VeryWell KYC & AML Policy

KYC (Know Your Customer) and AML (Anti-Money Laundering) are two interconnected compliance frameworks that online gambling operators in the United Kingdom are legally required to implement.

Know Your Customer (KYC)

KYC refers to the process by which a platform confirms the identity of its users. This includes verifying that an account holder is who they claim to be, that they meet the minimum age requirements to gamble legally, and that their account details are accurate and consistent. ID verification is central to this process and forms the foundation of a secure and accountable user relationship.

Anti-Money Laundering (AML)

AML encompasses the policies, controls, and procedures put in place to detect and prevent the use of the platform for financial crime. This includes identifying suspicious activity, monitoring transaction patterns, and assessing the risk profile of individual accounts. These measures are aligned with the UK’s Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

How KYC and AML Work Together

Together, KYC and AML procedures create a framework that:

• Prevents fraudulent accounts from operating on the platform;
• Reduces the risk of financial crime, including money laundering and terrorist financing;
• Ensures that all transactions are traceable and accountable;
• Supports regulatory requirements set by the UK Gambling Commission;
• Protects genuine users from being exposed to fraud or identity theft.

These are not administrative hurdles. They are standard industry practices that underpin transparency and user safety across all licensed UK gambling operations.

Identity verification may be requested at several stages of a user’s account lifecycle on VeryWell. There are a number of regulatory and operational reasons for this requirement.

Age Confirmation

Under UK law, gambling services may only be offered to individuals aged 18 and over. Confirming the age of all account holders is a legal obligation, and verification may be triggered at registration or before any withdrawal or deposit is processed.

Account Security and Fraud Prevention

Document submission and identity checks help ensure that accounts cannot be opened or operated fraudulently. Confirming that the person using an account is its rightful owner reduces the risk of unauthorised access and protects account holders from financial harm.

Payment Verification

Verifying the payment methods linked to an account helps confirm that deposits and withdrawals are conducted by the account holder. This reduces the risk of third-party transactions, which are not permitted under the platform’s terms.

Regulatory Requirements

The UK Gambling Commission requires all licensed operators to carry out appropriate due diligence checks. Compliance with these regulatory requirements is not discretionary. Failure to complete verification may result in restrictions on account functionality, including the inability to process withdrawals.

Ongoing Compliance

Verification is not always a one-time process. As part of ongoing compliance obligations, additional checks may be requested at any point during an account’s active period, particularly when account activity changes or when higher-value transactions are identified.

During the verification process, users may be asked to provide a range of documents and supporting information. The specific documents required will depend on the nature of the verification and the account holder’s circumstances.

Proof of Identity

Acceptable forms of identity documentation typically include:

• A valid passport;
• A UK or EEA driving licence;
• A national identity card (where applicable).

Documents must be current and clearly legible. Expired identification will not be accepted.

Proof of Address

To confirm residential address, users may be asked to provide:

• A recent utility bill (gas, electricity, water, or broadband);
• A bank statement or credit card statement;
• A council tax letter or other official correspondence.

Documents submitted as proof of address are generally required to be dated within the last three months and must display the full name and address of the account holder.

Payment Method Verification

If a payment method requires verification, users may be asked to provide:

• A photograph or screenshot of the card or account used (with sensitive digits obscured);
• A bank statement confirming account ownership;
• Confirmation of an e-wallet or digital payment account in the user’s name.

Additional Supporting Documents

In some circumstances, additional materials may be requested. These could include:

• A selfie or photograph holding the identity document;
• Documentation related to the source of funds;
• Any other materials necessary to confirm account ownership or address compliance obligations.

All documents are handled in accordance with applicable data protection legislation, including the UK General Data Protection Regulation (UK GDPR).

The verification process on VeryWell is structured to be thorough, consistent, and compliant with UK regulatory standards. Below is an overview of how the process typically unfolds.

Step 1: Verification Trigger

Verification may be initiated at registration, upon a user’s first deposit or withdrawal request, or at any point during the account lifecycle when compliance checks are required. Users will be notified when verification is needed.

Step 2: Document Submission

Users will be prompted to upload the required documents through the designated section of their account. Documents must be clear, complete, and unaltered. Photographs or scans should capture all four corners of the document and avoid glare or cropping.

Step 3: Review and Assessment

Once submitted, documents are reviewed by the compliance team. This may involve automated checks, manual review, or both. The time required for processing will vary depending on the volume of submissions and the complexity of the individual case.

Step 4: Outcome Notification

Users will be informed of the outcome of their verification. If approved, full account functionality will be available. If further information is required, users will receive a request specifying what additional documents or clarifications are needed.

Step 5: Follow-Up Requests

In some cases, additional information may be requested even after an initial review. Users are expected to respond to such requests in a timely manner. Delays in responding may result in temporary restrictions on account activity until the process is completed.

Processing Times

VeryWell aims to process verification submissions as efficiently as possible. However, processing times cannot be guaranteed and may be influenced by the completeness of submitted documents and the complexity of individual reviews.

VeryWell maintains a comprehensive set of anti-money laundering controls in line with UK legal and regulatory obligations. These measures are designed to prevent the platform from being used as a vehicle for financial crime, including money laundering and the financing of terrorism.

Core AML Controls

The platform’s AML framework includes the following components:

• Customer due diligence (CDD): Applied to all registered accounts to verify identity, confirm account details, and assess risk at the point of registration;
• Enhanced due diligence (EDD): Applied to accounts that present a higher risk profile or where unusual account activity has been identified;
• Transaction monitoring: Automated and manual systems are used to review financial transactions for patterns or characteristics associated with money laundering or suspicious activity;
• Suspicious activity reporting: Where reasonable grounds for suspicion are identified, the platform fulfils its reporting obligations under UK law, including submitting Suspicious Activity Reports (SARs) to the National Crime Agency (NCA) where required;
• Staff training: All relevant personnel are trained in AML awareness and procedures to ensure consistent application of controls across the platform.

Regulatory Basis

These measures are grounded in the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002, and guidance issued by the UK Gambling Commission. Compliance with these obligations is mandatory for all licensed operators.

All financial transactions processed through VeryWell are subject to monitoring as part of the platform’s commitment to AML compliance. This monitoring is conducted on an ongoing basis and is not limited to any single type of transaction.

Automated Monitoring Systems

The platform uses automated systems to review transactions in the normal course of operations. These systems analyse transaction patterns, volumes, and frequencies to identify activity that may deviate from expected behaviour for a given account or user profile.

Manual Review Processes

Automated monitoring is supplemented by manual review processes. The compliance team may conduct targeted reviews of specific accounts or transactions where automated systems have flagged a concern or where other information suggests that further investigation is appropriate.

Risk-Based Assessment

VeryWell applies a risk-based approach to transaction monitoring. This involves:

• Assigning risk ratings to accounts based on factors such as transaction history, geographic location, account behaviour, and identity verification status;
• Applying enhanced scrutiny to accounts classified as higher risk;
• Adjusting monitoring thresholds and controls in response to identified risks.

Indicators of Suspicious Activity

Certain patterns may be identified as indicators of suspicious activity, including but not limited to:

• Unusually large or frequent transactions inconsistent with an account’s established history;
• Rapid cycling of funds through deposits and withdrawals with minimal gaming activity;
• Use of multiple payment methods without clear explanation;
• Attempts to structure transactions in ways that may suggest an intent to avoid detection.

Where suspicious activity is identified, the platform will take appropriate action in accordance with its legal and regulatory obligations.

In certain circumstances, VeryWell may request information from users regarding the origin of the funds used for gambling activity. This is a standard component of AML compliance and applies across the licensed gambling industry in the United Kingdom.

Purpose of Source of Funds Checks

Source of funds checks serve to confirm that the money deposited into an account has been obtained through legitimate means. These checks support the platform’s obligations to prevent financial crime and ensure that its services are not used to launder proceeds from illegal activity.

When These Checks May Apply

A request for source of funds information may be made in a variety of circumstances, including when:

• An account displays transaction patterns that indicate a high volume of financial activity;
• There is a significant change in deposit or withdrawal behaviour;
• Enhanced due diligence is triggered based on an account’s risk profile;
• A user’s account activity is inconsistent with their previously declared personal circumstances.

Types of Documentation That May Be Requested

Users asked to confirm the origin of their funds may be required to provide:

• Recent payslips or employment contracts;
• Tax returns or self-assessment documents;
• Bank statements demonstrating income;
• Evidence of investment returns, inheritance, or asset sales;
• Any other documentation relevant to confirming the legitimate origin of funds.

Cooperation Required

Users are expected to respond to source of funds requests promptly and accurately. Failure to provide requested documentation may result in account restrictions, including the suspension of deposit and withdrawal facilities, until the review is concluded.

Certain activities are expressly prohibited under the KYC and AML policy and may result in account restrictions, suspension, or permanent closure, as well as reporting to relevant authorities.

Identity Fraud

Attempting to register or operate an account using false, fabricated, or stolen identity information is strictly prohibited. This includes the use of another person’s documents or details to pass verification checks.

Providing Inaccurate Information

Submitting incorrect or misleading information during registration, verification, or any compliance review is a violation of the platform’s policy. All information provided must be accurate, complete, and up to date.

Third-Party Transactions

All deposits and withdrawals must be conducted using payment methods registered in the account holder’s own name. Transactions made using accounts, cards, or payment methods belonging to a third party are not permitted.

Circumventing Verification Procedures

Attempts to avoid, delay, or manipulate the verification process, including using technical means or providing altered documents, will be treated as a serious breach of policy.

Suspicious Financial Activity

The following activities may be considered suspicious and may trigger formal reporting obligations:

• Depositing and withdrawing funds with little or no genuine gaming activity;
• Structuring deposits in a way that appears designed to avoid monitoring;
• Using the platform to transfer funds between users or third parties;
• Engaging in financial activity inconsistent with the stated purpose of the account.

Consequences

Where prohibited activities are identified, the platform reserves the right to:

• Restrict or suspend account access;
• Withhold pending withdrawals pending investigation;
• Close the account permanently;
• Report the matter to the UK Gambling Commission, the National Crime Agency, or other relevant authorities in accordance with its legal and reporting obligations.

As part of its ongoing regulatory obligations, VeryWell conducts periodic account reviews to ensure continued compliance with KYC and AML requirements. These reviews are a standard feature of responsible platform management and are applied across the user base on a risk-sensitive basis.

Circumstances That May Trigger a Review

An account review or additional compliance check may be initiated in a range of situations, including:

• A significant increase in deposit or withdrawal activity relative to an account’s established history;
• Changes to an account holder’s personal or payment details;
• Identification of transaction patterns associated with elevated risk;
• Routine scheduled reviews as part of ongoing due diligence obligations;
• Receipt of information from third-party sources that raises compliance concerns.

What a Review May Involve

Depending on the nature and purpose of the review, the compliance team may:

• Request updated identity or address documentation;
• Ask for clarification on account activity or transaction history;
• Request evidence relating to the origin of funds;
• Temporarily restrict account functionality until the review is completed.

Impact on Account Activity

During an active review, certain account functions may be suspended or limited. This may include the ability to make withdrawals or deposits. Access will be restored once the review has been concluded satisfactorily.

User Notification

Users will generally be notified when a compliance review is underway and when additional information is required. Timely cooperation from the account holder is important to avoid prolonged restrictions on account access.

Every user registered on VeryWell holds specific responsibilities under the platform’s KYC and AML policy. These responsibilities are not merely procedural; they form part of the contractual and regulatory obligations that users accept upon registration.

Providing Accurate Information

Users must ensure that all information provided during registration and throughout their use of the platform is accurate, truthful, and complete. This includes personal details, contact information, and payment method information.

Keeping Account Details Updated

If any account information changes, including name, address, or payment details, users are responsible for updating their account promptly. Operating an account with outdated or inaccurate information may result in compliance issues and account restrictions.

Cooperating with Verification Requests

Users are expected to respond to verification requests, document submission requirements, and compliance enquiries in a timely and cooperative manner. Refusal or failure to engage with the verification process may result in account limitations or closure.

Using Only Personal Payment Methods

All financial transactions must be conducted using payment methods that belong to and are registered in the account holder’s own name. The use of payment accounts belonging to third parties is not permitted under any circumstances.

Responsible Use of the Platform

Users must not attempt to use the platform for any purpose other than lawful gambling activity. Any attempt to exploit the platform’s financial infrastructure for purposes inconsistent with legitimate gaming constitutes a breach of policy.

Reporting Concerns

If an account holder becomes aware of any unauthorised activity on their account, or if they have reason to believe that their account details have been compromised, they are encouraged to contact the support team without delay.

All personal data and documentation submitted during the verification process are handled in accordance with applicable UK data protection legislation, including the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018.

Confidentiality of Submitted Documents

Documents and personal information provided for the purposes of identity verification and compliance checks are treated as strictly confidential. Access is limited to authorised personnel and systems involved in the compliance and verification process.

Security Measures

The platform applies appropriate technical and organisational security measures to protect personal data from unauthorised access, disclosure, alteration, or destruction. These measures are reviewed and updated in line with industry standards and regulatory guidance.

Data Storage and Retention

Personal data collected during verification is retained for the period required by applicable law. Under UK AML regulations, certain records must be kept for a minimum of five years from the end of the business relationship or the date of the relevant transaction. After the applicable retention period, data is securely deleted or anonymised in accordance with the platform’s data retention policy.

Sharing of Information

Personal data will not be shared with third parties for commercial purposes. However, in fulfilment of its legal reporting obligations, the platform may be required to disclose information to regulatory authorities, law enforcement agencies, or the National Crime Agency. Any such disclosures are made solely in compliance with statutory obligations.

User Rights

Users retain rights under UK GDPR in relation to their personal data, including the right to access, rectify, or request the erasure of their data, subject to legal retention requirements. For further information on how personal data is processed, users should refer to the platform’s Privacy Policy.

The KYC and AML policy published on this page reflects the standards and procedures in place at the time of its most recent revision. The platform reserves the right to amend this policy at any time in response to changes in regulatory requirements, operational practices, or applicable law.

Reasons for Revision

Updates to this policy may be made in response to:

• Changes to UK AML or gambling legislation;
• New guidance issued by the UK Gambling Commission or other competent authorities;
• Internal reviews of compliance procedures;
• Changes to the platform’s operational structure or risk profile.

How Users Will Be Informed

Where material changes are made to this policy, the platform will take reasonable steps to notify registered users. This may be done through email communication, an in-account notification, or a notice displayed on the platform. The date of the most recent revision will be indicated within the policy document.

Reviewing the Latest Version

Users are advised to review this policy periodically to remain informed of current requirements and obligations. Continued use of the platform following any update constitutes acceptance of the revised policy terms. If a user does not agree with any updated terms, they should discontinue use of the platform and contact the support team to discuss their options.