Must-Read Information on KYC: Know It Inside Out

By | September 21, 2021

The KYC (know your customer) guidelines are frequently considered in gambling business news articles on many websites.

It is one of those topics, which inspire fear in operators as they need to deal with KYC compliance every day. In this article, you will find complete information of what know your customer is, why so much attention is paid to it, and what gambling companies should know about it to avoid problems.

KYC – who, what, were?

What is a KYC check? The know your customer, or, simply, KYC procedure is the process of verification of a casino customer’s identity in terms of the financial and personal details. KYC specialists check this information at online casinos to make sure that players’ money isn’t connected with something illegal.

Online casinos are obliged to check their clients’ identity, age, place of residence, and users also should provide and confirm information about where their money has come from. This may include the following documents for the know your customer check:

bank balance;
shareholder dividend statement;
inheritance documents;
documents evidencing rental income;
and others.

It is worth mentioning that this procedure is important not only for gambling businesses but for customers as well because it protects them. At the same time, the provision of such personal details is likely to be a negative and inconvenient procedure for online casino customers, rather than something good. However, players should understand that a gambling website’s compliance with these guidelines proves that it is a reliable service provider, which operates based on the law and is fair and honest with its customers.

Why do casinos need KYC?

The major purpose of KYC is the prevention of financial crime as well as problem gambling and gambling by minors. In terms of financial crime, this procedure allows detecting the following illegal activities:

money laundering;
fraudulent actions;
terrorism financing;

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