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Know Your Customer (KYC)

What is 'Know Your Customer (KYC)'?

Know Your Customer (KYC) is a globally recognised policy that is designed to mitigate the many financial dangers a business may face, such as money laundering, identity theft, financial fraud and financing of terrorism. The primary objective of KYC is to give businesses such as online gaming operators all of the information they require to better understand their customers and manage risk accordingly. The UK Gambling Commission now insists that any gambling site offering their services to UK-based customers has a set of KYC identification procedures in order to verify their gaming activity.

'Know Your Customer (KYC)' Explained

In today's hi-tech corporate world, the gaming industry has to do everything it can to uphold its integrity and transparency to its customers. The introduction of KYC for bookmakers and gambling sites is particularly useful to help these businesses positively identify their customers, ensuring they are of legal age to gamble. This process helps the gambling industry maintain exceptional levels of service and minimal disruption to customers' gaming and betting.KYC will often require customers - selected when their identity cannot be immediately verified - to supply gambling sites and bookmakers with personal documentation to validate their identity for the security of both the company and the customer. Some of the most common reasons for failing to pass a bookmaker's KYC process include failure to input a correct house number, postcode and date of birth and any recent changes of address which may require clarification.The clarification will tend to involve hard copies of documentation to be uploaded online, emailed or sent by post. In the UK Know Your Customer requires one form of personal identification, such as a Passport or Driving Licence featuring photo ID and one form of address verification that is less than three months old, such as a photocopy of a recent bank statement or utility bill.