Notbet KYC and AML Policy

Effective Date: [September 20, 2024]

At Notbet, we are committed to promoting transparency, security, and compliance with applicable regulations while ensuring a seamless and enjoyable user experience. Although Notbet operates as a cashless, free-to-trade sports trading platform, we have implemented an optional Know Your Customer (KYC) process for users who choose to engage more deeply with the platform. Importantly, the KYC process is entirely optional and does not affect your ability to use or enjoy Notbet's core features and services.

This policy also outlines our Anti-Money Laundering (AML) procedures, which align with global best practices to maintain a secure and compliant environment, should Notbet evolve in the future.

1. Optional KYC (Know Your Customer) Policy

1.1 Purpose of KYC

While Notbet remains a cashless platform, we offer users the opportunity to voluntarily submit their identification through the KYC process. This is primarily designed for:

Preparing the platform for potential future developments, such as the minting of Bettercoin as a cryptocurrency.
Enhancing trust within the community by providing users with an optional verification method.
Ensuring compliance with regulatory standards for future functionalities that may require real-money transactions or additional identity verification.

1.2 Optional Nature of KYC

KYC on Notbet is completely optional and has no impact on your ability to:

Create an account: Users are not required to submit any KYC documentation to register on the platform.
Use core services: All users, regardless of whether they complete the KYC process, will have full access to the platform's features, including sports trading, social features, and the use of virtual currency (Bettercoin).
Participate in social interactions: The KYC process does not restrict or enhance users' ability to participate in chat rooms, leaderboards, or any community-based features on Notbet.

1.3 KYC Procedure

If a user chooses to complete the KYC process, they may be asked to provide:

A government-issued identification document (e.g., passport, driver's license).
Proof of address (e.g., utility bill, bank statement).
Other documents as required based on regulatory standards in certain jurisdictions.

Users who voluntarily complete KYC will receive verification status on their account. This status is visible only to the user and does not provide any additional benefits or privileges beyond basic platform functionality.

2. Anti-Money Laundering (AML) Policy

Even though Notbet is currently a cashless platform, we are committed to following best practices regarding Anti-Money Laundering (AML) measures in preparation for future developments. Should the platform evolve to include real-money transactions, our AML policies will ensure compliance with global financial regulations.

2.1 AML Commitment

Notbet is dedicated to preventing any illicit activities, including money laundering, fraud, and the financing of terrorism. While Notbet's current cashless environment minimizes these risks, we have established safeguards to address potential threats as the platform grows and evolves.

2.2 Monitoring and Reporting

As part of our AML efforts, Notbet is prepared to implement measures that include:

Transaction Monitoring: Should Notbet incorporate real-money functionalities in the future, we will monitor transactions for suspicious activity and implement threshold checks to flag unusual behavior.
User Identification: In line with global AML standards, users participating in real-money transactions may be required to complete the KYC process.
Reporting Obligations: Should the need arise, Notbet will comply with applicable regulatory bodies by reporting suspicious activity, adhering to AML laws, and ensuring that the platform is not used for illegal purposes.

2.3 Future-Proofing

Notbet's current status as a cashless platform does not require extensive AML procedures. However, as the platform develops, we will continuously adapt our AML policies to comply with local and international laws. This includes implementing enhanced KYC processes, transaction screening, and reporting mechanisms if and when real-money transactions become part of the platform.

3. Data Security and Privacy

We understand that users' privacy and data security are paramount. Any information submitted during the optional KYC process is handled in strict accordance with our Privacy Policy and is:

Stored securely using industry-standard encryption techniques.
Not shared with third parties unless required by law or regulatory authorities.
Protected by advanced data security measures, ensuring that users' personal information is kept confidential at all times.

4. No Impact on Core Usage

To reiterate, the optional KYC process does not impact a user's ability to:

Access Notbet services: Full access to Notbet's free-to-trade platform, social features, and virtual currency functions are available to all users, regardless of KYC status.
Engage in sports trading: Notbet remains a cashless platform, and no real-money trading is available at this time.
Enjoy the platform: Users who choose not to complete the KYC process will still enjoy the same features and benefits as verified users, with no restrictions.

5. Updates to the KYC and AML Policy

As Notbet evolves, particularly with potential future developments such as the minting of Bettercoin and real-money transactions, we may update our KYC and AML policies to align with legal requirements and industry best practices. We will notify users of any significant changes to this policy and provide updated guidance on the KYC and AML procedures when necessary.

By using Notbet, you acknowledge that you have read and understood the terms of this KYC and AML Policy. While participation in the KYC process is optional, Notbet remains committed to maintaining the highest standards of transparency, security, and compliance.

For any questions or further clarification, please feel free to contact our support team.