At PointsBet, we want you to enjoy your wagering experience with us and the best way to do that is ensuring you are gambling with us responsibly and safely by enjoying wagering as a recreational activity while being aware and comfortable with the level of money you are spending.
It is a requirement for financial institutions and wagering companies, such as us, to understand their customers, which includes knowing their customer’s source of funds. Which is why sometimes you may be asked to complete our source of funds process as required under our licensing conditions and regulatory obligations.
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All Australian wagering entities have a legal obligation to know their customer (also known as KYC) which can include the collection and verification of a customer’s source of funds being used to wager on their account. This ensures we are complying with AML/ CTF legislation (Anti-Money Laundering & Counter Terrorism Act 2006).
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We have created a simple, easy and secure way for you to provide your source of funds information with PointsBet. You will be asked to complete a short form, by answering some basic questions. This process will take a few minutes to complete. When you have completed the form, you can send it to auscompliance@pointsbet.com for review and validation. At a minimum, the answers to the questions we are asking you will provide us with a better understanding about your source of funds that you use to deposit with PointsBet.
In some circumstances, we may ask you for additional information about and/or evidence of your source of funds.
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It is common for financial institutions and wagering entities to understand our customers’ financial circumstances, background and position. We use a range of criteria and triggers to identify when a customer needs to complete a source of funds check, so the timing and level of detail required is different between customers. What is most important to us is ensuring that customers are spending within their financial means and suited to their individual circumstances.
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Where required, the required documents will vary depending on your source of funds. As an example, these documents can include payslips, bank statements, tax returns and/ or share portfolio statements. At a minimum, we require evidence that identifies the main source of funds that you use to deposit with PointsBet.
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We take your privacy and the protection of your personal data very seriously and always treat it in compliance with privacy laws and regulations, such as those in the Privacy Act 1988 (Cth). The information you provide us with, will be at all times held in accordance with our Privacy Policy and Terms and Conditions. The information you provide will not be used for any other purposes, including marketing, other than for compliance with our regulatory obligations.
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Unfortunately, if you don’t complete our source of funds process, then (among other things) your account may be subject to temporary suspension until you have completed this process. This is to ensure we are meeting our regulatory obligations within our industry.
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Every wagering provider is required to ensure their customers are gambling responsibly and safely while complying with all relevant AML/ CTF legislation. As a leader in responsible gambling, we take our obligations very seriously. Each wagering provider may have different risk tolerance, criteria and trigger points for completing the source of funds process, but all wagering providers have an obligation to know their customers, and this includes their source of funds.
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If you need help and support with completing this process or if you have any questions, you can speak to one of our team members here at 13 72 38 or alternatively you can email us at auscompliance@pointsbet.com with your query or question.