![]() ![]() It is an essential step in identifying and flagging potentially risky users. It is part of anti-money laundering legislation and requires online gambling institutions to identify and verify customers. Online casinos need a compulsory onboarding requirement called ‘Know Your Customer’ or KYC. Verification and due diligence are essential in dealing with identity fraud, money laundering, and international financial crime. When so much cash flows through online casinos, these gambling institutions are bound to face the same scrutiny as banks and other financial entities. The sector was worth a little more than $45 billion in 2017 and is believed to reach $94.4 billion by 2024. The rise of the global online gambling industry has been meteoric. While when entering a land-based casino, you are not legally obliged to present any identification, things are different when gambling online. However, as casinos are heavily regulated, they have to take the verification process further. Why is verification necessary?Īny business entity handling monetary transactions must conduct Enhanced Due Diligence, and casinos are no exception. It is their responsibility to inform gamblers about the verification and what IDs they will need to show to be able to play. The ID verification is an obligation for casinos required by law. At some point, all gamblers wonder whether casinos have a legit reason to ask for identity verification.
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