What exactly is KYC, which you have undoubtedly heard of? You must complete this crucial identification verification process to take your winnings out of most casinos.
If you have spent hours building up a bankroll, the casino is likely to request identification verification. Gaining an understanding of the KYC procedure might be essential to your success. What and how you submit your KYC documentation varies across casinos.
For What does KYC Stand?
Stated differently, be aware of your customer! What is KYC? That implies that for the casino to verify your account, they must know who you are. You will often always have to go through the KYC process at some time if you wish to withdraw a Shambala no deposit bonus.
When you withdraw at certain casinos, you may have to provide identification. Some can ask for it when you take out a certain amount or make a specific number of withdrawals overall. As we will cover later, certain casinos may let you finish the KYC procedure when you register, which may expedite the withdrawal procedure.
Background of KYC
The years of unrestrained financial crimes in 1970 are when the KYC first appeared. 1970 saw the drafting of US guidelines to stop money laundering. Before these times, nobody would have any idea what a KYC is.
Title III of the Patriot Act, which focused on offering means to stop terrorist acts, further tightened it down in 2001. You should be secure online, but the casino must protect its patrons. This is covered in further detail in our internal blog on casino safety.
For What Reason does KYC Exist?
Helping to combat money laundering and financial crime is the aim of KYC. Casinos must go by rules and regulations and actively complete the KYC process. Unfortunately, rogue casinos exist; to safeguard yourself, be aware of casino scams.
You must complete many KYC processes before the casino delivers your money to authenticate your identity and learn about your activity. The casino will consider responsible gaming, so never bet more than you can afford.
KYC is important because fraudsters exist and the casino must prevent money laundering. KYC also aims to help casinos understand player hazards during onboarding.
Process of KYC
How does KYC work? The casino needs to prove your identification, but what is a KYC procedure, and how do you know when to submit your documents? The casino you are playing at will advise you when to submit your papers and how. However, some players wish to verify their accounts before depositing, therefore you may request an early KYC procedure.
Customer Identification Program (CIP)
Normally, some players worry about this procedure when their wins are at risk, so it’s always a good idea to ensure you have your identity document available. What three elements, though, makeup KYC?
The initial is the document verification. The casino will alert you when this occurs and tell you what documentation you need. You must snap a photo of them on your phone and verify that all four corners of your paper are on display and the image is clear. If you do not do this, they will be refused, delaying your withdrawal.
How you submit your paperwork depends on every casino. The safest method to send your personal information is via a Document Uploader. However, some casinos do not provide this function, and you will be forced to attach photographs of your papers to an email. The casino will let you know when the papers are authorized and proceed to process your withdrawal.
Customer Due Diligence
If you don’t know KYC compliance, here‘s how the casino analyzes its consumers. Customer due diligence is handy when the casino has to defend itself against crooks. The casino will evaluate the risk levels of its players; based on your level, you could have to do further verification procedures.
The casino will verify your account and assess your risk category; any further information they get will be kept electronically. Considered by the casino are:
- Where are you located?
- The kind of transactions you do
- Your gaming patterns
- Expected payment methods
Constant Watching
The casino will handle your withdrawal after your paperwork is authorized; you won’t often have to submit it again for further withdrawals. However, certain exceptions to this rule exist since the casino monitors accounts.
You may have to confirm your account once more, or the casino can ask for further paperwork and information if you ask for a sizable withdrawal. The casino may request more information and will monitor your deposit and withdrawal trends.
Another thing that might be asked of you is to complete the Source of Wealth (SOW) or Source of Funds procedure. This is a procedure used in a crackdown on money laundering to demonstrate to the casino that the money you have placed are yours as part of continuous monitoring. Though that seems unsettling, there’s nothing to be concerned about if you have nothing to conceal. A SOW shouldn’t have an impact on a withdrawal you are already making, but if you can’t provide sufficient documentation, it may stop you from making any more.
Certificates of Identity
Even though every casino may ask for somewhat different verification papers, most of the time, the casino’s Terms and Conditions provide a list of approved documents. Checking this before play is a smart idea to ensure you have the necessary paperwork before withdrawing.
Which KYC criteria apply? Generally speaking, the government must provide identification papers; the most often used types of ID are a passport, driver’s license, or national ID.
You must also turn in a second, government-issued document as evidence of your residence. The most common formats are a rental agreement, utility bill, water bill, or bank statement. The casino usually asks that it be no older than three months and that your name and data be legibly visible from all four corners.
Casinos now often ask that you provide a picture of yourself carrying your ID. Regretfully, if the casino has asked for it, you won’t get your withdrawal until you submit it.
KYC in Gambling
New to online casinos? Learn about KYC and KYC verification. All fine and good, but the casino will never deposit profits until you can prove your identity.
Casino registration forms must be completed correctly. One wrong digit might delay your money! If you offer false information, the casino cannot verify your identity, and certain personal data is unchangeable. The good news is that a fraudulent person cannot withdraw without your ID.
Most casinos have a good KYC process before allowing withdrawals. Unscrupulous casinos exist, as usual.
Sending your documentation early can expedite your withdrawal. Some casinos won’t verify players on weekends. Reading the terms and conditions is vital to avoid disappointment.
Your identification will be validated for a speedy withdrawal if all goes well. Sometimes, issues arise. Submitted documents that are outdated, incorrect, or do not match your registration information typically cause this.
KYC Cons
The casino uses KYC very well to verify your account and ensure they pay you and you alone for prizes. However, the longer withdrawal waiting periods are its disadvantage.
Usually, you have to wait for your papers to be authorized to complete the KYC process at the time of withdrawal. Verifying your papers normally incurs an extra waiting period, even if the casino has 24 pending withdrawal periods.
Which casino you play at determines how long you must wait for your paperwork to be accepted. Some process them faster than others a few hours or the same day. A few days could pass for some.
The second negative is that your withdrawal will be further delayed if there are problems with your paperwork and they are not accepted. The good news is that, except for larger or jackpot winnings, you should often only need to finish the process after you are validated.
