blackjack<\/a>, roulette, etc. whereas betting being considered as wagering on the outcome of sporting events. In Cyprus, only remote or online betting is allowed and remote gambling is considered illegal.<\/p>\n\n\n\nThe regulation requires companies looking to operate within Cyprus to obtain a local license, open an office in Cyprus, and put up capital totaling \u20ac500,000. This is the government's attempt to ensure that only established businesses will enter the market. However, the National Betting Authority of Cyprus does not enforce responsible gambling measures<\/strong> amongst operators and there are no punishments for companies who fail to introduce policies such as KYC.<\/p>\n<\/div><\/div>\n\n\n\n\n
Know Your Customer: FAQ<\/h2>\n\n\n\n
We've collected and answered the most common questions about KYC:<\/p>\n\n\n
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What are KYC policies among casinos?<\/h3>\n\n\n
KYC or \"Know Your Customer\" policies are regulations brought into place by governments and gambling commissions to protect the people playing on online casinos. It requires players to provide valid forms of ID and, if they're gambling a lot, proof of funds. If a player cannot provide this information the casino will not let them play on their site.<\/p>\n\n<\/div>\n<\/div>\n
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Why is KYC mandatory for all players?<\/h3>\n\n\n
Know your customer policies are mandatory for all players because they've been brought in by law and casinos risk losing their license if they fail to adhere to the regulations.<\/p>\n\n<\/div>\n<\/div>\n
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How can KYC requirements prevent underage gambling? <\/h3>\n\n\n
KYC requirements prevent underage gambling by requiring players to provide a valid form of ID and proof of address that matches the information previously given. Using these documents a casino site can verify that a user is over the legal gambling age in their jurisdiction, and restrict access if they're not.<\/p>\n\n<\/div>\n<\/div>\n
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Why do casinos require proof of address for their KYC policy?<\/h3>\n\n\n
Proof of address is required by casinos so they can use the Address Verification System to cross-check your address with your bank details to verify the ownership of a credit\/debit card or a bank account. As well as this it helps to verify your ID and ensures that you're living in a country where they're legally allowed to offer real money gambling.<\/p>\n\n<\/div>\n<\/div>\n
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What happens to accounts that fail to go through KYC procedures? <\/h3>\n\n\n
If a player fails to comply with KYC procedures their account will be suspended with immediate effect, regardless if it is holding any money. To gain access to the account and any money that has been frozen, the customer must follow the KYC procedures.<\/p>\n\n<\/div>\n<\/div>\n
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How is the FinCEN alerted of possible money laundering activities within a casino?<\/h3>\n\n\n
The FinCEN delegates its compliance review to the IRS and if the IRS detects a significant BSA (Bank Secrecy Act) violation from a casino it alerts FinCEN which then launches an investigation into that casino. At this point, FinCEN and the IRS cooperate to detect and gather evidence for BSA violations and take criminal action.<\/p>\n\n<\/div>\n<\/div>\n
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What happens if an online casino fails to enforce its KYC policy?<\/h3>\n\n\n
If a casino fails to enforce its KYC policy it will lose its gambling license and would be unable to legally operate within that jurisdiction. Five UK casinos were at risk of losing their license in 2018 when a regulator found they were not doing enough to prevent criminals from using their sites to launder money.<\/p>\n\n<\/div>\n<\/div>\n
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Can I pass a KYC procedure with a Bitcoin wallet? <\/h3>\n\n\n
You can pass part of the KYC procedure with a bitcoin wallet, providing the online casino accepts cryptocurrency. Showing your bitcoin wallet will allow you to pass the 'proof of funds' section of KYC. However, this is not the case for casinos that only accept fiat currency so always check beforehand.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n
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Whilst it may be a pain for some people to go through, KYC <\/strong>is helping to provide a better, safer environment for people to gamble in.<\/em><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"Learn what online gambling KYC procedures entail, the KYC requirements you must fulfill as a gambler, as well as anti-money laundering measures casinos put in place.<\/p>\n","protected":false},"author":17,"featured_media":12036,"parent":3485,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"templates\/silo-page-alpha.php","meta":{"rank_math_lock_modified_date":false,"_uag_custom_page_level_css":"","footnotes":"","_wp_rev_ctl_limit":""},"class_list":["post-11183","page","type-page","status-publish","has-post-thumbnail","hentry"],"jetpack_sharing_enabled":true,"uagb_featured_image_src":{"full":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero.jpg",3000,1500,false],"thumbnail":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-400x200.jpg",400,200,true],"medium":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-800x400.jpg",800,400,true],"medium_large":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-768x384.jpg",768,384,true],"large":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-1600x800.jpg",1600,800,true],"1536x1536":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-1536x768.jpg",1536,768,true],"2048x2048":["https:\/\/betvisa888.com\/wp-content\/uploads\/2021\/10\/gamblin-and-casino-kyc-hero-2048x1024.jpg",2048,1024,true]},"uagb_author_info":{"display_name":"Jordan","author_link":"https:\/\/betvisa888.com\/author\/jc\/"},"uagb_comment_info":0,"uagb_excerpt":"Learn what online gambling KYC procedures entail, the KYC requirements you must fulfill as a gambler, as well as anti-money laundering measures casinos put in place.","_links":{"self":[{"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/pages\/11183"}],"collection":[{"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/comments?post=11183"}],"version-history":[{"count":3,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/pages\/11183\/revisions"}],"predecessor-version":[{"id":16033,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/pages\/11183\/revisions\/16033"}],"up":[{"embeddable":true,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/pages\/3485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/media\/12036"}],"wp:attachment":[{"href":"https:\/\/betvisa888.com\/wp-json\/wp\/v2\/media?parent=11183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}