Why Do iGaming Operators Ask for a Source of Funds?

Gaming operators may be more about the profit than the fun that customers get, but that doesn’t prevent them from ensuring that all transactions are legitimate. As of the year 2019, there is a new set of rules that require all online casinos in the UK by law to have all their customers verified. Players are required to submit documents in order to prove their address, identity, and source of funds.

The required documents can include copies of a person’s citizenship card, passport, or driver’s license, as well as a few copies of a recent bank statement or utility bill that shows your present address. For the verification of source of funds, you may be asked to send a few copies of your credit or debit card, and your bank statements.

Even though customers might feel somewhat hesitant to submit such information to an online casino because of how sensitive the new rules were purposely established by the UK’s Gambling Commission to protect gamblers and also prevent money laundering and credit card fraud!

The verification process for fresh and already existing customers can take anywhere from a few hours to two days, depending on the online casino site.

 Anti-Money Laundering Politics

The UK Gambling Commission, who is in charge of licensing and regulation of online casinos that operate within the nation, has encouraged casinos to be more serious and careful about fraud and money laundering in connection with virtual casinos in recent years.

The Commission ruled that all online casinos must verify the funds of players. Casino sites can do this either by verifying funds of players during registration, or when any customer approaches a win or deposit, or spend £2000. Most online casinos are aware that asking players to verify their income during or immediately after registration can be annoying, and many punters switch to online betting without verification, so they wait until an already registered customer lands a big win or meets the other required criteria. 

The Reasons to Ask for Source of Funds

Impressive Deposit 

A huge first deposit or subsequent deposit may raise concerns on the part of the casino, and cause them to request that a source of fund verification be done. Deposits of as high as £2000 and above will draw attention to a customer and cause an extra KYC verification.

Big Win

Many customers are often left angry when the online casino they patronize refuses to pay out wins and demands to see proof of their money instead. Customers who meet the criteria will get an email from the online casino they patronize, asking them to provide evidence of their funds. 

The weird part is that customers might have been registered and playing with a casino for months or even years before the question of the source of funds is raised. This may lead customers to begin to wonder why the casinos are just asking.

As earlier above, casinos have to wait until players make a large win or when they have hit specific criteria to request for a source of funds.

Suspicious operations with your account

Sometimes, transactions like deposits, spend, and even withdrawal requests of huge wins may cause suspicions of fraudulent activities in a casino account. Sometimes, casino accounts can be used for money laundering and other fraudulent activities. 

Thus, for this reason, whenever any activity that points to fraud or involves huge amounts is noticed in any account, the owner will be required to meet the demand for a source of income proof. The casino account owner will have to present copies of all requested documents.


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