Know Your Customer or KYC
KYC stands for “Know Your Customer”. It’s a process regulated operators (all licensed and offer real money gambling) must carry out. This casino verification process is also why gambling sites ask for bank statements, proof of income, address, ID, and other documents.
When a KYC process is initiated, you cannot withdraw or deposit funds to and from your player account until you’re fully verified. Your player account will be closed if you refuse to comply with a KYC request and do not provide the casino with the requested documents. Following the account closure is the forfeiture of any remaining real money- and bonus funds that the casino will seize.
Know Your Customer or KYC
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Know Your Customer or KYC
What is a casino verification process?
A casino verification process is the same as KYC, where an operator asks their customers (players) to provide them with documents. The purpose of this is to confirm and prove several details, including but not limited to:
- Age
- Identity
- Address
- Source of funds
- Ownership of payment methods and/or accounts use
Know Your Customer or KYC
How to make a withdrawal?
Choose a payment method.
To make a withdrawal, you will need to choose how you want to receive your money. Please follow the instructions in the Bank section of the casino software to specify how you would like to get paid.
We will attempt, where possible, to use your selected preferred option to get paid. However, we reserve the right to pay you using the most practical way. This may result in payment being made by cheque.
How to get paid
After each session, your money will remain in your account the next time you want to play. The only time you will need to make a withdrawal is when you would like to get your money.
Steps to get paid:
In the casino software, click on Bank and select Withdrawal
You will be asked to select your preferred option to receive your payment
Your withdrawal request will then enter a pending period (minimum 24 hours), during which time you will be able to reverse your withdrawal, should you wish to do so
Your withdrawal will be processed on the day on which it is released from the pending period
*Please note that for security reasons, you may be required to provide the following information to verify your withdrawal:
- Copy of Driver’s License
- Copy of a utility bill (Water, gas, telephone etc.).
- Copy of your Credit Card (back and front) if you made deposits using your Credit Card.
Know Your Customer or KYC
Keep in mind:
There may be a cancellation cost incurred for specific withdrawal methods. Please read the terms and conditions when selecting a withdrawal method.
The portion of your withdrawal less than or equal to the original deposit amount will be paid to you through the payment option used to make the original deposit.
Any other money owed to you can be withdrawn however you wish
There is an eight-day waiting period when using specific web wallets to withdraw, for example, eCheck or Sofortüberweisung. As a result, we, unfortunately, will not be able to process a withdrawal within eight days of your last deposit when using these web wallets
Due to restrictions in some countries, we may not be able to pay your withdrawal through Visa or MasterCard
Note: Withdrawals are paid as soon as possible. However, your bank’s processing times may slow down the payment of withdrawals. Withdrawals may be subject to processing fees at the discretion of the casino.
Know Your Customer or KYC
The Importance Of KYC
Casinos often deal with large sums of money and financial transactions. Online casinos turn over millions of dollars daily, making them one of the prime targets for financial crimes and laundering. The lack of face interactions on these platforms makes it easier for fraudulent users to play on them without proper detection.
KYC and identity verification are designed to reduce these risks by identifying customers of that kind, and the suspicious users can be monitored, flagged, and at times banned. Without effective policies, online casinos are at a higher risk of financial loss.
What is KYC?
KYC is a process used by online casinos and many other businesses to verify customers’ identities and financial information. The main aim is to assess risk potential, prevent underage gambling and block financial crime, such as fraud, corruption, bribery and money laundering. This helps safeguard the interests of both casinos and their customers.
Know Your Customer or KYC
Why do online casinos use KYC?
All regulated gambling sites operate under a license provided by the country’s Gambling Commission. These operators, including online casinos and betting sites, are legally required to ensure fair, open, and crime-free gambling. This is achieved, in part, by verifying the identities and financial accounts of people who play at online casinos.
If a casino doesn’t adhere to these regulations, it risks being used for illegal activities and losing its license. Casinos are also subject to the Proceeds of Crime Act and Money Laundering Regulations, which are strictly monitored.
Carrying out a KYC check allows a casino to check that you’ve obtained your funds legally and that your identity is legitimate. This also allows casinos to exclude players who aren’t old enough to gamble legally. But it’s not just the betting sites which benefit from this – the KYC process also helps protect your interests by ensuring that your personal and financial information isn’t being used fraudulently. KYC also ensures that casinos maintain their integrity, which helps creates a fair and honest betting environment.
Know Your Customer or KYC
How does KYC affect my betting?
You’ll be required to verify your age before you can:
- Deposit funds into your account
- Access any free-to-play games the casino may make available
- Gamble at the casino with either your own money or a free bet or bonus
You’ll also be required to verify, as a minimum, your name, address and date of birth to gambling.
While many may see this as tedious, remember that there is a good reason behind these procedures. Without KYC checks, gamblers wouldn’t be able to enjoy playing at fair and regulated casinos, and it would be much easier for someone to use your details and finances fraudulently.
