‘Know Your Customer’, or KYC, is a collection of legal requirements for safeguarding financial institutions and other businesses from willful economic crime. KYC online gambling
Online gambling and casino have seen exponential growth in the current years. This might be good news for online casinos and gambling apps. Though this growth comes with a downside as there is a big chance for potential misuse, either cyber attackers or hackers look to compromise customer accounts and access their winnings or criminal leverage such as money laundering.
For any online casino or gambling software, KYC (Know Your Customer) is a mandatory process. Maintaining compliance with these rules safeguards not only the gambling platform from financial or reputational harm but also users using the software.
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Money laundering, fraud, and other financial crimes frequently target online casinos and gaming applications. As a result, before confirming a customer’s account, these entertainment platforms must confirm the customers’ identities and assess their risk. This process is known as CDD (Customer Due Diligence).
Researching and implementing the proper KYC regulations in accordance with their local jurisdiction is the responsibility of online casinos and gambling applications. Confusion and doubt may result in unintended non-compliance if a person doesn’t know where to look for this information or is unsure of which way to turn. Finding a provider with an appropriate IDV (Identity Verification) solution will help you avoid legal penalties and stop crime.
It has been shown to be effective and advantageous in many different ways to implement KYC requirements in gambling. It deters illegal activity, safeguards the gambling platform and its players, and proves the site’s authenticity and adherence to the law.
The damages caused by financial crime can range from small-scale monetary losses to large-scale manipulation of the economy. Gambling has been an easy target for money launderers long before KYC ever came into existence. However, now that we have KYC and a large majority of the gambling population enjoys the convenience of playing online, integrating KYC procedures into the account creation process now is easy and user-friendly. KYC online gambling