Understanding KYC Know Your Customer in the Online Mines Games Easy Way Gambling World

Understanding KYC Know Your Customer in the Online Mines Games Easy Way Gambling World

You’ve probably seen the term KYC, but what is KYC? It is the verification of your identity, and it’s an important stage that you’ll have to go through at most casinos if you want to withdraw your winnings. 

If you’ve spent hours building up a bankroll, chances are the casino will ask you to verify your identity. Knowing how the KYC process works could be the key to your success. Some casinos have a stricter KYC process than others regarding what documents you must submit and how you submit them.

So, if you want to receive your winnings, check our blog below to be fully prepared for any KYC verification process.

What Does KYC Stand For?

In short – Know Your Customer! But what is the meaning of KYC? It means the casino must know who you are to validate your account. You will usually always have to go through the KYC procedure if you want to withdraw, at one point or another.

Some casinos will require you to send identification documents on your first withdrawal. Some may require it when you withdraw a certain amount or accumulate a certain amount of withdrawals. Some casinos may also allow you to complete the KYC process when you register, which can help speed up the withdrawal process, which we will discuss later. 

Origins of KYC

The KYC origins date back to 1970 and years of unchecked financial crimes. Guidelines were drafted in 1970 in the US to prevent money laundering. Prior to these dates no one would know what a KYC is. 

The 2001 Title III of the Patriot Act further cracked down upon it, which looked at providing tools to prevent terrorist activities. While it’s important for you to be safe online, the casino needs to make their players safe. We’ve discussed more about this in our casino safety internal blog. 

What Is the Purpose of KYC?

The purpose of KYC is to help fight financial crime and money laundering. Casinos must comply with laws and regulations, so they actively carry out the KYC procedure. Unfortunately, there are rogue casinos, so watch out for casino scams to protect yourself. 

You must complete several steps during the KYC process so the casino can establish your identity and understand your activity before releasing your funds. The casino will also consider responsible gambling when accessing your activity, so never bet beyond your means. 

Unfortunately, there are fraudsters out there, and the casino needs to protect themselves from money laundering, which is why KYC is so important. The purpose of KYC is also to help casinos understand the potential risks some players may carry during the onboarding process.. 

KYC Process

What is the KYC process? The casino needs to establish your identity, but what is a KYC process, and how do you know when to submit your documents? The casino you are playing at will inform you when to submit your documents and how. However, some players like to verify their accounts before depositing, so you can request an early KYC process.

3 Components of KYC Process
#1 Customer Identification Program (CIP)

It’s only natural that some players worry about this process when their winnings are at stake, which is why it’s always a good idea to ensure you have your identification document at hand. But what are the 3 components of KYC?

First, it’s the verification of your documents. The casino will inform you when this happens and tell you what documents you need. You must take a picture of these on your phone and ensure that all four corners of your document are in view and the picture is clear. If you do not do this, they will be declined, delaying your withdrawal. 

How you submit your documents differs per casino. The safest way to submit your personal information is through a Document Uploader. However, some casinos do not offer this feature, and you will be required to attach photos of your documents to an email. The casino will let you know when the documents are approved and continue to process your withdrawal. 

#2 Customer Due Diligence

If you don’t know what KYC compliance is, here ‘s how the casino assesses their customers. The casino must protect itself against criminals, and that’s where customer due diligence comes in. The casino will assess their player’s risk levels, and depending on which level you fall into, you may be required to complete extra verification checks. 

Your risk category can be determined when the casino verifies your account, and any additional information they acquire will be stored digitally. Facts the casino considers include:

  • Your location
  • Occupation
  • The type of transactions you make
  • Your gaming patterns
  • Expected payment methods

Your risk level could also change at any time. 

#3 Ongoing Monitoring

Once your documents are approved, the casino can process your withdrawal, and you will not usually be asked to submit them again for subsequent withdrawals. However, there are exceptions to this rule as the casino continues to monitor accounts. 

If you request a large withdrawal, you may need to verify your account again, or the casino may ask you for additional information and documents. The casino will monitor your gaming patterns, deposits and withdrawals and could ask for more information. 

You may also be requested to complete a Source of Wealth (SOW) process, also known as a Source of Funds. As part of ongoing monitoring, this is a process to prove to the casino that the funds you have deposited are yours in a crackdown against money laundering. It sounds scary, but as long as you have nothing to hide, there’s nothing to worry about. A SOW should not affect a current withdrawal but could prevent you from making further deposits if you cannot provide adequate proof.

KYC Documents

Whilst each casino may request slightly different verification documents, as a rule, there is a list of accepted documents which is usually available in the casino’s Terms and Conditions. It’s always a good idea to check this before you play to ensure you have the required documents before you withdraw. 

What are the KYC requirements? Identification documents must usually be government issued, and the most popular forms of ID include a Passport, driver’s license or National ID Card.

You must also provide proof of your address, which means you must submit a second document, which is government issued. Accepted forms usually include a bank statement, utility bill, water bill or rental agreement. Usually, the casino will request that it is not older than three months, and your name and details must be clearly visible, including all four corners. 

In recent times, casinos have started to request that you send a photo of yourself holding your ID. This may sound daunting, but unfortunately, if the casino has requested it, you will not receive your withdrawal unless you submit it. 

KYC in the Gambling Industry

If you’re new to online casinos, one thing you’ll need to prepare yourself for is the KYC Process and clue yourself up on what KYC verification is. Winning is all well and good, but if you can’t prove to the casino that you are who you say you are, those winnings will never land in your account. 

When you register at a casino, you must fill in the registration form with the correct information. Even one digit out could prevent you from getting your cash! If you use false information, the casino cannot verify your identity, and there are certain pieces of personal information that cannot be edited. The good thing about this is if someone is trying to use your details, they can never withdraw without your identification documents.

The casino must establish your identity before withdrawing, and most casinos will have an effective KYC process. As always, watch out for rogue casinos as they are out there. 

The quicker you send your documents, the quicker you get your withdrawal. All casinos have different verification timescales, and some won’t process it at the weekend. The important thing is that you check this information in the terms and conditions to avoid any disappointment.

Hopefully, things will run smoothly, and your identification will be verified to enable a swift withdrawal. Sometimes problems occur. This usually happens if you have either not submitted the correct documents, they are out of date, or they don’t match your registration details. If this happens, work with the casino, and if you have any issues, you can visit us in the forum or take advantage of the AskGamblers Casino Complaint Service if you think the casino is stalling.

KYC Drawbacks

KYC is an excellent way for the casino to authenticate your account and know that they are paying winnings to you and only you. However, the drawback of it is the additional waiting times when it comes to withdrawals.

You are usually required to complete the KYC procedure at the point of withdrawal, so you must wait for your documents to be approved. If the casino has 24 pending times for its withdrawals, this doesn’t usually include verifying your documents which will have an additional pending time.

The time you must wait for your documents to be approved depends on which casino you play at. Some are quicker than others and process them the same day or even within a few hours. Some may take a few days. 

The other drawback is if there are issues with your documents and they are not approved, which means your withdrawal will be further delayed. The good news is that once you are verified, it’s usually the only time you’ll need to complete the procedure except for more extensive or jackpot wins.  

What Is KYC for Crypto?

If you are depositing in cryptocurrencies, the KYC process may be slightly different, and it depends on the casino. The benefit of crypto payments is anonymity, and at crypto-only casinos, you may not be required to complete the process.

However, there may still be times that you need to send identification documents, so please check the Terms and Conditions before you play.

Is KYC Good?

We know that reading this may seem daunting, but it need not be. Yes, KYC can delay the withdrawal of your winnings. Still, it also prevents anyone else from being able to withdraw from your account by providing your identification documents. Hence, the casino knows it is you and no one has stolen your personal information. Be prepared before you play, and we’re confident that everything will run smoothly.

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