Know Your Customer (KYC)

What is Know Your Customer (KYC)?

Know Your Customer or KYC is the process that online casinos (and other businesses that handle financial transactions) verify their customers’ identity and financial information. Regulated casinos, those which hold a license from a valid gambling authority, needs to make sure that the gambling taking place on their sites is fair and free of crime.

This includes carrying out customer checks to verify the information and identity provided by the player is correct and the financial funds used by the player were obtained fairly and legally. Here are the reasons why a casino will carry out KYC checks:

• To assess customers’ risk potential;
• To stop people who are below the legal age from gambling;
• To block financial crime, including fraud, money laundering and bribery.

If a casino fails to follow these protocols it opens the door for for illegal activities which will force the hand of the gambling regulator to withdraw their gambling licence. Therefore, KYC helps casinos to safeguard their own interests as well as the legitimate, law-abiding customers.

What is the difference between KYC and AML?

While KYC involves verifying your identity, AML or Anti-Money Laundering, refers to the policies and regulations designed to prevent criminals from disguising illegally obtained funds as legitimate income.

As the goal of KYC is to prevent identity theft, fraud, money laundering, and terrorist financing, it is a part of AML policy compliance. However, AML encompasses a broader set of measures aimed at detecting and reporting suspicious financial activities.

What triggers a KYC check for existing customers?

A KYC check will be triggered by law before signing up to a licensed online casino. The online casino must make sure the information is correct and verified in order for a new or existing customer to play.

A KYC check will be triggered with any of the following activities:

• Large cash transactions
• Large virtual currency transactions
• Suspicious transactions
• Casino disbursements
• Extension of credit of $3,000 or more
• Receipt of funds of $3,000 or more
• Foreign currency exchange transactions of $3,000 or more
• Initiation of an electronic funds transfer (EFT) of $1,000 or more
• Final receipt of an international EFT of $1,000 or more
• Accounts—Account holders and persons authorized to give instructions

How do I complete the KYC process?

Your identity and age can be verified by submitting your passport or driver’s licence. To confirm your address, operators will usually request a utility bill or bank statement issued within the last three months.

The online casino may also ask you to provide financial documents to verify that your funds have been acquired legally and the deposits and withdrawals are made by you. You can use payslips, bank statements, pensions or any other document that show how you came over the money.

When submitting copies of your documents, make sure that the images are clear and that the whole document can be easily read – otherwise they will be rejected and you will have to resubmit them.

How will my information be used?

The documents you submit will be inspected and verified to make sure that they are legitimate. They also have to match the personal and financial details you have already provided.

Your data will be stored in a password-restricted and secured digital system. It will only be used internally, and won’t be shared without your consent. The only people who are able to access your details are trained casino personnel to prevent the information to fall into the wrong hands.

How to speed up the process?

The KYC progress doesn’t need to be a hassle. Here are some ways you can speed it up:

1. Prepare documentation in advance and ensure document quality.
2. Follow instructions carefully and use the recommended channels.
3. Check for updates and quickly provide further documentation if needed.
4. If you encounter delays or issues, contact support for guidance or to escalate the process.