By NATARIO McKENZIE
ISLAND Luck yesterday said it has seen a 90 per cent reduction in money transmission activity across its system, as it bids to position itself in the "vanguard" on 'Know your Customer' (KYC) requirements.
Neil Major, Island Luck's chief compliance officer, said the web shop was confident that all new accounts are "100 per cent compliant" with the company's internal policies and procedures, as well as "all legislative requirements".
"On November 1, Island Luck took the initiative to put in place corrective measures to address the issue of customer deposits and withdrawals without gaming activity," he said.
"Following the implementation of those corrective measures we have seen a 90 per cent reduction in deposits and withdrawals without gaming activity, i.e. money transfers. We intend to implement more aggressive measures to mitigate the remaining 10 per cent within the next few weeks."
Island Luck last November announced that it would close all customer accounts being used for non-gaming purposes such as money transfers, after the Government expressed concern that this could result in the Bahamas being 'blacklisted' again for anti-money laundering (AML) deficiencies.
Mr Major said yesterday: "With respect to the on-boarding of our customers, Island Luck acknowledges the importance of observing the laws as it relates to KYC and AML. Hence, we have taken the initiative to adopt the best practices of established financial institutions, exceeding the requirements of the current gaming regulations.
"Our robust KYC programme not only comprises of comprehensive identity and address verification, but a legal declaration on the part of the patron attesting to being in compliance with regulatory requirements to engage in gaming activity. "As with the commercial banks and all other financial institutions in the Bahamas, our processes with regards to customer on-boarding and monitoring is governed by the Financial Transaction Reporting Act and regulations. We are confident that all new accounts are 100 per cent compliant with our internal policies and procedures, as well as all legislative requirements."
Mr Major said Island Luck's KYC regime requires customers to produce a valid government-issued identification document; ensures no patron has multiple accounts; and requires a valid and recent address verification document.
"Island Luck has been making strides to establish itself as the industry vanguard," said Mr Major. "We've partnered with the Bahamas Institute of Financial Services to spearhead an introductory certificate course in Anti-Money Laundering and Compliance Systems. The course was offered in May 2017, and successfully completed by members of the compliance department.
"Those members have since completed the Intermediate Anti-Money Laundering and Compliance Systems course offered by BIFS. Currently, the compliance department, inclusive of the activation department, is comprised of 10 individuals. Various members of the compliance department comprehensively hold Bachelor Degrees in Business Administration, Computer Science and Certified Anti-Money Laundering."