whatsontech

 Gaming operators may be more focused on profit than customer satisfaction, but that doesn't stop them from guaranteeing the legitimacy of all transactions https://www.whatsontech.com/beginners-guide-to-new-zealand-dollars-casino-sites/. As of 2019, there is a new set of rules that requires all online casinos in the UK to be required by law to screen all their customers. Players must provide documentation to verify their address, identity, and source of funds.

Required documents may include copies of a citizenship card, passport or driver's license, as well as several copies of a recent bank statement or utility bill showing your current address. To verify the source of funds, you may be asked to send multiple copies of your credit or debit card and your bank statement.

Even though customers may be hesitant to provide such information to an online casino due to how sensitive the new rules are specifically set by the UK Gambling Commission to protect players and prevent money laundering and credit card fraud!

The process of verifying new and existing customers can take anywhere from a few hours to two days, depending on the online casino site.

 Anti-Money Laundering Policy

The UK Gambling Commission, which is responsible for licensing and regulating online casinos operating in the country, has in recent years urged casinos to be more serious and cautious about fraud and money laundering in connection with virtual casinos.

The Commission ruled that all online casinos must verify player funds. Casino sites can do this either by verifying players' funds at the time of registration, when any customer is close to winning or depositing, or by spending £2,000. Most online casinos know that asking players to verify their earnings during or immediately after signing up can be annoying, and many players switch to online betting without verification, so they wait until an already registered customer wins big or meets other required criteria. .

Reasons to request a source of funds

Impressive deposit

A large first or subsequent deposit may raise concerns in the casino and cause them to request proof of the source of the funds. Deposits of £2,000 or more will grab the customer's attention and trigger additional KYC verification.

Big win

Many customers often get angry when the online casino they patronize refuses to pay out winnings and instead demands proof of their money. Customers who meet the criteria will receive an email from the online casino they serve asking them to provide proof of their funds.

The strange thing is that customers could register and play at the casino for months or even years before the question of the source of funds arose. This can make customers wonder why casinos are just asking.

As before, casinos must wait until players have made a big win or when they have reached certain criteria to request a source of funds.

Suspicious transactions with your account

Sometimes transactions such as deposits, spending, and even withdrawal requests for huge winnings can raise suspicions of fraud in the casino account. Sometimes casino accounts can be used for money laundering and other fraudulent activities.

Thus, for this reason, whenever any activity is seen on any account that indicates fraud or involves large amounts, the holder will be required to meet the demand for a source of proof of income. The casino account holder will be required to provide copies of all requested documents.