KYC (Know Your Customer)

As in other parts of the world, South African online casinos are required to implement the rule "Know your customer" (KYC) as required by law and regulation. This means verifying the identity of customers to prevent money laundering, identity theft, financial fraud and terrorist financing.

South African online casino players-meet your customer

In accordance with legal requirements and applicable legislation, KYC or Know Your Customer it is a process that verifies the identity of the clients of a given platform.

The widespread use of new technologies means that special standards are needed to prevent online fraud.

The KYC method is therefore a legal requirement worldwide for any company that wants to put a user on a customer list.

❓ What is KYC?

Practices KYC (Know Your Customer) they are extremely important in the user-business relationship. It is also the first step to establishing a relationship with a business client.

KYC it is used to verify the identity and financial information of customers of online casinos and other companies.

Know Your Customer (KYC) it is one of the biggest challenges facing companies and institutions in all areas as it plays a key role in customer integration, identity fraud and AML control.

❓ Why do online casinos use KYC?

• Companies offering online casino games have a legal obligation to monitor all players who are their customers throughout the country. They must verify certain information such as identity, age, place of residence and source of funding to protect customers from fraud and abuse.
• One of the main reasons is that all casino players in South South Africa should avoid money laundering and terrorist financing. If the KYC process is not followed, the platform can become a place of money laundering and directing them to unreliable organizations.
• Just as user authentication is a priority for honest companies, users must also trust that the information collected about them is treated properly and protected.
• In South South South Africa, the Minister of Finance is responsible for issuing permits to South South African sites offering online games.
• Worldwide, casinos are regulated and licensed by various government organizations. Some of the most popular and respected are, for example, Malta Gaming Authority or Curacao eGaming Authority.
• Licensed operators are legally required to provide fair, open and crime-free gambling, including online casinos and betting sites. This is done in part by verifying your identity and bank account.
• Failure to comply with these rules may result in the casino being used for criminal activities and may result in the loss of its license.
• Casinos are subject to the provisions of the crime and money laundering act.
• By performing a KYC check, the casino can confirm that the South South African casino player's money has been earned legally and the identification details are authentic. It also allows casinos to exclude players who are not old enough to play legally.
• KYC's practices also protect the interests of South South African gamblers by ensuring that they do not use anyone's personal and financial information for fraudulent purposes, not just on the betting site.

❓ How do I go through the KYC process?

All licensed operators must carefully check the age, name and address of the customer. The steps that you must go through to complete the KYC process are as follows:

• You can use your passport or driver's license to prove your identity and age. You should also show a receipt with your name and address, issued in the last 3 months.
• Online casinos may also conduct a credit check to confirm your identity. You don't have to worry about it because these checks are used for identification purposes only and leave no trace or impact on your credit history.
• It is possible that you will be asked to provide additional information, but it depends on the decision of each casino. This simply means that the casino is carrying out a compliance check, as it may happen that the information seen on the documents is different from the one used to register.
• Some online casinos may also require additional documents for financial verification. When financial information is required, you will usually need to verify the payment method or provide a document with the source of income to prove that the funds were obtained legally and the appropriate payment method was used.

Documents that you can use for additional financial verification are:

• Bank statement;
• Payment section
• Photo / scan of a bank card or other payment method (e.g. e-wallet)
• Dividend
• Savings account statement
• Retirement

Additional document requirements may vary from casino to casino. In addition, the submitted documents will be accepted only if they are legible and of adequate quality. Therefore, make sure that the entire document is visible when scanning or photographing.

❓ How will my information be used and stored?

Online casinos will check your documents to confirm their authenticity and compatibility with the personal and financial details you have provided. This information is stored in the system.

It is understandable to be concerned about the dissemination of personal data on the Internet in an era of cybersecurity and data protection.

However, you should not worry, because the Ministry of Finance and the regulators of the casino in question impose strict privacy rules when it comes to personal data. An example of a law controlling this is the well-known in South South Africa GDPR.

The information will only be used in casinos and access to your data will not be possible without your consent in a secure digital system with a password.

In addition, only authorized and qualified personnel have access to user information, which also protects the user.

❓ How does KYC affect my bets?

As a player, you must confirm your age before you can take the following actions:

• Deposit money to your account;
• Get access to all the free games offered by the casino.
• Play the casino for your own money or place a free bet.

In order to play, you must also verify your name and address. Although many people consider it unnecessary and burdensome, let's remember that such procedures are justified.

❓ What does the customer gain from KYC?

Even if you think that the whole process is just unnecessary hassle, in the long run, the client also benefits from it. Some of these reasons are:

• By providing real information, you contribute to increasing security in the digital world and reduce the likelihood that scammers will lure you into suspicious business.
• Your identity is more secure - the more correct data you provide, the harder it is to steal.
• If your data is incomplete, you look more dangerous than you actually are, because the incompleteness arouses suspicion.
• Your payments are faster because they no longer require additional processing and verification.

Conclusions

The world of online casinos is constantly developing, and their number is only growing. Currently, gambling sites have significantly improved their services and approach to the client, and now they can be even safer thanks to Improved Player security procedures. By streamlining digital identity verification, casinos can also increase their revenue.

W online casinos , banking and other industries, the introduction of KYC digital services has already become a huge success. The most important thing in identifying the customer is the first step, which, correctly performed, greatly facilitates and speeds up the whole process.

Today, KYC is a key factor in the fight against financial crimes and money laundering.