KYC & Account Verification

Sarah Mitchell

When gambling online from Australia, players will find they have to complete a KYC process. This is a common practice and it is legally required by all operators accepting Aussie players. The process will verify the identity of a player to prevent fraud and enhance online security.

Passing these checks is not difficult.

With a quick submission of some documents, players can easily verify their identity and go on top to enjoy playing and winning from real money games. Here, players can learn what can be expected during the process. We offer details on submitting documents, showing Source of Funds, and information on what to do if a KYC check is failed.

What is KYC (Know Your Customer)?

KYC is a process performed by online casinos as a way to verify players and prevent fraud.

It offers protection for operators as well as gamblers. All regulated and licensed casinos are required to perform KYC checks on registered real money players. Since there are no online casinos licensed in Australia, the government requires any operator offering services to Aussie gamblers to adhere to local laws, which include KYC checks.

Australian regulations require any operator to verify customer identity before any services can be accessed. In addition, regulated casinos will be required to apply customer due diligence to prevent players from being targeted by fraudsters or money launderers. Australia has passed a new law, Zero Day Verification. This required all operators to verify player identity within 24 hours.

With online gambling, there are more opportunities for criminals to target players and steal money. Regulations in Australia work to prevent this. KYC is an essential part of online gambling safety as it helps to protect players financially.

It also quickly verified the age of a customer to eliminate underage gambling. KYC checks allow for the following:

KYC and Responsible Gambling

KYC has a relation to responsible gaming.

Online casinos conduct these verification checks to ensure players are always safe. Even when a source of funds check is requested, it is a way to prevent fraud and keep players from spending money they do not have. Know your customer protocols allow casinos to identify players and assist in the monitoring of gambling activities.

This helps to protect players who are vulnerable and susceptible to gambling problems.

The best Australian online casinos take all steps to provide a safe and secure gambling environment. Identity verifications prevent underage gambling and also help in eliminating fraud.

In addition to the KYC process, these sites have responsible gambling tools that can be used.

How To Verify Your Casino Account

When Australian gamblers start to play online, they will register at an online casino.

This is only required if players will be placing real money bets. During the registration process, certain information will be requested. Upon entering this information, a soft check will be performed. This is a quick identity check that confirms the address, age, and mobile number that has been provided.

To start the verification process, users will have to click a link sent in an email. This will prove the user has access to that email address. It is also possible to verify an account through an SMS message. Once the process is complete, players can begin enjoying all of the supported games.

Here are the steps needed to verify a new account at an online casino:

How To Complete the KYC Process

Completing KYC checks when accessing an online casino from Australia is very simple.

The process must be completed by all players before they can place any real money wagers. In other countries, the process is required before making any withdrawal. However, Australia has implemented zero-day verification to ensure the identity of players is verified before they gamble.

To complete the check, players will be required to submit specific documents to the casino site. Third-party companies are then used to verify information.

Proof of ID

Every Australian gambling for real money will have to prove their identity.

This can be done by submitting documents to the customer support team at the chosen online casino. Documents that may be used for this part of the KYC process include:

·       Government-issued ID

·       Driver’s Licence

·       Passport

Players can take a picture of these documents and submit them. Be sure that the entire document is viewable and that no corners are cut out. The picture must also be free from any distortion.

Proof of Address

The proof of address is used to confirm that players are located where they say they are. All documents submitted must have an address that matches the one used when registering for a casino account. Accepted documents can include:

·       Utility bill showing name and address

·       Bank statement

·       Residence certificate

·       Letter from a government institution

All proof of address documents must be a photocopy in colour and cannot be cropped. When submitting a utility bill, water, internet, electricity, and gas bills are all accepted. A mobile phone bill will not meet the requirements.

Proof of Payment Method(s)

Proof of payment is also required by online casinos.

However, this is not part of the Australian regulations. Players will have to provide these documents if they wish to gain access to any real money gambling services on the website. All documents are stored securely, ensuring player protection.

Documents that show proof of payment include:

·       Bank statement if a bank transfer is used

·       Both sides of a credit or debit card if this method is chosen

·       Screenshot of the account page for any eWallet

Why You Might Be Asked to Resend KYC Documents

There may be times when a KYC check is failed.

Players will be notified of this immediately. They can then resubmit documents to pass the process so they can gain access to casino services. There are different reasons for a failed check. Any check that is failed will prohibit site access. Online casinos perform due diligence, which means they monitor player activity even after checks have been passed.

It may still be possible for a casino to deny access due to suspicious transactions or activity.

The main reasons for a failed KYC check are easy to understand. These can be remedied by resubmitting information or contacting the customer support team.

Difficulties Faced When Casinos Collect KYC Data

It is not always easy for online casinos to complete these important checks.

Some things can stand in the way. It is important to work with a reputable company when performing KYC checks to ensure fast and accurate results. Validating users can be a hassle for smaller casinos. However, the process is required by law and all online sites promoted at AusCasinos perform these identity checks.

Three main areas present challenges to operators who work to verify the identity of customers.

Outdated Systems

The best Australian online casinos will have enhanced software that tracks the activities of all customers.

If a casino has outdated systems, it will not be able to accurately track the spending or playing habits of gamblers. This means they are not able to identify those who may be at risk. Casinos should be able to identify any suspicious behaviour or other illegal activities. If they cannot monitor transactions or conduct due diligence, players are at risk.

When players cannot be monitored accurately, casinos have difficulty implementing KYC solutions that are effective.

No Standardisation

The KYC process that is required will vary per country.

Since there is no standardisation, it can be difficult for casinos to implement proper KYC processes covering players from multiple countries. Online casinos need to ensure they are compliant with all gambling laws for any player they accept. Some players may have to provide different documents based on their physical location.

Here at AusCasinos, the information about the KYC process focuses on Australia and all information is accurate.

Public Records

The third-party companies used by online casinos will often use public records to verify provided information.

This is not always available and in some cases, public records are not updated regularly. This can present problems when trying to verify the addresses of individuals.

Countries also have various privacy regulations, so public records may not always be available to perform these verifications.

The KYC Companies in Australia

When online casinos perform required KYC checks, they make use of services provided by a third party. Many trusted companies will help casinos verify the identity of players.

These all offer age verifications, location verifications, and other services that online casino sites may require.

KYC360

KYC360 is a popular company that helps online operators meet anti-money laundering obligations. The service delivers KYC screening quickly and services include identity verification, PEP screening, and risk assessment.

KYC Hub

KYC Hub is a KYC compliance platform which is used by many casinos that accept Australian gamblers. It provides audit trails ID verification, fraud detection, and more. This service is currently used in more than 180 countries.

Kycaid

Covering more than 248 countries, Kycaid works to verify IDs and help operators minimise risks. Since 2018, this has been a top choice among online casinos to ensure fast and reliable identity verifications.

PXL Vision

PXL Vision is a Swiss company that provides automated identity verifications. It uses facial recognition software to ensure the ID provided is truly the person being verified.

Sumsub

Sumsub covers over 150 countries and is a platform that will cover all KYC needs. ID verifications are fast and the service includes fraud detection. Sumsub is compliant with all regulatory requirements.

What is Source of Funds/Wealth?

Source of Fund and Source of Wealth checks are conducted by online casinos to prevent money laundering and to provide another level of security to players. In Australia, an operator can request a source of funds if players win a large amount while playing.

It is very rare for a source of wealth to be requested. The difference is that SoF refers to a shorter period and will often require pay stubs and bank statements. Source of Wealth is a check that looks at accumulated wealth over a long period.

When a casino performs SoF checks, they ensure that players have the money available to cover their betting habits.

Some sites may request information when players are seen to be making larger deposits than normal. The main idea is to make sure that the account holder is making the transactions and that there is no fraudulent activity. If the increase in spending is due to a salary increase, players may have to prove this by submitting documents.

In the case of a PEP, or politically Exposed Person, SoF checks are more common. These individuals may hold a public position or be part of the government. The checks are done to make sure that the money being spent is not taken from any funds held by a company or organisation. It also ensures that the person is not at risk for any political exposure.

How To Submit Source of Funds Documents

In some cases, source of funds will be required by an online casino. This often happens when players have a large win. The goal is to prevent money laundering. The process of completing the verification is easy. Source of funds will not be required for every player at every casino. For example, when we played at Woo Casino, we had no issue making deposits and withdrawing winnings. However, the amount won was relatively small.

If you do have to comply with SoF at a casino, you will be required to submit specific documents. These may include pay slips from a current employer, a bank statement, or any other document that can confirm the funds. All documents can be directly emailed to the customer support team.

KYC & Account Verification Summary

The KYC process used by online casinos is an important part of player security. At leading websites, players will be required to prove their identity when accessing real money games. The policies in place help to prevent underage gambling and to minimise risk for gamblers from Australia.

Performing these checks not only ensures that players are financially able to gamble but also allows the casino to monitor activity. This can be beneficial when identifying problem gamblers or suspicious gambling behaviors. At AusCasinos, we want players to have a complete understanding of the KYC process to ensure a positive experience. To learn more about our site, read our About Us page.

Resources

KYC & Account Verification FAQ

Why do I have to complete KYC?

The KYC process ensures your safety as a player and is part of the current law in Australia that works to prevent money laundering. It is the best way for any website to verify the identity of a player.

How can I submit KYC documents?

All documents that are required to complete the KYC can easily be submitted to the customer support team at the chosen online casino. This is done through email and the process is completed quickly.

Is KYC compulsory in Australia?

Yes. KYC is part of the legal regulations in Australia. AUSTRAC is a government agency that detects and deters criminal abuse of the Australian financial system.

How does KYC help prevent fraud?

Fraud is a common problem when it comes to online gambling.

To ensure that players are conducting transactions, a verification process is required. Completing the KYC keeps players safe and ensures they are the only ones conducting real money transactions.

What are Source of Funds checks?

These checks are done to help reduce problem gambling. They compare a player's spending to the amount of income they have.

Sarah Mitchell
Sarah Mitchell
Editor in Chief
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Sarah is our Editor-in-Chief. She brings a decade of experience and is passionate about all things iGaming, keeping readers up to date with the latest news, trends and innovation in the industry.

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