Why am I being asked to provide source of funds?
I have been asked to provide information regarding the source of my funds that I use with you, is this a genuine request?
Yes, this is a genuine request that we will make from time to time.
Why am I being asked to provide proof of where my money has come from?
As a betting operator, licenced and regulated by the Western Cape Gambling and Racing Board, we have a licencing obligation to know that the source of the funds that customers use to play with on our wagering platform is legitimate. Therefore, at times when certain limits and thresholds are reached, it may become necessary for us to ask customers to provide evidence to confirm the source(s) of funds used.
We do appreciate this may be the first time you have been asked this question. However this is a mandatory licencing requirement from our Local and National Gambling Board’s as well as the Financial Intelligence Centre. Sportingbet is not alone in seeking this type of information from customers, and it is likely that other betting operators will also request this information from you when your spend/play reaches equivalent levels. These thresholds may differ per operator however we are all guided by the Regulations and guidelines set out by the above regulatory authorities.
What information should I send?
We will need evidence to identify and support the source and value of the funds you use to bet/play with such as:
- Proof of earnings: Payslip/Director remuneration/Dividends/Pension/Annual Tax Return;
- A bank statement/savings account that clearly shows last 3 months of consistent incoming values from an identifiable source;
- A Trust deed clearly showing a consistent entitlement to funds;
- An account statement showing funds recently won from another company;
- Dated proof of an award/payment/inheritance made to you;
- Other clear evidence that would support "affordability" in relation to your business with us.
How will this information be used?
We would like to assure you that any information provided will be treated in the strictest confidence in accordance with current Data Protection principles and our Privacy Policy. We have a small dedicated secure department who perform the assessments and strictly control the process. The information you provide will not be used by ourselves for any purpose other than to establish that the money you use to play comes from legitimate sources, such that we can discharge our regulatory obligation. We understand that you may find this intrusive and we also understand that many of our customers have quite complex financial affairs which make this a far from straightforward requirement to satisfy. However, we must adhere to our Regulators licencing requirements and the FICA compliance guidelines defined in the FIC Act no. 38 of 2001.
What will happen if I do not send in proof of my source of funds?
Unfortunately, should you not be able to provide us with sufficient information, we will be unable to accept any further business from you. We would gladly reconsider this position if you are able to provide the requested information at any point in the future, so we truly hope that we can reach a mutually acceptable level of proof in the least intrusive fashion as we value your business.
How do I send my documents to you?
Email your documents to support@sportingbet.com
Who can I contact to get more information?
Contact support: 0800983625