KYC Procedure in Online Casinos

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The gaming and gambling world hasn’t stopped to improve since its growth in the 1990s. Apart from the various innovations frequently appear in the online casinos, the gambling industry has to find any means necessary to reign transparency and fairness within this sector. As the casinos are always subject to financial crimes like money laundering, the challenge to avoid these issues must be implemented. One of the solutions to prevent infractions is the creation of KYC, stands for Know Your Customer.

This latter has the goal to protect the customers from fraud due to illegal funds and transactions. The KYC is a process that the online casino players must follow before withdrawing their winnings. Understand the KYC procedure in online casinos through this article.

KYC, What is It?

All the well-reputed online casinos use KYC to safeguard their customers and their interests. KYC or Know Your Customer is a policy that the players must follow to check their identity and financial information. The goal of this process is to prevent any financial dangers associated with the casinos.

It may be corruption, money laundering, and fraud. When a gambler is lucky and wins payouts, he must cash out his winnings. Before the withdrawal is approved, the casino requests the KYC which mean personal documents of the winner.

After the submission of the personal documents, the web-based casino can know the player’s identity and the source of his funds. With this information, the casino is able to monitor the customer’s activities. This approach ensures the players’ safety and security as only certified casinos are allowed to request documents of their customers.

What is KYC Procedure in Online Casinos?

After you have received an email from the cashier team of the casino demanding the documents, you may ask what will be the next step. As stated above, these documents include the copy of Identity Card or others with your photos, the front and back of your credit card, and the phone bills with your name and address. The pictures must be clear and the documents must be absolutely readable.

Send them via mail to the cashier team. When the team receives your documents, you have to wait 72 hours. If your account is legalized, you can withdraw your gains. Nonetheless, if the casino can’t check your documents within this time, you are required to send another documented proof.

What Kind of Documents does the Player Need to Submit?

In fact, the processes utilized depend on the casinos. So the documents requested vary the gaming operator you choose and the type of deposit option you used previously. The payment methods like e-wallets and cryptocurrencies is the trust sign of the best paying online casino that has a high-level of security whereas the chance of fraud is high in bank transfers. Thus, this latter requires more documents than cryptocurrencies and e-wallets.

Here are samples of the documents that the casino can request:

  • a copy of Identity Card or Passport or Driver’s license. These documents confirm the full name, the date of birth, two pictures, and the address of the customers;
  • copies of the credit card which must be front and back;
  • copies of bills that must include the customer’s name and address.

What will Happen after the Process?

The documents that you sent will be digitally stored in a secured place and only the authorised person has access to them. The web-based casinos will examine them to make sure that they are legal and match up with the details you have supplied. Then, they will be stored again in a secured place. The verification of KYC won’t affect your gambling because you are allowed to subscribe and play games in an online casino.

Unfortunately, making a withdrawal is not permitted if you haven’t finished the KYC procedure. Furthermore, verifying once the documents is not enough to know the customer. The ongoing monitoring is required including financial and transactions supervision.

Final Words

To put in a nutshell, a wide range of high-quality games are not enough when choosing an online casino. The players have to choose licensed gambling operators who follow casino KYC policies. Not only do these KYC regulations prevent financial crime in the casino but they also ensure the gamblers’ safety and security. If there are any changes concerning your personal information, you are required to update your account to avoid problems in the future.

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