Terms & Conditions- Diamond Exchange
diamondexch.org
Description: Initial Terms and Conditions replacing general rules
Introduction
These terms and conditions and the documents referred and linked to below (the “Terms”)
set out the basis upon which the website operated under the URL www.diamondexch.org (the
“Website”) and its related or connected services (collectively, the “Service”)
will be provided to you.
Please read these terms very carefully as they form a binding legal agreement between you - our
customer (the “Customer”) - and us. By opening an account (the “Account”)
and using the
Service you agree to be bound by these terms, together with any amendment which may be published
from time to time.
If anything is not clear to you please contact us using the contact details below by mail only:
[email protected]
General Terms
We reserve the right to amend the terms (including to any documents referred and linked to
below) at any time. When such amendment is not substantial, we may not provide you with prior
notice. You will be
notified in advance for material changes to the terms and may require you to re-confirm
acceptance to the updated terms before the changes come into effect. If you object to any such
changes, you must
immediately stop using the service and the termination provisions below will apply. Continued
use of the service indicates your agreement to be bound by such changes. Any bets not settled
prior to the changed
terms taking effect will be subject to the pre-existing terms.
If at any time you are in any doubt about how to place bets or otherwise use the service you
should refer back to these terms or contact our customer service department (Customer Service
Department) at
[email protected]
Your Obligations
You agree that at all times when using the Service:
You are over 18 years of age (or over the age of majority as stipulated in the laws of the
jurisdiction applicable to you) and can enter into a binding legal agreement with us.
It is the User’s responsibility to check and enter this site only if the user is in a country
where it is lawful to place bets on the service (if in doubt, you should seek local legal
advice). It is your responsibility to ensure that your use of the service is legal.
When sending money to us you are authorised to do so e.g. you are the authorised user of the
debit/credit card or other payment method you use.
You will not, by participating in the Services and/or placing bets be placed in a position of
actual, potential or perceived conflict of interest in any manner.
You have never failed to pay, or attempted to fail to pay a liability on a bet.
You are acting solely on your own behalf as a private individual in a personal capacity and not
on behalf of another party or for any commercial purposes.
By placing bets you may lose some or all of your money lodged with us in accordance with these
terms and you will be fully responsible for that loss.
You must use the service for legitimate betting purposes only and must not nor attempt to
manipulate any market or element within the service in bad faith or in a manner that adversely
affects the integrity
of the Service or us.
When placing bets on the service you must not use any information obtained in breach of any
legislation in force in the country in which you were when the bet was placed.
You must make all payments to us in good faith and not attempt to reverse a payment made or take
any action which will cause such payment to be reversed by a third party in order to avoid a
liability
legitimately incurred.
You must otherwise generally act in good faith in relation to us of the service at all times and
for all bets made through the service.
Registration
You agree that at all times when using the service:
In order to protect the integrity of the service and for other operational reasons we reserve
the right to refuse to accept a registration application from any applicant at our sole
discretion and without any
obligation to communicate a specific reason.
Before using the service, you must personally complete the registration form and read and accept
these terms. In order to start betting on the service, we will require you to become a verified
Customer which
includes passing certain checks. You may be required to provide a valid proof of identification
and any other document as it may be deemed necessary.
This includes but is not limited to, a picture ID (copy of passport, driver’s licence or
national ID card) and a recent utility bill listing your name and address as proof of residence
to the minimum.
We reserve the right to suspend wagering or restrict Account options on any Account until the
required information is received. This procedure is a statutory requirement and is done in
accordance with the
applicable gaming regulation and the anti-money laundering legal requirements. Additionally, you
will need to fund your Diamondexch Account using the payment methods set out on the payment
section of our
Website.
You must provide complete and accurate information about yourself, inclusive of a valid name,
surname, address and email address, and update such information in the future to keep it
complete and accurate. It
is your responsibility to keep your contact details up to date on your account. Failure to do so
may result in you failing to receive important account related notifications and information
from us, including
changes we make to these terms. We identify and communicate with our Customers via their
Registered Email Address. It is the responsibility of the Customer to maintain an active and
unique email account, to
provide us with the correct email address and to advise Diamondexch of any changes in their email
address. Each Customer is wholly responsible for maintaining the security of his Registered
Email Address to
prevent the use of his Registered Email Address by any third party. Diamondexch shall not be
responsible for any damages or losses deemed or alleged to have resulted from communications
between Diamondexch and
the Customer using the Registered Email Address. Any Customer not having an email address
reachable by Diamondexch will have his Account suspended until such an address is provided to us.
We will immediately
suspend your Account upon written notice to you to this effect if you intentionally provide
false or inaccurate personal information. We may also take legal action against you for doing so
in certain
circumstances and/or contact the relevant authorities who may also take action against you.
You are only allowed to register one Account with the service. Accounts are subject to immediate
closure if it is found that you have multiple Accounts registered with us.
This includes the use of representatives, relatives, associates, affiliates, related parties,
connected persons and/ or third parties operating on your behalf.
In order to ensure your financial worthiness and to confirm your identity, we may use any third
party information providers we consider necessary.
You must keep your password for the service confidential. Provided that the Account information
requested has been correctly supplied, we are entitled to assume that bets, deposits and
withdrawals have been
made by you. We advise you to change your password on a regular basis and never disclose it to
any third party. Passwords must contain at least one letter, one number and one special
character and must be at
least eight characters long. It is your responsibility to protect your password and any failure
to do so shall be at your sole risk and expense. You must log out of the Service at the end of
each session. If
you believe any of your Account information is being misused by a third party, or your Account
has been hacked into, or your password has been discovered by a third party, you must notify us
immediately by
email using your registered Email Address to
[email protected]
You must notify us if your registered email Address has been hacked into, we may, however,
require you to provide additional information/ documentation so that we can verify your
identity. We will immediately
suspend your Account once we are aware of such an incident. In the meantime you are responsible
for all activity on your Account including third party access, regardless of whether or not
their access was
authorised by you.
You must not at any time transmit any content or other information on the service to another
Customer or any other party by way of a screen capture (or other similar method), nor display
any such information
or content in a frame or in any other manner that is different from how it would appear if such
Customer or third party had typed the URL for the service into the browser line;
When registering, you will be required to choose the currency in which you will operate your
account. This will be the currency of your deposits, withdrawals and bets placed and matched
into the service as
set out in these terms. Some payment methods do not process in all currencies. In such cases a
processing currency will be displayed, along with a conversion calculator available on the page.
We are under no obligation to open an account for you and our website sign-up page is merely an
invitation to treat. It is entirely within our sole discretion whether or not to proceed with
the opening of an
account for you and, should we refuse to open an Account for you, we are under no obligation to
provide you with a reason for the refusal.
Upon receipt of your application, we may be in touch to request further information and/ or
documentation from you in order for us to comply with our regulatory and legal obligations.
Restricted Use
3.1 You must not use the Service:
if you are under the age of 18 years (or below the age of majority as stipulated in the laws of
the jurisdiction applicable to you) or if you are not legally able to enter into a binding legal
agreement with
us;
to collect nicknames, e-mail addresses and/or other information of other Customers by any means
(for example, by sending spam, other types of unsolicited e-mails or the unauthorised framing
of, or linking to,
the Service);
to disrupt or unduly affect or influence the activities of other Customers or the operation of
the Service generally;.
to promote unsolicited commercial advertisements, affiliate links, and other forms of
solicitation which may be removed from the Service without notice;.
in any way which, in our reasonable opinion, could be considered as an attempt to: (i) cheat the
Service or another Customer using the Service; or (ii) collude with any other Customer using the
Service in
order to obtain a dishonest advantage;
to scrape our odds or violate any of our Intellectual Property Rights; or.
for any unlawful activity whatsoever.
3.2 You cannot sell or transfer your account to third parties, nor can you acquire a player
account from a third party.
3.3 You may not, in any manner, transfer funds between player accounts.
3.4 We may immediately terminate your Account upon written notice to you if you use the Service
for unauthorised purposes. We may also take legal action against you for doing so in certain
circumstances.
Privacy
Any information provided to us by you will be protected and processed in strict accordance with
these Terms and our Privacy Policy.
We will not reveal the identity of any person who places bets using the service unless the
information is lawfully required by competent authorities such as Regulators, the Police (e.g.
to investigate fraud,
money laundering or sports integrity issues), or by Financial Entities such as banks or payment
suppliers or as permitted from time to time pursuant to the Privacy Policy.
Upon registration, your information will
be stored in our database. This means that your personal information may be transferred outside
the European
Economic Area (EEA) to jurisdictions that may not provide the same level of protection and
security as applied within the EU or EEA. By agreeing to these Terms you agree to the transfer
of your personal
information for the purpose of the provision of the Service object of this agreement and as
further detailed in our Privacy Policy.
Your Account
We accept Accounts in multiple currencies, please refer to:
https://diamondexch.org account balances and transactions appear in the currency selected when the
account was originally opened.
We do not give credit for the use of the service.
We may close or suspend an Account and refund any monies held if you are not or we reasonably
believe that you are not complying with these Terms, or to ensure the integrity or fairness of
the Service or if
we have other reasonable grounds to do so. We may not always be able to give you prior notice.
We reserve the right to suspend an account without prior notice and return all funds.
Contractual obligations already matured will however be honoured.
We reserve the right to refuse, restrict, cancel or limit any wager at any time for whatever
reason, including any bet perceived to be placed in a fraudulent manner in order to circumvent
our betting limits
and/ or our system regulations.
If we close or suspend your account due to you not complying with these terms, we may cancel
and/or void any of your bets.
If any amount is mistakenly credited to your account it remains our property and when we become
aware of any such mistake, we shall notify you and the amount will be withdrawn from your
Account.
If, for any reason, your account goes overdrawn, you shall be in debt to us for the amount
overdrawn.
You must inform us as soon as you become aware of any errors with respect to your Account.
Customers have the right to self-exclude themselves from https://diamondexch.org. These requests have to
be received from the Customer’s Registered Email Address and have to be sent to
[email protected]
Customers may set limitations on the amount they may wager and lose. Such request has to be sent
from the Customer’s Registered Email Address to
[email protected]
Implementation and increasing of limits shall be processed diligently, however, any request for
removing or reducing limitations shall be done after a cooling-off period of seven days
following your request.
You cannot transfer, sell, or pledge Your Account to another person. This prohibition includes
the transfer of any assets of value of any kind, including but not limited to ownership of
accounts, winnings,
deposits, bets, rights and/or claims in connection with these assets, legal, commercial or
otherwise. The prohibition on said transfers also includes however is not limited to the
encumbrance, pledging,
assigning, usufruct, trading, brokering, hypothecation and/or gifting in cooperation with a
fiduciary or any other third party, company, natural or legal individual, foundation and/or
association in any way
shape or form.
Should you wish to close your account with us, please send an email from your Registered Email
Address to
[email protected]
Deposit of Funds
You may deposit funds into your Account by any of the methods set out on our Website. All
deposits should be made in the same currency as your Account and any deposits made in any other
currency will be
converted using the daily exchange rate obtained from www.xe.com, or at our own bank’s
prevailing rate of exchange following which your Account will be deposited accordingly.
Fees and charges may apply to customer’s deposits and withdrawals. Fee and charge details
can be found here: https://www.diamondexch.org/payment-options. Any deposit made to an account
which is not rolled
over (risked) three times will incur a 3% processing fee and any applicable withdrawal fee. You
are responsible for your own bank charges that you may incur due to depositing funds with us.
Exceptions to this
rule are outlined in our “Payment Options” pages.
Diamondexch is not a financial institution and uses a third party electronic payment processors to
process credit and debit card deposits; they are not processed directly by us. If you deposit
funds by either a
credit card or a debit card, your Account will only be credited if we receive an approval and
authorisation code from the payment issuing institution. If your card’s issuer gives no
such authorisation,
your account will not be credited with those funds.
Your funds are deposited and held in the respective client account based on the currency of your
account.
We are not a financial institution and you will not be entitled to any interest on any
outstanding account balances and any interest accrued on the client accounts will be paid to us.
Funds originating from ill-gotten means must not be deposited with us.
Withdrawal of Funds
You may withdraw any or all of your account Balance within the transaction maximums as shown on
the Website here: https://www.diamondexch.org/payment-options. Note that fees may apply as
outlined in section
7.b.
All withdrawals must be made in the currency of your account, unless otherwise stipulated by us.
We reserve the right to request documentation for the purpose of identity verification prior to
granting any withdrawals from your Account. We also reserve our rights to request this
documentation at any time
during the lifetime of your relationship with us.
All withdrawals must be made to the original debit, credit card, bank account, method of payment
used to make the payment to your diamondexch.org Account. We may, and always at our own
discretion, allow you to
withdraw to a payment method from which your original deposit did not originate. This will
always be subject to additional security checks.
Should you wish to withdraw funds but your account is either inaccessible, dormant, locked or
closed, please contact our Customer Service Department at
[email protected]
Payment Transactions and Processors
You are fully responsible for paying all monies owed to us. You must make all payments to us in
good faith and not attempt to reverse a payment made or take any action which will cause such
payment to be
reversed by a third party in order to avoid a liability legitimately incurred. You will
reimburse us for any charge-backs, denial or reversal of payment you make and any loss suffered
by us as a consequence
thereof. We reserve the right to also impose an administration fee of $50, or currency
equivalent per charge-back, denial or reversal of payment you make.
We reserve the right to use third party electronic payment processors and or merchant banks to
process payments made by you and you agree to be bound by their terms and conditions providing
they are made
aware to you and those terms do not conflict with these Terms.
All transactions made on our site might be checked to prevent money laundering or terrorism
financing activity. Suspicious transactions will be reported to the relevant authority depending
on the jurisdiction
governing the transaction.
Errors
In the event of an error or malfunction of our system or processes, all bets are rendered void.
You are under an obligation to inform us immediately as soon as you become aware of any error
with the service.
In the event of communication or system errors or bugs or viruses occurring in connection with
the service and/or payments made to you as a result of a defect or effort in the Service, we
will not be liable
to you or to any third party for any direct or indirect costs, expenses, losses or claims
arising or resulting from such errors, and we reserve the right to void all games/bets in
question and take any other
action to correct such errors.
In the event of a casino system malfunction, or disconnection issues, all bets are rendered
void. In the event of such error or any system failure or game error that results in an error in
any odds
calculation, charges, fees, rake, bonuses or payout, or any currency conversion as applicable,
or other casino system malfunction (the “Casino Error”), we reserve the right to
declare null and
void any wagers or bets that were the subject of such Casino Error and to take any money from
your Account relating to the relevant bets or wagers.
We make every effort to ensure that we do not make errors in posting lines. However, if as a
result of human error or system problems a bet is accepted at an odd that is: materially
different from those
available in the general market at the time the bet was made; or clearly incorrect given the
chance of the event occurring at the time the bet was made then we reserve the right to cancel
or void that wager,
or to cancel or void a wager made after an event has started.
We have the right to recover from you any amount overpaid and to adjust your account to rectify
any mistake. An example of such a mistake might be where a price is incorrect or where we enter
a result of an
event incorrectly. If there are insufficient funds in your Account, we may demand that you pay
us the relevant outstanding amount relating to any erroneous bets or wagers. Accordingly, we
reserve the right to
cancel, reduce or delete any pending plays, whether placed with funds resulting from the error
or not.
General Rules
If a sport-specific rule contradicts a general rule, then the general rule will not apply.
The winner of an event will be determined on the date of the event’s settlement; we do not
recognise protested or overturned decisions for wagering purposes. The result of an event
suspended after the
start of competition will be decided according to the wagering rules specified for that sport by
us.
All results posted shall be final after 72 hours and no queries will be entertained after that
period of time. Within 72 hours after results are posted, the company will only reset/correct
the results due to
human error, system error or mistakes made by the referring results source.
Minimum and maximum wager amounts on all sporting events will be determined by us and are
subject to change without prior written notice. We also reserve the right to adjust limits on
individual Accounts as
well.
Customers are solely responsible for their own account transactions. Please be sure to review
your wagers for any mistakes before sending them in. Once a transaction is complete, it cannot
be changed. We do
not take responsibility for missing or duplicate wagers made by the Customer and will not
entertain discrepancy requests because a play is missing or duplicated. Customers may review
their transactions in the
My Account section of the site after each session to ensure all requested wagers were accepted.
For a wager to have action on any named contestant in a Yes/No Proposition, the contestant must
enter and compete in the event.
We attempt to follow the normal conventions to indicate home and away teams by indicating the
home and away team by means of vertical placement on the desktop site version. This means in
American Sports we
would place the home team on the bottom. For Non-US sports, we would indicate the home team on
top. In the case of a neutral venue, we attempt to include the letter “N” next to
the team names to
indicate this. For the Asian and mobile versions, we do not distinguish between European and
American Sports. On the Asian and mobile versions of the site, the home team is always listed
first. However, we do
not guarantee the accuracy of this information and unless there is an official venue change
subsequent to bets being placed, all wagers have action.
A game/match will have action regardless of the League heading that is associated with the
matchup. For example, two teams from the same League are playing in a Cup competition. If the
matchup is mistakenly
placed in the League offering, the game/match will still have action, as long as the matchup is
correct. In other words, a matchup will have action as long as the two teams are correct, and
regardless of the
League header in which it is placed on our Website.
If an event is not played on the same date as announced by the governing body, then all wagers
on the event have no action. If an event is posted by us, with an incorrect date, all wagers
have action based on
the date announced by the governing body.
Diamondexch reserves the right to remove events, markets and any other product from the website.
Diamondexch eserves the right to restrict the casino access of any player without prior notice.
In all futures wagering (for example, total season wins, Super Bowl winner, etc.), the winner as
determined by the Governing Body will also be declared the winner for betting purposes except
when the minimum
number of games required for the future to have “action” has not been completed.
Communications and Notices
All communications and notices to be given under these terms by you to us shall be sent to
[email protected]
All communications and notices to be given under these terms by us to you shall, unless
otherwise specified in these terms, be either posted on the Website and/or sent to the
Registered Email Address we hold
on our system for the relevant Customer. The method of such communication shall be in our sole
and exclusive discretion.
All communications and notices to be given under these terms by either you or us shall be in
writing in the English language when the service is not operated by Diamondexch, and must be given
to and from the
Registered Email Address in your Account.
Matters Beyond Our Control
We cannot be held liable for any failure or delay in providing the service due to an event of
Force Majeure which could reasonably be considered to be outside our control despite our
execution of reasonable
preventative measures such as: an act of God; trade or labour dispute; power cut; act, failure
or omission of any government or authority; obstruction or failure of telecommunication
services; or any other
delay or failure caused by a third party, and we will not be liable for any resulting loss or
damage that you may suffer. In such an event, we reserve the right to cancel or suspend the
Service without
incurring any liability.
Liability
TO THE EXTENT PERMITTED BY APPLICABLE LAW, WE WILL NOT COMPENSATE YOU FOR ANY REASONABLY
FORESEEABLE LOSS OR DAMAGE (EITHER DIRECT OR INDIRECT) YOU MAY SUFFER IF WE FAIL TO CARRY OUT
OUR OBLIGATIONS UNDER
THESE TERMS UNLESS WE BREACH ANY DUTIES IMPOSED ON US BY LAW (INCLUDING IF WE CAUSE DEATH OR
PERSONAL INJURY BY OUR NEGLIGENCE) IN WHICH CASE WE SHALL NOT BE LIABLE TO YOU IF THAT FAILURE
IS ATTRIBUTED TO
(I) YOUR OWN FAULT;
(II) A THIRD PARTY UNCONNECTED WITH OUR PERFORMANCE OF THESE TERMS (FOR INSTANCE PROBLEMS DUE TO
COMMUNICATIONS NETWORK PERFORMANCE, CONGESTION, AND CONNECTIVITY OR THE PERFORMANCE OF YOUR
COMPUTER
EQUIPMENT); OR
(III) ANY OTHER EVENTS WHICH NEITHER WE NOR OUR SUPPLIERS COULD HAVE FORESEEN OR FORESTALLED
EVEN IF WE OR THEY HAD TAKEN REASONABLE CARE. AS THIS SERVICE IS FOR CONSUMER USE ONLY WE WILL
NOT BE LIABLE FOR
ANY BUSINESS LOSSES OF ANY KIND.
IN THE EVENT THAT WE ARE HELD LIABLE FOR ANY EVENT UNDER THESE TERMS, OUR TOTAL AGGREGATE
LIABILITY TO YOU UNDER OR IN CONNECTION WITH THESE TERMS SHALL NOT EXCEED
(A) THE VALUE OF THE BETS AND OR WAGERS YOU PLACED VIA YOUR ACCOUNT IN RESPECT OF THE RELEVANT
BET/WAGER OR PRODUCT THAT GAVE RISE TO THE RELEVANT LIABILITY, OR
(B) EURO €500 IN AGGREGATE, WHICHEVER IS LOWER.
WE STRONGLY RECOMMEND THAT YOU (I) TAKE CARE TO VERIFY THE SUITABILITY AND COMPATIBILITY OF THE
SERVICE WITH YOUR OWN COMPUTER EQUIPMENT PRIOR TO USE; AND
(II) TAKE REASONABLE PRECAUTIONS TO PROTECT YOURSELF AGAINST HARMFUL PROGRAMS OR DEVICES
INCLUDING THROUGH INSTALLATION OF ANTI-VIRUS SOFTWARE.
Gambling By Those Under Age
If we suspect that you are or receive notification that you are currently under 18 years or were
under 18 years (or below the age of majority as stipulated in the laws of the jurisdiction
applicable to you)
when you placed any bets through the service your account will be suspended to prevent you
placing any further bets or making any withdrawals from your account. We will then investigate
the matter, including
whether you have been betting as an agent for, or otherwise on behalf, of a person under 18
years (or below the age of majority as stipulated in the laws of the jurisdiction applicable to
you). If having
found that you: (a) are currently; (b) were under 18 years or below the majority age which
applies to you at the relevant time; or © have been betting as an agent for or at the
behest of a person under
18 years or below the majority age which applies:
all winnings currently or due to be credited to your account will be retained;
all winnings gained from betting through the service whilst under age must be paid to us on
demand (if you fail to comply with this provision we will seek to recover all costs associated
with recovery of such
sums); and/or
iii. any monies deposited in your diamondexch.org account which are not winnings will be returned
to you.
This condition also applies to you if you are over the age of 18 years but you are placing your
bets within a jurisdiction which specifies a higher age than 18 years for legal betting and you
are below that
legal minimum age in that jurisdiction.
In the event we suspect you are in breach of the provisions of this Clause 15 or are attempting
to rely on them for a fraudulent purpose, we reserve the right to take any action necessary in
order to
investigate the matter, including informing the relevant law enforcement agencies.
Anti Money-Laundering and KYC Policy
It is the policy of Diamondexch to actively prevent the services of the firm being used to
facilitate financial crime, money laundering and terrorist financing.
Strict compliance with all applicable regulations will also protect the senior management and
staff of the firm, as individuals, from the risks of breaches of the law, regulations, and
supervisory
requirements, and to preserve the reputation of the Diamondexch against the damage that could be
caused by being implicated in money laundering and terrorist financing activities.
To achieve these objectives, it is the policy of this firm that:
Every staff member shall meet their personal obligations as appropriate to their role and
responsibilities;
Commercial considerations cannot take precedence over Diamondexch anti-money laundering
commitment;
The firm shall appoint a Money Laundering Reporting Officer/Nominated Officer (“MLRO”),
and a deputy to cover in their absence, and they shall be afforded every assistance and
cooperation by all
members of staff in carrying out their duties and responsibilities. The deputy will be the
Director Chief Executive Officer (CEO).
Diamondexch will strictly comply with all applicable AML/CFT rules and regulations with specific
emphasis on:
A culture of compliance to be adopted and promulgated throughout the firm towards the prevention
of financial crime;
A commitment to ensuring that customer’s identities will be satisfactorily verified at
required thresholds;
A commitment to “knowing its customer” appropriately - both at acceptance and
throughout the business relationship - through taking appropriate steps to verify the customer’s
identity and
monitoring their use Diamondexch services;
A commitment to ensuring that staff are trained and made aware of the law and their obligations
under it, and to establishing procedures to implement these requirements; and
Recognition of the importance of staff promptly reporting their suspicions internally:
At the heart of our policies, procedures and controls, and consistent with FATF Recommendation
1, is the risk-based approach. The risk-based approach means that we focus our resources on the
areas of greatest
risk.
Our policies, procedures and internal controls are designed to ensure compliance with all
applicable anti-money laundering and anti-terrorist financing regulations and regulatory
guidelines and will be
reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal
controls are in place to account for both changes in regulations and changes in our business.
15.1 Money Laundering and Terrorism Financing
Money Laundering means:
The conversion or transfer of property, knowing that such property is derived from criminal
activity or from an act of participation in such activity, for the purpose of concealing or
disguising the illicit
origin of the property or of assisting any person who is involved in the commission of such an
activity to evade the legal consequences of that person's action;
The concealment or disguise of the true nature, source, location, disposition, movement, rights
with respect to, or ownership of, property, knowing that such property is derived from criminal
activity or from
an act of participation in such an activity;
The acquisition, possession or use of property, knowing, at the time of receipt, that such
property was derived from criminal activity or from an act of participation in such an activity;
Participation in, association to commit, attempts to commit and aiding, abetting, facilitating
and counselling the commission of any of the actions referred to in points (a), (b) and (c).
Money laundering shall be regarded as such even where the activities which generated the
property to be laundered were carried out in the territory of another Member State or in that of
a third country.
Terrorism financing means the provision or collection of funds, by any means, directly or
indirectly, with the intention that they be used or in the knowledge that they are to be used,
in full or in part, in
order to carry out any terrorist act.
15.2 Organization of the AML/CFT function
15.2.1
Senior Management
Senior Management are responsible for the overall compliance policy of Diamondexch and ensuring
adequate resources are provided for the proper training of staff and the implementing of risk
systems. This
includes computer software to assist in oversight. Senior management will receive and consider
the monthly compliance reports sent by the MLRO and authorise changes based on the
recommendations if required.
Senior Management consists of the Board of Directors, the Executive Management Committee and the
MLRO.
15.2.2
The Nominated Officer/Money Laundering
Reporting Officer
Responsible for receiving internal disclosures and making reports to the Gaming Control Board,
Curacao. First point of contact for all
compliance issues
from staff. Prepares monthly report for consideration of senior management and conducts risk
assessments of compliance systems. Undertakes regular random analysis of transactions including
assessment of
documentary evidence provided by customers. Assists in making any necessary amendments to AML
Policy in line with risk assessment. Ensures everyone is periodically informed of any changes in
anti- money
laundering or anti-terrorist financing legislation, policies and procedures, as well as current
developments and changes in money laundering or terrorist activity financing schemes particular
to their jobs.
Reviews customer identification information to ensure that all the necessary information has
been obtained. Establishes and implement the risk scoring matrix following regulatory guidance
and for review and
approval by Senior Management.
15.2.3
Staff
Responsible for knowing the AML Compliance Policy and understanding responsibilities. Ensure
company procedures are adhered to and obtaining all documentary evidence as outlined within the
manual. Ensure that
all suspicious and unusual activity is reported to the MLRO.