Kyc Policies

Purpose and Scope

K11bet maintains a Know Your Customer (KYC) policy to verify identity, assess risk, and prevent money laundering, fraud, and other illicit activities in connection with all services offered by K11bet. The policy applies to every customer from account opening through ongoing use, across all payment methods and jurisdictions where K11bet operates. It works in concert with applicable AML laws and regulatory requirements to support safe and compliant wagering operations.

Definitions

• KYC: Know Your Customer, the process of verifying a customer's identity and assessing associated financial risk.
• AML: Anti-Money Laundering, measures designed to detect and deter money laundering and related illicit activities.
• Source of Funds (SOF): documentation illustrating the provenance of funds used in a given transaction.
• Source of Wealth (SOW): documentation describing the overall origin and legitimacy of a customer's wealth.
• Enhanced Due Diligence (EDD): heightened verification and due diligence for higher risk customers or transactions.
• Region Risk Category: classification of a customer's country into Low, Medium, or High risk for AML purposes.

Sanctions Compliance and Geo-Blocking

K11bet applies sanctions screening and geo-blocking to ensure compliance with international and local regulatory requirements. Customers linked to restricted jurisdictions or sanctioned entities may be denied access to services or subject to enhanced scrutiny in accordance with applicable law.

Three-Stage Verification Framework

1. Step 1 — Basic Identity Verification: Prior to enabling withdrawal capabilities, the customer must complete Step 1 verification. Required documentation includes a government issued photo identity document showing full name, date of birth, and country of residence, plus a live self-portrait or video verification that aligns with the identified document. The platform shall perform an initial data match against official databases and maintain a record of the verification outcome. An applicant who fails Step 1 verification shall not be permitted to withdraw funds until compliance is achieved.
2. Step 2 — Intermediate Verification for Medium-Risk Activities: Applies when deposits exceed 2,000 USD, withdrawals exceed 2,000 USD, or transfers to another user exceed 1,000 USD. Requires: (a) proof of address (recent utility bill, bank statement, or government-issued correspondence issued within the last 90 days) and (b) evidence of source of funds (employer letter, recent payslip, or bank statement reflecting the origin of funds). A second, independent identity check shall be conducted. Transactions subject to Step 2 verification shall be held pending completion of all documentation and verifications.
3. Step 3 — Enhanced Verification for High-Risk or Large-Flows: Applies when deposits exceed 5,000 USD, withdrawals exceed 5,000 USD, or transfers exceed 3,000 USD. Requires comprehensive source of wealth documentation (ownership interests, corporate filings, tax records) and, where applicable, beneficial ownership information. If necessary, face-to-face verification or video confirmation may be requested consistent with applicable law. Transactions may be temporarily suspended pending successful completion of Step 3 verification.

Identity, Address Proof and Documentation Standards

To satisfy KYC requirements, customers must provide: (a) a clear copy of a government issued ID (passport, national ID card, or driving license) with all corners visible and legible details; (b) a second image showing the customer’s face; and (c) where appropriate, a handwritten note containing a six-digit random code held beside the ID during submission to confirm possession. For privacy, customers may blur non-essential data but must retain readability of essential fields. Proof of address must be a dated document issued in the customer’s name showing the address (eg, utility bill, bank statement, or government correspondence) with the document clearly legible and content intact.

Source of Funds and Source of Wealth

K11bet requires documentation demonstrating the origin of funds used in transactions and, for higher risk customers or transactions, documentation evidencing overall wealth. Acceptable forms include employment records, corporate ownership or business documents, investment statements, inheritance documentation, and bank statements. Where the information provided raises concerns about legitimacy, K11bet reserves the right to request additional documentation or suspend activity until clarity is obtained. A customer depositing or transferring funds at or above the Step 3 thresholds may be asked to provide supporting materials illustrating SOW, such as tax filings or corporate governance documents.

Ongoing Monitoring and Transaction Surveillance

K11bet maintains ongoing transaction monitoring to detect unusual or suspicious activity. Monitoring is conducted through a two-tier framework: (1) first-line controls with trusted payment service providers applying their AML policies, and (2) second-line controls within K11bet enabling due diligence on transactions, account activity, and payment methods. A third-line approach involves manual review by AML personnel for high-risk cases. Any atypical activity, including rapid deposits and withdrawals, countermovement between payment methods, or changes in personal data, triggers enhanced review and appropriate action.

Enterprise-Wide Risk Assessment and Regional Framework

K11bet conducts an Enterprise-Wide Risk Assessment (EWRA) to identify AML risks across services, customer types, geographies, and payment channels. Customers are categorized by regional risk (Low, Medium, High). Low-risk regions follow standard verification; Medium-risk regions apply proportionate enhancements to thresholds and data requests; High-risk regions are restricted or subject to additional restrictions and ongoing scrutiny. These risk categorizations are reviewed periodically and updated to reflect regulatory changes and emerging risks.

Record Keeping and Data Retention

K11bet shall retain all identification records, verification documents, and transaction data for a minimum period of ten years after the termination of the customer relationship, or longer if required by applicable law. Records shall be stored securely, access-controlled, and retained in a manner that supports regulatory audits and investigations.

Data Privacy, Security and Access Rights

Personal information collected for KYC is processed in accordance with applicable data protection laws. K11bet implements reasonable safeguards, including access controls, encryption where technically feasible, and secure storage. Users retain the right to request access to their data, request correction, or seek deletion where legally permissible. Requests should be addressed to the designated data protection contact; responses will be provided within a reasonable timeframe. K11bet may transfer personal information to jurisdictions with different data protection regimes, subject to safeguards required by law.

Suspicious Activity Reporting and Cooperation with Authorities

When the AML program identifies suspicious activity, K11bet shall evaluate whether reporting to the relevant supervisory or law enforcement authorities is required. The reporting process is governed by internal procedures, applicable laws, and regulatory obligations. K11bet will cooperate with authorities and maintain documentation of any reports or communications related to suspicious activity.

Governance, Training and Audit

The AML and KYC program is governed by the AML Compliance Officer, who reports to senior management. All staff receive training on KYC procedures, AML controls, and suspicious activity recognition. The program undergoes periodic internal reviews and external audits to ensure effectiveness and regulatory alignment.

Customer Rights and Contact Information

Customers may inquire about their KYC data, request access or amendment, or raise concerns through the support channels at K11bet. For marketing preferences or data-related inquiries, please contact [email protected]. For compliance or AML related questions, contact [email protected]. All inquiries will be acknowledged and handled in accordance with applicable law and internal timelines.