KYC Policy
Our Know Your Customer (KYC) policy ensures a secure, compliant, and trustworthy platform for all users.
Last Updated: May 8, 2024. This KYC Policy is effective immediately for all users.
Need Help?
If you have questions about our KYC process or need assistance with verification, please contact our support team.
Contact Support1. Introduction
PRIZES FOR LIFE is committed to preventing fraud, money laundering, and other illegal activities on our platform. Our Know Your Customer (KYC) policy is designed to verify the identity of our users, ensure compliance with applicable laws and regulations, and maintain the integrity of our platform.
This policy outlines the KYC procedures that all users must complete before they can access certain features of our platform, including withdrawing winnings, participating in high-value competitions, and accessing premium services.
Important Notice
PRIZES FOR LIFE is a skill-based competition platform for users 18 years and older. Our KYC process is designed to verify both your identity and your age to ensure compliance with legal requirements and protect our user community.
2. KYC Requirements
2.1 When KYC is Required
You will be required to complete our KYC process in the following situations:
- When you request your first withdrawal of winnings
- When your cumulative deposits exceed AUD $2,000
- When you participate in competitions with entry fees exceeding AUD $500
- When you sign up for VIP membership tiers
- When you register as an affiliate partner
- When unusual or suspicious activity is detected on your account
- When required by applicable laws and regulations
2.2 Required Documentation
To complete the KYC process, you will need to provide the following:
Proof of Identity
A government-issued photo ID such as:
- Passport
- Driver's License
- National ID Card
Proof of Address
A document showing your current address such as:
- Utility Bill (issued within 3 months)
- Bank Statement (issued within 3 months)
- Government-issued letter
Selfie Verification
A clear photo of yourself:
- Holding your ID document
- With your face clearly visible
- May include liveness detection
Additional Documentation
In certain cases, we may request additional documentation to complete the verification process, such as:
- Proof of source of funds
- Proof of payment method ownership
- Additional identity verification
3. Verification Process
Our KYC verification process is designed to be secure, efficient, and user-friendly. Here's what to expect:
Initiation
You'll be prompted to begin the KYC process when you attempt to access a feature that requires verification, or you can proactively start the process from your account settings. Navigate to Account → Verification to begin.
Document Submission
You'll be guided through the document submission process. You can upload digital copies of your documents or take photos using your device's camera. Ensure all information is clearly visible and that the entire document is included in the frame.
Selfie Verification
You'll be asked to take a selfie holding your ID document. This helps us verify that you are the person in the ID document. In some cases, you may be asked to complete a liveness check, which involves following simple on-screen instructions.
Review
Our team will review your submitted documents. This process typically takes 24-48 hours, but may take longer during peak periods or if additional verification is required. You can check the status of your verification in your account settings.
Completion
Once your verification is complete, you'll receive a notification and your account will be updated to reflect your verified status. You'll now have access to all features that require KYC verification.
Successful Verification
If your verification is successful, your account will be upgraded to "Verified" status, and you'll have full access to all platform features. Your verification status is typically valid for 12 months, after which we may request updated documentation.
Failed Verification
If your verification fails, you'll receive a notification explaining the reason. Common reasons include unclear documents, information mismatch, or expired documents. You can resubmit your documents after addressing the issues.
4. Data Handling and Security
We take the security and privacy of your personal information very seriously. Here's how we handle your KYC data:
Data Storage
All KYC documents and information are stored securely using industry-standard encryption. We maintain strict access controls to ensure that only authorized personnel can access your information.
Data Retention
We retain your KYC information for as long as your account is active, plus any additional period required by law. In most jurisdictions, we are required to keep this information for at least 5-7 years after account closure.
Data Sharing
Your KYC information may be shared with third-party verification services to validate your identity. We may also be required to share this information with regulatory authorities upon valid legal request.
Your Rights
You have the right to access, correct, and in some cases, delete your personal information. However, please note that we may be legally required to retain certain information even after account closure.
Third-Party Verification Services
We may use trusted third-party verification services to process and validate your KYC information. These services are subject to strict confidentiality and data protection requirements. When you submit your KYC information, you consent to the transfer of this information to these services for verification purposes.
5. Regulatory Compliance
Our KYC policy is designed to comply with various regulatory requirements, including:
- Anti-Money Laundering (AML) Laws: We implement measures to prevent money laundering and terrorist financing.
- Know Your Customer (KYC) Regulations: We verify the identity of our users to prevent fraud and ensure compliance.
- Age Verification Requirements: We ensure that all users are at least 18 years old.
- Data Protection Laws: We handle your personal information in accordance with applicable data protection laws, including the Australian Privacy Act 1988 and, where applicable, the GDPR.
Regulatory Reporting
As a regulated platform, we may be required to report certain activities to regulatory authorities. This includes suspicious transactions, large transactions, and other activities as required by law. We are committed to cooperating with regulatory authorities to maintain the integrity of our platform and the wider financial system.
6. Enhanced Due Diligence
In certain situations, we may apply Enhanced Due Diligence (EDD) procedures. These are additional verification steps that go beyond standard KYC requirements. EDD may be triggered by:
- High-value transactions or withdrawals
- Users from high-risk jurisdictions
- Unusual account activity or transaction patterns
- Politically Exposed Persons (PEPs)
- Regulatory requirements specific to certain regions
Enhanced Due Diligence may include:
- Additional identity verification
- Proof of source of funds
- More detailed information about your occupation and business activities
- Video verification calls
- Ongoing monitoring of account activity
7. Restricted Jurisdictions
Due to regulatory requirements, we are unable to provide services to users from certain jurisdictions. Users from these jurisdictions will not be able to complete the KYC process or access our platform.
The list of restricted jurisdictions may change from time to time based on regulatory developments. Please refer to our Terms and Conditions for the current list of restricted jurisdictions.
Important Notice
Attempting to circumvent our geographical restrictions through the use of VPNs or other methods is a violation of our Terms and Conditions and may result in account termination and forfeiture of funds.
8. Changes to This Policy
We may update our KYC Policy from time to time to reflect changes in legal requirements, our practices, or other operational, legal, or regulatory reasons.
We will notify you of any changes by posting the new KYC Policy on this page and updating the "Last Updated" date at the top of this policy. If we make material changes to how we handle your personal information, we will notify you through a notice on the platform home page or via email.
You are advised to review this KYC Policy periodically for any changes. Changes to this KYC Policy are effective when they are posted on this page. Your continued use of our platform after we post any modifications to the KYC Policy will constitute your acknowledgment of the modifications and your consent to abide and be bound by the modified policy.
9. Contact Us
If you have any questions about our KYC Policy or the verification process, please contact us:
KYC Support Team
Email: kyc@prizesforlife.com
Phone: +61 2 1234 5678
Postal Address
PRIZES FOR LIFE Pty Ltd
Attn: Compliance Department
123 Gaming Street
Sydney, NSW 2000
Australia