In the world of online gambling, this means that casinos require their players to undergo KYC verification before withdrawing any money. If you are wondering about KYC and AML (anti-money laundering) regulations or just want to learn more about how to stay safe at online casinos, read the rest of our guide.
Are online casinos AML & KYC compliant?
The key pieces of legislation that guides AML and KYC compliance for EU online casino users are the EU 4th Money Laundering Directive and the Prevention of Money Laundering Act (Malta). These two directives outline pretty similar AML policies to the USA and UK but are a little more lenient on KYC.
What is the purpose of KYC in gambling?
The purpose of KYC in gambling (and other verticals) is to identify customers to ensure that their IDs are legitimate and to identify risk factors with said customers. There are three components to the KYC process: CIP (Customer Identification Program). CDD (Customer Due Diligence). CM (Continuous Monitoring).
