About Know Your Customer Policy in Gambling

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KYC or Know Your Customer policies are an integral part of the full operation of any online casino. This policy allows verifying the client and making sure that there are no illegal activities of all users registered on the site.

Know Your Customer Explained

This policy includes a number of checks carried out by online operators to ensure the safety of all participants in the gaming process. During these checks, the casino administration finds out the following information:

  • the identity of the player;
  • the source of the money they spend on casino games;
  • absence of illegal activity and involvement in money laundering;
  • other information necessary for the normal operation of the casino.

KYC policy is a mandatory component of the safe operation of any gambling resource. This policy aims to prevent minors from accessing gambling, money laundering and other financial fraud.

Pros and Cons of KYC Verification Process

The main reason for conducting such checks is to ensure the funds that the gambler uses to pay for casino services are not obtained as a result of illegal activities.

ProsCons
+ Providing a safer gaming experience for all parties
+ Exclusion of the player’s involvement in illegal activities
+ The player goes through the verification process only once
– Verification of all documents takes some time
– This slightly slows down the payout process  

Benefits of a KYC Policy

Even though it takes some time to verify all the player’s documents, the benefits of KYC verification are undeniable.

In this way, the online operator guarantees that all activities on the site are safe and comply with all laws of the given jurisdiction. Since the illegal activity of one registered punter can endanger the online operator and other players.

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How Does the KYC Process Work?

Some KYC checkpoints may vary from casino to casino. However, usually, the verification process requires the provision of the necessary documents, namely:

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A copy of the document confirming the identity of the player. This can be a valid passport or driver’s license.

Utility bill no older than 90 days paid by the punter.

Photo of the player with personal documents.

A document confirming the legitimacy of the funds received. For example, a bank statement.

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In case of additional questions, some online operators ask you to provide some other documents or their copies.

Format of Required Documents

All documents must have an unexpired expiration date. On copies of documents, all important elements should be visible. The image should be clear.

Some data the player may not provide in full. For example, an online operator may only ask for the last three digits of a credit card number to verify that it is active.

KYC Policy: International Requirements

Each country and jurisdiction has specific laws and regulations. For this reason, based on a number of factors, including the licensing authority and the country of casino operation, the verification procedure and the list of required documents may differ.

For example, most casinos licensed by the Malta Gaming Regulatory Commission require players to complete a KYC check if they wish to deposit or withdraw a certain amount from their account (more than 2000 dollars). Therefore, we recommend that you familiarize yourself with the laws and regulations for passing the verification of a particular jurisdiction, country or region.

KYC Policy: Canadian Requirements

Most online operators in Canada ask players to go through the KYC verification procedure once, right at the time of the first withdrawal of funds from the game account. In this case, the withdrawal amount does not matter. Therefore, Canadian punters need to provide the following documents:

any document confirming the identity

a document confirming the current address of residence

confirmation that the withdrawal address belongs to the player

KYC Process for VIP Players

If a player wants to become a member of any online casino’s VIP program, the site administration will, most likely, ask them to pass KYC verification. This is necessary, as casino VIP clients tend to bet large sums and do so often. In addition, every reputable casino is concerned about the safety of the players, especially the big ones. For this reason, online operators are trying to protect other members of the VIP program as much as possible.

Our Recommendations

We stand for a safe gambling experience, so we recommend that players do not refuse the identity verification procedure. This is one of the methods to protect all players and casinos from illegal activities and money laundering. Thanks to the KYC policy, online operators in Canada make the gaming process and your stay on the site as safe and comfortable as possible.