The Importance of KYC
In order to enjoy all the benefits from fast payouts, customers have to meet KYC requirements. KYC stands for Know Your Customer and it’s a kind of protocol that operators use to verify customers’ identities, so they know they are providing services to the right person.
To meet KYC requirements, customers have to provide all kinds of information. It all starts with filling various fields of personal information.
That’s not all. In most cases, players also have to provide certain documents, so online casinos can prevent any kind of abuse.
Of course, the most important are ID documents. That could be passports, driver’s licenses, or any other government-issued ID document with a photo.
Another thing that comes to mind is bank card information, while some casinos may also require utility bills or bank statements, so they can verify the player’s address.
Some of these requirements may look unnecessary, but online casinos need them to prevent potential issues with customers.
Duplicate accounts are the first thing that comes to mind. Some players use this method to claim bonuses more than once.
The address is required for the same reason, so players can’t use family members to abuse terms and conditions.
Age confirmation is another important thing. Online gaming is age restricted and this is the most reliable way for online casinos to reject underage players.
KYC protocols are also required by gaming commissions and this is the only way to retain licenses.
Various criminal activities, such as money laundering, can be prevented or minimized thanks to KYC.
KYC is also very important for players. First of all, this is necessary if players want to enjoy fast payments and withdrawals. This protocol ensures excellent personal data security.