KYC, or Know Your Customer, is a verification process that online casinos use to confirm the identity of their players. It's a set of procedures designed to ensure that the person registering and playing on the platform is who they claim to be. KYC is essential for several reasons, primarily related to security and regulatory compliance.
Why is KYC Necessary in Online Casinos?
- Preventing Fraud: KYC helps online casinos verify that players are using legitimate identities and payment methods, reducing the risk of fraudulent activities such as identity theft, money laundering, and chargebacks.
- Age Verification: Online casinos are strictly regulated and must ensure that players are of legal gambling age. KYC checks help confirm a player's age to comply with legal requirements.
- Responsible Gambling: KYC can be used to monitor and track a player's gambling habits. If a player is exhibiting signs of problematic gambling, the casino can intervene and provide assistance.
- Security: KYC adds an extra layer of security to the platform, safeguarding both the casino and its players against potential threats and unauthorized access.
What Information is Collected in KYC?
KYC typically involves collecting personal information, including but not limited to:
- Full name
- Date of birth
- Contact information (email, phone number)
- Identification documents (passport, driver's license)
- Proof of address (utility bills, bank statements)
How Does KYC Work in Online Casinos?
The KYC process typically begins when a player registers an account. The player is asked to provide certain personal information. In some cases, the casino may require identity documents and proof of address to complete the verification.
Once the necessary documents are submitted, the casino's verification team reviews the information. This process can take anywhere from a few hours to a few days, depending on the casino's procedures.
Can I play without KYC?
Yes, you can create an account at any online casino without filling in a KYC document and you can also make deposits and play. However, when you want to withdraw money, you must first fill in a KYC document.
It may sound unfair, but the truth is that when you make a deposit, the bank already knows where the money is coming from. When you make a withdrawal, however, you do not know this for sure and therefore a KYC document must be filled in first.
Those who want to avoid filling in KYC documents when withdrawing must settle for smaller withdrawals (Max $2000/month) and may have to change casinos at regular intervals to avoid being in the spotlight.
Learn more about how online casino works via our casino faq.