This Anti-Money Laundering Policy sets out how LOOTDROP prevents its Platform from being used to disguise the origin of criminal funds.
Introduction
LOOTDROP is committed to conducting its business honestly and to applying the AML standards of the jurisdictions it operates in. This Policy applies to every account and every transaction on the Platform.
Objectives
Our objectives are to know who our customers are, to understand the source of the funds moving through the Platform, to stop suspicious activity early, and to report it to the competent authorities where the law requires.
Governance and responsibilities
The operator's board holds overall responsibility for this Policy. A designated compliance lead runs day-to-day AML controls, keeps this Policy current, and is the escalation point for the whole team.
Risk management
Controls are proportionate to risk. We assess risk by customer, geography, product and channel, and review the assessment at least yearly or after major changes to the business.
Identity verification
We verify the identity of account holders before payouts and whenever risk indicators require it, using approved electronic identity verification providers. Documents or data you submit are handled under our Privacy Statement.
Verification thresholds
Verification is triggered by cumulative payout and transaction thresholds set internally and kept confidential, and immediately by red-flag indicators regardless of amount.
Source of funds
Where activity is inconsistent with a customer's profile, we may ask for evidence of the source of funds — for example payslips, sale contracts or bank statements — before processing further payouts.
Enforcement and reporting
Suspected money laundering is escalated to the compliance lead, reviewed without tipping off the customer, and reported to the financial intelligence unit where required. Affected activity is held until a decision is made.
Record keeping
Identification data, transaction records and internal reports are retained for the statutory period in a form that lets us reconstruct individual transactions.
Training and awareness
All staff receive AML awareness training on joining and yearly afterwards, with extra training for teams in payment, payout and support roles.
Independent audit
An independent review of the AML framework takes place periodically to confirm that controls work as described in this Policy.