KYC has been getting more strict and more sweeping over the last five decades, and there are few countries left in the world that don’t have some form of control over the process. Knowing Your Client is essential for preventing fraud and criminal activities, and even to ensure players are having an experience they can afford. Each time a player registers an account at a casino, the casino is obliged to check the player’s background.
In most situations, KYC documentation is a simple process of uploading Identification and a utility bill. In special circumstances, the process can be more involved and drawn out. As a newly registered player, it is vital to upload any KYC documentation as soon as it is requested. Delays in uploading can lead to delays in betting, and more importantly, claiming winnings and having them transferred to the nominated account.
Usually, a casino or sportsbook will inform you about the types of documentation you need to provide and if it has been accepted. But KYC documents also have expiration dates, so if the venue has not given you notice, it is worth checking if your documents need updating.
Know Your Client are perhaps three of the most important words in the gambling industry — and perhaps, any business you can think of. Having better information about a player’s background means a product can be far better tailored to the player, ultimately giving them a better experience.
Gambling laws also require an establishment to have a player prove that they are who they say they are. It is far too common for new registrations to register with fake names, addresses, and credentials — even trying to use stolen payment methods. KYC is the perfect weapon for fighting fraudsters and protecting the real players wanting to use the platform for enjoyment.
The most common types of KYC documents are identification ID and proof of address POA. Together these documents can be cross-referenced and monitored to ensure players are active within the venue’s Terms and Conditions.
Once the compliance documents are uploaded, the gambling venue will go through several stages before accepting the documents.
The gambling venue will examine the documents to ensure they are valid forms of ID and POA, before checking for inconsistencies. The names need to match, the age limit of the player needs to be over 18, and the player must live in an accepted country.
Once the documents have been accepted, the venue will usually inform the player, or ask for further information.
A gambling venue is also required to do a background check of a registering player, checking again databases to ensure there are no warrants for past criminal activities, or that they are who they claim to be. It is also increasingly common for venues to know more about players for safety. Gambling addiction is a real thing. Venues must establish a player’s ability to cope with different levels of risk and the levels that a player can afford to bet with to ensure it will not affect their normal standards of living. In some cases, extra checks and questionnaires may be required.
A player’s circumstances can change, as can their country of residence and even nationality. Venues are required to request updated information from players. If ID or POA documents become outdated, new ones will be requested. Non-compliance can lead to losing access to the venue’s website.
There can be some situations in which KYC can be intrusive. KYC takes time, it does delay a player’s access to withdrawals, but it is unusual for this to extend beyond three business working days. If the KYC documents are in place and accepted, normal levels of withdrawals should be processed without delay. When the players and the venues follow KYC procedures correctly, it is an incredibly efficient and quick way of getting gambling accounts up and running. KYC is there to protect, not to hinder the fun or the excitement.
KYC is crucial for preventing fraud, money laundering, and other criminal activities. It also helps ensure that players are who they say they are and can afford their gambling activities, enhancing overall player safety.
The most common KYC documents are:
The KYC process typically takes up to three business days, though it can vary depending on the casino and the completeness of the documentation provided.
