What Exactly Are KYC Checks, and Why Should You Care?

In the gambling world, 'Know Your Customer' (KYC) checks are a crucial part of ensuring a safe and fair gaming environment and encouraging responsible gambling. KYC checks are a legal requirement for all gambling platforms, designed to prevent identity theft, fraud, and money laundering.

Why are KYCs required?

Such checks help gambling operators know their customers to prevent fraud, underage gambling and authenticity. They play a critical role in preventing financial crimes such as money laundering and fraud.

By carrying out KYC checks, financial institutions are proving that they are not in any way encouraging or taking part in illegal financial misconduct. It can also help them to understand customers better by analysing transaction data and behaviour to identify potential risks and provide better service.

KYC checks also help to ensure that no one under the legal gambling age can access these platforms. While these checks may seem intrusive, they are in place to protect you and your money. So, next time you sign up to a gambling platform, remember the importance of KYC checks.

Gambling and KYCs

The UK Gambling Commission (UKGC) regulates any business that facilitates gambling in the UK.

Prior to 2019, individuals had 72 hours to provide age verification, but now players must prove they are 18 or over before gaming operators can accept bets. The rules changed in 2019 when a report found that 3% of children aged 11-16 had participated in online gambling.

What will KYC checks ask for?

When you sign up to a gambling platform, you'll be asked to provide certain pieces of information. This could include your full name, date of birth, and address. You may also be asked to provide proof of these details, such as a copy of your passport or a utility bill. This is to ensure that you are who you say you are.

If someone chooses to deposit or withdraw €2,000 or more, then gaming operators must verify their name, date of birth and address (including proof via bank statements or utility bills).

How long do KYC checks take?

Unfortunately, there’s no set answer. However, it depends on what you are asked to provide and how long it will take to verify your identity. For example, if you only have to provide your name, address and date of birth, this will usually be quick to check electronically. If you need to provide documents, this may take longer.

Don’t forget, though, no bets can take place until checks are approved, so it’s in the interest of the gambling operator to be as speedy as possible so you can get started.

What about selfies?

Believe it or not, you may be asked to provide a selfie. According to the Gambling Commission, you may be asked for a selfie if the operator thinks ‘there may be fraudulent activity on your account.’

This may occur ‘where there's been identity theft and an account has been created using a person’s details, but that person isn't controlling the account or doing the gambling.’

If you don’t feel this is right if you are asked, you can contact the gambling operator for more information or make a complaint.

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