug dealing, terrorist activities or any other crime in order to give impression that such money originated from legitimate or legal sources. Money laundering is the participation in any transaction that seeks to conceal or disguise the nature or origin of funds derived from illegal activities such as, for example, fraud, corruption, organized crime, or terrorism etc.
Organisation – Innovista Limitada, the company established under the laws of Costa Rica, with its registered address Province 06 Puntarenas, Canton 11 Garabito, Jaco — Pastor Diaz Ave, 61101, Costa Rica and company number: 3-102-911099, an online gambling institution established and authorized under the laws of Costa Rica (license number ALSI-202409026-FI2) and, therefore, falling within the definition of an institution that falls under the Law on the Prevention of Money Laundering and Terrorist Financing. The term "Company / Organisation" when used in these Policies also refers to the management bodies of the Organisation and the members of such bodies as well as the employees of the Organisation.
Policy – AML/CFT and Sanctions Compliance Policy.
Politically Exposed Person (PEP) – Natural persons who are or have been entrusted with Prominent Public Functions and Close Family Members or Close Associates of such persons.
Prominent Public Functions:
Source of funds – means the origin of the funds involved in a business relationship or occasional transaction. It includes both the activity that generated the funds used in the business relationship, for example the customer's salary, as well as the means through which the customer's funds were transferred.
Source of wealth – refers to funds that the customer has acquired during a prolonged period of time and that make up the customer's entire body of wealth (total funds). When determining the source of wealth, the main focus is the acquisition of information on customer's activities that indicate how the customer acquired the wealth.
Terrorist financing (TF) – the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations. Funds may stem from both legal and illicit sources. More precisely, according to the International Convention for the Suppression of the Financing of Terrorism, a person commits the crime of financing of terrorism "if that person by any means, directly or indirectly, unlawfully and willfully, provides or collects funds with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out" an offense.
1.1 As part of the commitment to maintaining the highest standards and following all relevant regulations, it is the Organizations' policy to prohibit and prevent any cases of money laundering and terrorist financing.
Whereas the Organisation is Innovista Limitada, the company established under the laws of Costa Rica, with its registered address Province 06 Puntarenas, Canton 11 Garabito, Jaco — Pastor Diaz Ave, 61101, Costa Rica and company number: 3-102-911099, an online gambling institution established and authorized under the laws of Costa Rica (license number ALSI-202409026-FI2) and, Money Laundering is the participation in any transaction that seeks to conceal or disguise the nature, or the origin of funds derived from the illegal activities. Money laundering involves not only the proceeds of drugs trafficking, but funds related to other illegal activities, including fraud, corruption, organized crime, terrorism, and many other crimes. Generally, the money laundering consists of three stages:
Placement: introduction of cash originating from illegal / criminal activities into financial or non-financial institutions.
Layering: separating the proceeds of criminal activities form their source through the use of layers of complex financial transactions. These layers are designed to hamper the audit trail, disguise the origin of funds and provide anonymity.
Integration: placing the laundered proceeds back into the economy in such a way that they re-enter the financial system as legitimate funds.
1.2 Terrorist financing encompasses the means and methods used by terrorist organizations to finance their activities. This money can come from legitimate sources, for example from profits from businesses and charitable organizations. But terrorist groups can also get their financing from illegal activities such as trafficking in weapons, drugs or people, or kidnapping for ransom.
This Policy is developed and periodically updated by the Anti-Money Laundering Officer of Innovista Limitada (the Organization) based on the general principles set up by the Board of Directors of the Organization in relation to the prevention of money laundering and terrorist financing.
The Policy applies to all employees of the Organization and aims to setup key roles and responsibilities for the staff members as well as to ensure compliance with the following legislation:
1.3 Responsibilities and Recipients of the Document:
Owner of the process: AML Officer
Responsibilities:
This document is binding to all employees of the Organisation whose job responsibilities are related to establishment and review of the business relationships.
In cases of violations of the Procedure, the detector of the violation immediately informs the head of his structural unit. If differences are found between the processes carried out in the Organisation and those determined in the procedure, the Owner of the process should be informed about this.
Recipients of the Document:
2.1 The Board of Directors is responsible for ensuring that the Organisation complies with its obligations under the Law. The Board shall assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the obligations under the Law, and to take appropriate measures to address any deficiencies.
2.2 The main duties and responsibilities of the Board of Directors in relation to the prevention of money laundering and terrorist financing mainly include:
Since the overall responsibility for the prevention of money laundering and terrorist financing lies with the Board of Directors, they are also responsible for the assessment and approval of the Annual Report prepared by the Anti-Money Laundering Officer and for taking any necessary actions as deemed appropriate under the circumstances to remedy any weaknesses and/or deficiencies identified in the Report.
3.1 The Organisation has assigned an Internal Auditor in order to continuously test current practices and inform the Organisation in case there are any suggestions for improvements. The Audit is performed at least on an annual basis.
Any findings are being submitted to the Board of Directors which decides the necessary measures that need to be taken to ensure the rectification of any weaknesses and/or deficiencies, which have been detected.
4.1 The AML Officer has the necessary authority, resources and expertise to carry out his/her relevant duties and responsibilities and also has access to all relevant information. The employees of the Organization are informed of the person carrying out AML role and on ways of contacting him/her.
Currently, 1 employee has been assigned the role of AML Officer: Volodymyr Bakotskyi.
In case of any changes in the structure of AML Department – this will be communicated to the Computer Gaming Licensing Board accordingly.
4.2 Responsibilities of AML Officer:
5.1 The Annual Report, prepared by the AML Officer is a significant tool for assessing the Organisations level of compliance with its obligations as these are laid down in the Law and the Anti-Money Laundering Directive.
5.2 The Annual Report will be prepared and submitted for approval to the Board of Directors, within two months from the end of each calendar year (the latest by the end of February) and to the Governor, if requested, together with the minutes of the meeting, during which the Annual Report has been discussed and approved. It is provided that the said minutes will include the measures decided for the correction of any weaknesses and/or deficiencies identified in the Annual Report and the implementation timeframe of these measures.
5.3 The Annual Report should deal with money laundering and terrorist financing preventive issues pertaining to the year under review and, as a minimum, should cover the following:
This document continues with additional sections covering risk procedures, sanctions compliance, client acceptance policies, due diligence procedures, enhanced identification measures, ongoing monitoring processes, record-keeping procedures, employee obligations, and training requirements. Due to length constraints, the full content is available in the complete policy document.