When talking about online casinos, this means that the casino must be able to prove that the registered player is actually the person they claim to be. This is often referred to as KYC (Know Your Customer).
Online casinos are required by licensing guidelines to thoroughly check players and carry out such verification. The security factor is of great importance to every reputable online provider and is emphasized accordingly.
When documents are requested for confirmation?
This varies from casino to casino. Depending on the jurisdiction, online casinos are required by regulatory authorities to verify the identity of players at different times. In the UK, the UK Gambling Commission requires that partial verifications be carried out before the first deposit or at the latest 24 hours thereafter. Verifications are only required by the Malta Gaming Authority when withdrawals are made.
Casinos have the option of specifying whether they require this before every first withdrawal or only after a certain withdrawal amount has been reached. As a rule, however, player data must be verified at the latest when a cumulative withdrawal of $2,300 has been made.
In practice, however, online casinos always carry out a check before each payout, regardless of the amount. This may, of course, result in minor delays in the payout of winnings.
How exactly does verification work?
Verification usually takes place as follows: An email is automatically sent to the email address provided by the player after the withdrawal has been requested. In this email, the player is asked to send documents by email. It can sometimes take a while for the email to be sent; it does not always happen immediately.
What documents are required and what must be visible?
It is important to note that all online casinos have different requirements for submitting documents. Some online casinos only accept unaltered photos (sometimes in .jpg format), while others allow account balances to be blacked out. In addition, there are providers that require original documents (including complete bank statements in PDF format).
Personal identification: Valid passport OR valid driver’s license (both sides) OR valid ID card (both sides)
Address verification (document must have been issued within the last 3 months): Bill from a utility provider (e.g., electricity/water bill) OR a bank statement with your address OR a bill from your telephone/mobile phone provider OR a registration certificate from the local authority/municipality OR your latest tax assessment It is important that your name and address are clearly legible on the proof of address.
Only a few online casinos even require a notarized copy of the aforementioned documents. This can be obtained from a citizen’s office or a notary, but you should be prepared to pay for the notarization (between €5 and €30).
Proof of payment (depending on the method used)
Credit card: – Copy of the front and back – The first 6 and last 4 visible characters (the middle digits must be covered on both sides)
CVC code covered Clear signature Bank transfer (screenshot or copy of bank statement): Name of the account holder Bank account number Transaction to the casino account E-wallet (Skrill, Neteller, etc.): Screenshot of the profile page of the e-wallet account Account details must be clearly visible All required information must be clearly visible (all 4 corners must be visible)
Due to recurring money laundering problems and the fact that players occasionally use stolen money, regulatory requirements are becoming increasingly stringent. As a result, casinos are required to request a larger number of documents and check them more carefully. Although it is not standard procedure, it may become part of it if particularly large sums have been deposited.
For this reason, online casinos sometimes request additional documents proving where the funds come from or where the player’s assets come from. This concerns the topics “Source of Funds” and “Source of Wealth,” abbreviated “SoF” and “SoW.”
This is often only explained vaguely or not at all, but the player must submit a number of documents. However, good customer support will explain exactly what you need to submit to complete the verification process.
What do “SoF” and “SoW” mean, and what documents must the player submit?
SoW (Source of Wealth) – Source of your wealth: How did you accumulate your wealth? It is easy to provide an explanation here, such as that you are employed and receive a monthly salary.
SoF (Source of Funds) – Where did the money you deposited come from? Here, too, it is easy to provide proof, for example, by submitting your pay slips for the last three months and the corresponding bank statements showing the salary payments.
Unfortunately, it is not possible to provide general information here. Some players are not employed. Company directors, housewives/househusbands, and pensioners need alternative proof. In addition, you may have inherited money or received a gift. In this case, official documents must be submitted to prove the relevant facts.