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Fraud prevention and money laundering prevention

BetArena Interactive Limited, as a gambling operator, prevents fraud, fights against money laundering and terrorist financing according to the legislation in place (Romanian Law 656/2002) in the activity field of the organizer.

All gambling operators are generally bound by law to be mindful of client’s attempts to play illegally acquired money with purpose to hide the real source of the funds. The gambling operators must report to the competent authorities of Romania, any suspicion or information held by them or their employees.

As an operator, BetArena Interactive Ltd. is aware and will ensure, through the procedures, that its employees comply with their obligations under the procedures for the prevention of fraud and money laundering.

BetArena Interactive Ltd. fully complies with the provisions of law 656/2002 on combating and preventing money laundering, decision no. 496 of June 11, 2006 for the approval of the "Norms on prevention and combating money laundering and terrorist financing", customer knowledge standards and internal control for reporting entities not subject to prudential supervision of some authorities, H.G. no. 594/2008 on the approval of the Regulation on the application of the provisions of Law no. 656/2002 on the prevention and sanctioning of money laundering, as well as for the introduction of measures for the prevention and combating of the financing of terrorist acts, as well as the European Commission directives on money laundering and the financing of terrorism.

Although most players does not show risks for money laundering, as for any type of activity with financial transaction, there are procedures for monitoring transactions, transfers and bets. These procedures apply to all customers without exception. This process of monitoring is made by following the points below:

Training of employees

BetArena staff will be trained periodically, at least once a year and whenever deemed necessary to ensure that they know their responsibilities and keep up to date with new developments in the field so that they can ensure consistent implementation of established programs.

BetArena employees trained in fraud prevention will also be responsible for checking and monitoring compliance with legal regulations, reviewing reports and alerting competent authorities if fraud, money laundering or terrorist financing are deemed to be detected.

For further information on policies to prevent fraud and combat money laundering – please click here.