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What is KYC?
The KYC (Know Your Customer) process is the procedure that every online casino goes through to verify a players identity and personal details before they start wagering with the online casino. We know it can be a pain for most players. The verification process often takes time, and in some cases, it can take a full working day. But, the importance of KYC in online casinos cannot be understated. Let’s get into why this process is so important for players and casinos alike.
“The Why”: Legal and Regulatory Requirements
Every online casino KYC process you see is required by law, and is enforced by most regulatory licensing bodies. So, organisations like the United Kingdom Gambling Commission, and the Malta Gaming Authority, have regulations that enforce all legislated online casinos must have KYC. But, why?
KYC is a protective measure that can be the key difference between a legitimate, reliable online casino, and a scam website. If there is an online casino verification process in place, you will know the online casino you have signed up to is legitimate.
There are many fraudulent players who will try to abuse welcome bonuses, or promotions by opening multiple accounts. But, KYC prevents that from happening, by collecting identity documents and confirming the player is who he says he is on one account.
KYC can also track exactly who is depositing and withdrawing funds into their online casino. This can prevent real, dangerous criminals using a casino as an in between for potential money laundering. Once there is a name to the account, and an identity document tied to an account, it prevents criminal activity such as laundering from happening.
“The Why”; Player Security
Another reason that KYC is essential is that it protects you: the player. In the online casino world, where there can be big money at stake and players may have multiple different payment methods, there is a lot of different information at risk. KYC for gambling is essential for players because it prevents identity theft, by confirming the identity of a player as soon as they sign up.
KYC is also a very useful security tool, that does more than just confirm your identity. KYC can help detect and prevent any account takeovers (when a scammer hacks your account), and it can any fraudulent access to your payment accounts. Many players see KYC as an inconvenience that benefits just the casino, but the reality is it is just as beneficial for the player as well.
What To Expect
When you sign up to any online casino, the KYC process is almost always the same. You will need to have specific documents ready to go if you want to pass the KYC process quickly. Those documents you should have on hand are:
- Your Photo ID: First off, you’ll need to upload a picture of some photographic ID. This could include the likes of your passport, government ID or certain driving licenses.
- Proof of address: You will also need to prove you live where you say you live. Any bill, letter or issued payment slip with your address on it can act as a verified proof of address.
- Proof of payment method: Lastly, you will have to prove your payment method is yours. The method of verification depends on the payment method. For debit/credit card, you can likely use your banking app, and for any eWallet/crypto wallet, you can also use an app verification process.
The upside to the KYC process is that it only needs to be done once, before your first deposit. Once you verify your identity, your account is secure and the process is completely done.
What a Smooth Process Looks Like
There are a few tips to keep in mind, that will help speed up the verification process, and prevent any unnecessary delays. Keep all these in mind:
- Clear photographs – Make sure all the photographs you take, especially of the ID, are clear and all the information is visible on it.
- Recently dated documents – For proof of address, make sure the document you use is dated within the last six months. If it’s an older document, it might not be accepted, and could delay the process.
The Takeaway
Now, we have broke down KYC in online casinos, explained the advantages of the process and gone into the details of how to do it. For both players and online casinos, the KYC is an essential process for the safety of all parties involved. It keeps both the operator and the players information private and secure. You as the player can be certain: any casino that requests a KYC process, is a legitimate and trustworthy platform.
FAQs
What is a KYC casino?
A KYC casino is a casino that utilises the KYC (Know Your Customer) verification process.
How do casinos verify your ID?
Casinos verify your ID by scanning them with third party tools (like IDNow) to verify they are legitimate, and match the selfie you uploaded.
What is a casino verification process?
A casino verification process is the procedure that a casino utilises to verify a players identity. This involves uploading a photo ID, a proof of address and proving your payment method is yours.