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Reasons Why Online Casinos Ask for ID

January 10, 2023 World iGaming & Gambling

Online casinos use a KYC procedure to stay compliant with laws. This approach discourages criminals from money laundering and stops kids from gambling.

A casino’s KYC procedure is in place to confirm players’ identities even before they register. Some players and even owners of online casinos, nevertheless, view this legislation as dubious, annoying, and time-consuming. The fact is that the extensive casino KYC process is implemented by the government and gambling authorities for a purpose.

Financial firms, including online casinos, must implement the “Know Your Customer” compliance procedure to confirm the validity of their customers’ identities.

Primary licensing goals:

  • To stop gambling from being linked to crime or disruption
  • To guarantee that all gambling activities are honest and fair
  • To prevent kids from participating in gambling

As a result, online casinos who violate these rules risk incurring high fines and having their licenses revoked.Customers who fail to cooperate and submit KYC documentation could also face delays or even be denied the opportunity to withdraw their winnings.

The five primary reasons in detail:

1. Anti-Money Laundering Laws Compliant
Money laundering is a criminal practice when the source of stolen money is hidden to make it appear as though it was acquired legally. In contrast, it came from illegal operations like the funding of terrorism or the trafficking of illegal substances.

Online gaming is one of the most popular ways that thieves “”launder”” their cash. Online casinos and betting websites can easily turn into a platform where this kind of cybercrime is common since they typically operate with enormous sums of money and because accessing their websites is very simple.

Since then, governments have established stringent regulations. With the implementation of the KYC procedure, all members are needed to provide IDs, proofs of address, and occasionally bank statements. Bank statements assist in tracing the origin of your funds.

2. Stop kids from entering
The minimum age to gamble varies from nation to nation. There are some websites where the minimum legal gambling age is 18, even though the majority of online gambling companies require players to be at least 21 years old.

There must be safeguards in place to prevent youngsters from engaging in any kind of gambling activity. Online casinos must therefore be rigorous in determining the age of its customers. Online casinos that accept IDs can determine whether a player is of legal age or not. In order to confirm that your ID is valid and that you are of legal age to register on their website, operators will search your name in the electoral register.

3. Fraud Detection
The KYC procedure also stops people and organizations from engaging in fraudulent activity. Collaborating with one another to open several accounts on a gambling website to increase their chances of winning is an example of the unlawful behaviors that scammers carry out on these platforms. They frequently register using stolen identities and false identification. Then, one of their real accounts is made to win by setting up these false ones to lose. Additionally, some thieves register at online casinos and top up their accounts using credit cards that were stolen. Because of this, credit card-accepting online casinos have rigorous KYC requirements.

4. Irresponsible gambling
Players that have a history of engaging in shady behavior are attentively watched. Your KYC documents will enable the online casino to determine whether you are a player who has been prohibited from gambling due to irresponsible gambling or are on the blacklist of fraudsters.

5. Preventing bonus abuse
Some players take advantage of welcome bonuses by repeatedly opening new accounts. The use of these promotions by these gamblers is discouraged by identification verification.

Below are the acceptable ID’s for online gambling:

  • Passport
  • Driving License
  • Utility bills;
  • Water
  • Gas
  • Electricity
  • Phone
  • Recent credit union or building society statement
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