I've been playing at online casinos for years, but lately some sites have become very strict about who registers with them as they play and how much they try to win. They say it has to do with the KYC policy that every casino is required to put into their verification system. I want to understand what the KYC procedure means for online gambling. Have you encountered this kind of verification?
top of page
bottom of page
It is very good that AML and KYC counteraction to money laundering (Anti-money laundering) is a set of laws, rules and procedures that prevent the disguise of dishonestly received funds as legitimate income. Now, having passed the identity check, there will be much less fraudulent transactions.
KYC and AML procedures should protect financial institutions from dealing with unreliable and dangerous clients. AML can be thought of as a set of rules. If the behavior of a bank client goes beyond these algorithms, he falls under surveillance. He may be called and asked to clarify some of the suspicious transactions and so on.
For everyone, online financial security, especially on sites like online casinos, should always come first. But unfortunately, online casinos have been and always will be prone to scams. And to secure their sites, casino owners are implementing online gambling kyc. This check helps to weed out bad faith registrations.
This check is due to the fact that cryptocurrency gives the possibility of anonymous transfers, as well as hiding their income from the tax authorities. By the way, it is a very correct system. I think all financial transactions should not be anonymous. A normal person has no reason to disguise and hide anything. And as a check, you will just have to provide documents certifying your identity.
Such a KYC verification system verifies a person's identity before registering. After all, casinos and other financial companies should only accept safe users and live people. Therefore, often for verification, documents of a person are needed. For example a passport.