KYC Policy of Fatbets Ltd

Last updated: November 4, 2024

The Company adheres to and complies with “Know your customer” principles, which aim to prevent financial crime and money laundering through client identification and due diligence.

The Company reserves the right, at any time, to ask for any KYC documentation it deems necessary to determine the identity and location of a user using www.fatbets.com. We reserve the right to restrict the service, payment, or withdrawal until identity is sufficiently determined, or for any other reason in our sole discretion based on the legal framework.

We take a risk-based approach and perform strict due diligence checks and ongoing monitoring of all clients, customers, and transactions. As per the money laundering regulations, we utilize three stages of due diligence checks, depending on the risk, transaction, and customer type:

SDD — Simplified Due Diligence is used in instances of extremely low-risk transactions that do not meet the required thresholds.

CDD — Customer Due Diligence is the standard for due diligence checks, and is used in most cases for verification and identification.

EDD — Enhanced Due Diligence is used for high-risk customers, large transactions or special cases.

Separately and in addition to the above, when a user makes an aggregate lifetime total of deposits exceeding EUR 5,000 or requests a withdrawal of any amount from www.fatbets.com, or attempts to or completes a transaction that is deemed suspicious, then it is compulsory for them to complete the full KYC process.

During this process, the user will have to input some basic details about themselves and then upload:

• a copy of a government-issued Photo ID (in some cases, a copy of both the front and back of the ID depending on the ID document);
• a selfie of themselves holding the above ID; and
• a bank statement/utility bill.

Guideline for the “KYC Process”

• Proof of ID
  1. Signature is there
  2. Country is not one of the following Restricted Countries:
     Austria
     France and its territories
     Germany
     Netherlands and its territories
     Spain
     Union of Comoros
     United Kingdom
     USA and its territories
     All FATF blacklisted countries
     any other jurisdictions deemed prohibited by Anjouan Offshore Financial Authority.
  3. Full name matches client’s name
  4. Document does not expire in the next three months
  5. Owner is over 18 years of age
• Proof of Residence
  1. Bank statement or utility bill
  2. Country is not one of the following Restricted Countries:
     Austria
     France and its territories
     Germany
     Netherlands and its territories
     Spain
     Union of Comoros
     United Kingdom
     USA and its territories
     All FATF Blacklisted countries
     any other jurisdictions deemed prohibited by Anjouan Offshore Financial Authority.
  3. Full name matches client’s name and is the same as on the proof of ID
  4. Date of issue: in the last three months
• Selfie with ID
  1. Holder is the same as shown in the ID document above
  2. ID document is the exact same as provided under clause “1” above.

Notes on the “KYC Process”

• When the KYC process is unsuccessful, the reason is documented, and a support ticket is created in the system. The ticket number along with an explanation is communicated to the user.
• Once all requested documents are in our possession, then the account will be approved.