The ins and outs of KYC verification

Introduction of KYC verification

Playing casino games online is a privilege offered to us by the 21st Century, thanks to the technical advancements of this generation. Being able to climb online and play Slot Games, Blackjack, or Live Roulette has never been so easy!

For newbies, the experience may be a little daunting though, and there are a few things that may come as a surprise to those who have never played internet games before. One of the biggest upsets new players face is the KYC verification process imposed upon them when they want to withdraw their money.

Many players who don’t know any better think that is a delay tactic used by casinos to cheat customers out of their money. KYC complaints are very common at online casinos and third-party gambling sites.

People often get upset because they do not understand the process. In this guide, we aim to explain what KYC verification is all about and make clear why it is necessary. By the time you have finished reading, you will hopefully have a clear concept of the process, which should calm any frustrations on the subject in the future.

What is KYC verification?

KYC stands for ‘Know Your Customer’. It is a process whereby an online casino verifies your identity on their platform before they release the money to you. This usually entails you having to send them certain documents to verify yourself.

At regular land-based casinos, when you win money, you can walk up to the cashier window and hand them your ID card or driver’s license, and they will issue you with your winnings. Because there is a face to face encounter, there is no question that the person on the photo is you.

Online casinos miss personal interaction. Therefore they must implement more innovative ways of proving that you are who you say you are. Fortunately, this process is only required once per casino you register at.

Why must I verify?

Online fraud and money laundering are rampant. Finance regulators must fight this sort of crime head-on. Not only do they feel the effects of money loss, but innocent people who are having their identities stolen are being left frustrated too, while the criminals laugh their way to the bank.

When you verify yourself, you are one less threat the online casino needs to worry about. While the majority of players are honest, the few spoil it for the many, resulting in added process and effort on our behalf.

When must I verify my account?

You will usually only have to verify your account when you withdraw winnings from the casino and not upon registration or deposit payment. Now, this may already raise eyebrows, as many of you may think, "so it’s alright for the casino to send money without verification, but not to pay money?”

There is a logical explanation for all of this:

• Firstly, when you sign up at a casino, you want to play right away. If you had to go through verification first, you would only be able to play between 24 hours and 72 hours later, as it can take a while for customer services to go through all the documentation sent to them daily. For this reason, the casino will wait to verify at a later stage.
• Remember that the operator holds the risk. If you are who you are, verification will go off without a hitch, and you will get your money. If you are an imposter, they bear the risk. The casino stands to lose a lot of money if they payout to a fraudulent party.
• When you sign up, you are responsible for verifying your age and details before playing, but when it is the casino’s time to pay up, they become responsible by law and must have all their ducks in a row.
  
  

Depending on the regulation in the region, some casinos may only ask you to verify your account for wins over €2000 or €2500. This is because they may have been able to perform an automatic verification via various internet databases which gives them some clarity on your identity. For larger amounts, they will want more proof.

What to send and how to send it?

The operator needs to verify your ID, your address, and your payment method (if the payment method is a card). You will therefore need to send them a maximum of three documents, including:

1. Either your National ID, Drivers License, or Passport;
2. Either a recent (no more than 3 months old) Utility Bill or Bank Statement reflecting your physical address;
3. A scanned copy of the front of your debit or credit card.
   
   

Please understand that the above-listed criteria are the industry norm. However, some casinos may be stricter. For instance, you may be required to send a pic of your face with your ID held next to it to prove that the ID is yours and that the two faces match.

Many of the top international casinos make uploading your documents an easy affair. Simply log-on to your casino and head to the account section and you should be able to upload the documents via the site. If this nifty tool is missing, you may have to scan and load all documents into an email and send it to the support department with your username attached.

Is it safe to send my details?

It is quite natural to wonder about safety when you are sending sensitive information online. Online casinos are bound by privacy laws that ensure that your information is safe at all times. The casinos both handle and store your information in the securest fashion.

There are a few things that you can do to ensure the safety of your details as well:

• Always play at licensed casinos that hold either a UK, Malta, Gibraltar, or Swedish regulator license. These casinos are regularly vetted and are bound by strict regulations. There are rogue casinos out there, but a careful vetting of the operator before you register with them is necessary.
• Try to use a casino site that allows you to upload the docs with their software from your account profile. This software comes with security encryption to keep your privacy intact during the transfer.
• Never send a picture of the back of your credit card or debit card to the casino.
• Cover the middle 8 digits on your credit card when you upload the pic.
  
  

Most submissions to online casinos are successful and hardly ever incur data leaks or fraud. The details are in a password-protected environment that is held and processed in line with the EU Data Protection Directives.

Can I expect delays or any other issues?

You can expect delays before payment when processing your documents, but these should be short in today’s modern world. A few years ago, it was nothing to have to wait up to 72 hours for verification to go through. While some casinos may even tell you to prepare for such a wait, top operators will clear you within hours, unless you are submitting over a weekend.

You can help streamline the verification process. Here are a few tips to ensuring a smooth KYC process:

• If you know you are looking to register at a new casino, have all the documents ready and waiting.
• Contact support immediately after registration and ask them if you can verify your account so long. This way, you stay ahead of the game.
• Make sure that bank statements and bills are no older than 3 months.
  
  

Although very rare, some situations may call for advanced verification, where you may have to submit further proof of identity. This includes instances when:

• The casino suspects money laundering because you have made a lot of deposits and withdrawals within a short space of time.
• Your passport or drivers license has expired.
• The bank statement or utility bill is out of date.
• Your Drivers License, ID, or Passport photo is unclear or missing.
• There are inconsistencies in the information you have provided.
• When you do not verify a new account within 72 hours.
• You incur a failed check because of a complicated address.
• A recent change of address occurred.
  
  

Additional checks could require a credit check, or the casino will request to see your bank details.

Is KYC always necessary?

Hopefully, your reasons for circumventing KYC are honourable as we will never support avoiding the protocols because you have something to hide. There are, however, specific ways of circumventing verification submissions.

Small Withdrawals

In many instances, withdrawals under €2000 will not require KYC at some online casinos. Read through the terms and conditions of the casino before signing up to view their policies on the process. If you need to withdraw a larger amount, it may be worth the trouble to do so.

Please remember that frequent small withdrawals may be flagged for money laundering which will exacerbate your KYC verification process.

Cryptocurrency Casinos

Cryptocurrencies like Bitcoin, Ethereum, XRP, and Litecoin do not fall under the jurisdiction of fiat currency as regular cash does. The decentralised and unregulated nature of cryptocurrency means that there is no need for verification before withdrawal approval at supporting online casinos.

Virtual currency cannot be linked to an individual’s identity either but is tied rather to a hash code found on the public blockchain. Whoever has the code has access to the funds. For this reason, there is no way that a casino could complete automatic verification either.

Cryptocurrency casinos maintain a degree of anonymity for their players. While this works wonders for legitimate players using the platform, criminals may find it easier to move their money around, despite protocols on the platform to counter crime.

But, even the cryptocurrency casino experience is set to change over the next few years as calls from governments around the world to regulate virtual currency are getting louder and louder. The Malta Gaming Authority is already leading the way to developing a viable regulatory solution to the cryptocurrency ‘dilemma’.

Pay N Play Casinos

An exciting new concept is growing in Europe that is doing away with the need to both register casino accounts and/or provide KYC documents to verify your ID.

Pay N Play casinos, otherwise termed ‘No Account casinos’ allow people to play on their site without all the other administration needed by regular operators.

Spear-headed by Trustly, a Swedish Fintech business that has an excellent reputation in the gambling industry, Pay N Play collects all the information that casinos need when you make your first deposit on the site. It ‘feeds’ off vital information from your private Bank ID, including your name, contacts, and address particulars. By entering your pin and verifying your account on your banking profile, you have satisfied your verification.

Unfortunately, Pay N Play is only available for gamblers that use supported European banks, and just over 100 European casinos only support it at the moment.

Registration and KYC have never been easier:

1. Click ‘Play Now’ on your favourite No Account site.
2. Select your bank from a dropdown menu.
3. Initiate the deposit by logging into your online banking.
4. Complete the verification process by making a successful transaction.
   
   

The deposit will clear immediately. You will be able to withdraw funds almost as quickly without sending paperwork to the operator.

Conclusion

The necessity for account verification is clear and will be a part of online casino play for years to come. Even innovative solutions like Pay N Play don’t do away with the need for KYC; they shortcut the process. Hopefully, this is a trend that will catch on, leading to far happier customers in the long run.

We trust that you are more at ease with the processes involved in KYC checks, but rest assured that if you have any further queries on the subject, you can contact your casino’s support centre. They will be able to help you with the necessary information. Their FAQ page may also be a good place to start your query, as many of the vital facts you need to know about the processes can be found there.

As long as you play at a CasinoWow promoted casino, you have nothing to worry about when it comes to the safety and security of you’re your details. We have tried and tested all our casinos and only support those who operate ethically.