KYC

❓What is KYC?

KYC (Know Your Customer) practices are extremely important in the user-business relationship. It is also the first step to establishing a relationship with a business client.

KYC is used to verify the identity and financial information of online casino customers and other businesses.

Know Your Customer (KYC) is one of the biggest challenges facing companies and institutions in all areas as it plays a key role in customer integration, identity fraud and AML controls.

Polish online casino players - know your customer

As required by legal requirements and applicable legislation, KYC or Know Your Customer is a process that verifies the identity of a platform's customers.

The widespread use of new technologies means that special standards are needed to prevent online fraud.

The KYC method is therefore a legal requirement worldwide for any company that wants to include a user on its customer list.

❓Why do online casinos use KYC?

• Online casino gaming companies have a legal obligation to monitor all players who are their customers throughout the country. They must verify certain information such as identity, age, residence and source of funding to protect customers from abuse and fraud.
• One of the main reasons is that all New Zealand casino players should avoid money laundering and terrorist financing. If the KYC process is not followed, the platform can become a place for money to be laundered and directed to undesirable organizations.
• Just as user authentication is a priority for honest companies, users must also trust that the information collected about them is treated correctly and protected.
• New Zealand The Ministry of Finance is responsible for issuing permits to online gaming sites.
• Across the world, casinos are regulated and licensed by various government organizations. Some of the most popular and respected are, for example, the Malta Gaming Authority and the Curacao eGaming Authority.
• Licensed operators are legally obliged to provide fair, open and crime-free gambling, including online casinos and betting sites. This is done in part by verifying your identity and bank account.
• Failure to comply with these rules may result in the casino being used for criminal activity and may result in the loss of a license.
• Casinos are subject to the provisions of the Crime and Money Laundering Act.
• By carrying out a KYC check, the casino can confirm that the New Zealand casino player's money was obtained legally and the identification details are authentic. It also allows casinos to exclude players who are not old enough to play legally.
• KYC practices also protect the interests of New Zealand players by ensuring that they do not use someone's personal and financial information for fraudulent purposes, not least on the betting site.

❓ How do I go through the KYC process?

All licensed operators must carefully check a customer's age, name and address. The steps you need to go through to complete the KYC process are as follows:

• You can use your passport or driving license to prove your identity and age. You should also show a receipt with your name and address issued within the last 3 months.
• Online casinos may also perform a credit check to confirm your identity. You don't have to worry about this as these checks are used for identification purposes only and do not leave any trace or impact on your credit history.
• It is possible that you will be asked for additional information, but this is at the discretion of each casino. This simply means that the casino performs a compliance check, as it may happen that the information shown on the documents differs from that used for registration.
• Some online casinos may also require additional documents for financial verification. When financial information is requested, you will usually need to verify the payment method or provide a document with the source of income to prove that the funds were legally obtained and the appropriate payment method was used.

Documents you can use for additional financial verification include:

• Bank statement;
• Pay stub
• Photo/scan of your bank card or other payment method (e.g. e-wallet)
• Dividend
• Savings Account Statement
• Pension

Additional document requirements may vary by casino. Furthermore, submitted documents will only be accepted if they are legible and of sufficient quality. Therefore, you should make sure that the entire document is visible when scanning or photographing.

❓How will my information be used and stored?

Online casinos will check your documents to confirm their authenticity and compliance with the personal and financial information you have provided. This information is stored in the system.

There is understandable concern about the dissemination of personal information on the Internet in the era of cybersecurity and data protection.

The information will only be used in casinos and access to your data will be impossible without your consent in a secure digital system with a password.

In addition, only authorized and qualified personnel have access to user information, which also protects the user.

❓How to KYC affects my bets?

As a player, you must confirm your age before you can take the following actions:

• Deposit money into your account;
• Get access to all the free games offered by the casino.
• Play at the casino with your own money or place a free bet.

You must also verify your name and address in order to play. Although many people consider it unnecessary and burdensome, remember that such measures are justified.

❓What does the client gain from KYC?

Even if you think that the whole process is just unnecessary hassle, in the long run the customer also benefits. Some of these reasons are:

• By providing real information, you help to increase security in the digital world and reduce the likelihood that fraudsters will trick you into shady deals.
• Your identity is more secure - the more correct information you provide, the harder it is to steal.
• If your information is incomplete, you appear more dangerous than you actually are, because incompleteness raises fears. suspicions.
• Your payments are faster because they no longer require additional processing and checking.

Conclusions

The world of online casinos is constantly evolving and their number is only increasing. Nowadays, gambling sites have significantly improved their services and customer approach, and can now be even safer thanks to improved player safety procedures. By improving digital identity verification, casinos can also increase their revenues.

In online casinos, banking and other industries, the introduction of digital KYC services has already become a huge success. The most important step in identifying the customer is the first step, which, when performed correctly, makes the entire process much easier and faster.

Currently, KYC is a key factor in the fight against financial crimes and money laundering.

💡 Our expert's opinion on KYC

“KYC, i.e. Know Your Customer, is a very important process in which online casinos verify the identity and information provided by players. It helps prevent fraud and money laundering and ensures the security and integrity of the casino, which is why it is extremely important.

KYC is an element of online casino regulation, which provides an important protection mechanism for players and casinos. Thanks to KYC, casinos can ensure that they cooperate only with legal and verified players, reducing the risk of fraud and financial losses, including for players."

Beata Woźniak, editor-in-chief