KYC in Online Gambling: Explained for NZ Players

As we mentioned in the introduction, KYC stands for Know Your Customer. As the name suggests, KYC is in charge of verifying a player’s identity and ensuring he/she is legally allowed to gamble at the casino. In our experience, most casinos have KYC systems which require users to submit photos of government-issued IDs or utility bills to verify their identity and address. In some cases, though, players might be required to hop onto a quick video call or take a selfie holding their ID.

KYC isn’t just there to be a nuisance for the players. Online casinos have several legitimate reasons for using KYC-related processes. Some of the most important reasons are as follows:

• Age Verification

  Based on our observations, age verification is there to ensure only players of legal age can register and access features like deposits, withdrawals, and real money casino games. Mind you, the gambling age in New Zealand is 20 years. Age verification greatly reduces the risk of underage gambling on online casinos.

• Security Measures & Fraud Prevention

  Additionally, KYC processes are vital parts of all safe online casinos for NZ players. KYC processes help casinos tackle fraud, money laundering (more on that later), and identity theft, among other things. Other notable factors are those related to data security and privacy protection for all registered players.

• Anti-Money Laundering

  Let’s face it, online casinos are still massively popular locations for money laundering. However, gambling regulators are demanding increasingly complex AML requirements to tackle advanced money laundering methods. In our recent tests, we noticed several platforms using AI-powered systems to detect suspicious activities that might be connected to money laundering.

• Identify Problem Gamblers

  Problem gamblers aren’t problematic just for themselves and their finances but pose as risky customers for online casinos. One of the ways brands tackle the issue of identification of problem gamblers is by providing various responsible gambling tools and resources on their platforms. These tools and resources allow players to set betting limits or self-exclude if necessary.

When talking about KYC documents on NZ casinos, we’re typically referring to three types of details you’ll have to verify. You’ll have to verify your identity, address, and payment method.

Proof of ID

Identity verification is a vital part of every KYC system on online casinos for Kiwis. According to our experience, acceptable documents for identity verification range from passports and birth certificates to your NZ driver’s licence. At most casinos, you’ll have to submit one of those three to verify your identity.

Proof of Address

Next up we have proof of address. This verification type requires a different set of documents. Most commonly, though, you’ll be fine with a recent bank statement (typically not older than 6 months) or a utility bill which clearly shows your name and your address. Obviously, both name and address have to match the info you’ve registered with.

Proof of Payment Methods

Last but not least, some casinos might also require players to verify the ownership of a payment method. To do so, players have to send a scan or a photo of their bank statement that shows their name, address and the associated card or bank account.

You may think that KYC is a complex system that takes a while to complete and requires advanced web-browsing know-how. In reality, though, the KYC verification process takes 2-5 minutes and is usually verified within 24 to 48 hours of submitting the documentation. If you’ve found perfect online casinos that accept paysafe vouchers but you’re not sure where to start, let me help you. Here’s a straightforward step-by-step guide:

1. Select Any Licensed Online Casino at CasinoDeps

   We’re proud to present you with an extensive list of reputable and fully licensed casinos that are bound to meet (and exceed) your expectations. So, the first step is quite simple – just select any of our featured picks and move on to the second step.

2. Navigate to Verification or Account Settings Section

   Once you’ve registered or logged into your online casino account, head on over to the verification centre. It’s typically located somewhere in your account (perhaps there’s a dropdown menu). Navigate to the account verification settings and select KYC before moving on to the next step.

3. Provide Required Documents (Upload or Take Photos)

   Depending on the casino you’re using, you’ll either get a popup or a whole new page. You will be required to provide proof of identity, address, and in some cases proof of payment method ownership. Follow the on-screen instructions and submit all required documents.

4. Submit Additional Information if Needed

   Next, you’ll have to wait for a day or so to get some feedback. In most cases, there won’t be any issues… assuming you’ve submitted the correct documents and the information on them matches the information you’ve registered with. If there are any issues, the casino will put a restriction on your account and require you to submit additional documentation.

5. Receive Confirmation of KYC Verification

   The final step is straightforward. All you have to do is wait up to 48 hours to receive KYC verification confirmation. If, however, it doesn’t arrive even after 72+ hours, we recommend you contact customer support and ask if there are any issues with the documentation you’ve submitted.

Reputable casinos with all necessary licences are required to have KYC systems set up on their platforms. They’re legally required to have them, mind you. But, that’s not to say players have no benefits from completing ID checks at online casinos. Here are the three main benefits of completing the KYC setup as soon as possible:

Increased Security

If you’re playing at online casino sites with a proper KYC setup, it means you’re dealing with a reputable brand. Reputable brands, obviously, have superior security in comparison to shady, unlicensed casinos. Plus, the sooner you verify your identity, the sooner you’ll unlock all features on the platform, including withdrawals.

Safer Gambling Environment

Casinos that only allow verified customers to register and play real money casino games typically offer safer gambling environments. Players who complete KYC verification right away shouldn’t have any other identity checks later on. Plus, their first withdrawals won’t have extra waiting time associated with the KYC verification. More on that is available right below.

Faster Withdrawals

That’s right, no matter if you’re using fast payout casino sites or not, if you go through the KYC process right away you’ll have access to faster withdrawals. More precisely, your first withdrawal won’t have to wait for your KYC setup to complete. If time is money for you, we recommend you complete the KYC ASAP.

Players might get puzzled by all the different abbreviations used to explain certain parts of the KYC process. Primarily, we’re referring to stuff like SOF, AML, CDD, and similar. Luckily, they’re not complex at all. All of them stand for simple terms that require no lengthy explanations. In fact, here’s a closer look at the five most common know-your-customer terms:

• Source of Funds (SOF)

  If you are required to provide an SOF, you’ll have to provide documentation that verifies your source of funds. As the heading implies, SOF stands for Source Of Funds. In our experience, SOF documentation typically includes employment contracts or savings account statements.

• Transaction Monitoring

  It’s no secret that casinos monitor transaction details of their players. In fact, they are required to do so in efforts to tackle money laundering. These days, reputable online casinos have complex AI systems in charge of monitoring transactions and recognizing suspicious patterns.

• Compliance Officer

  Compliance officers are dedicated staff members with one simple role: to ensure the gambling platform follows all regulations instituted by the regulatory body. This includes regulations for KYC, AML, and necessary responsible gambling practices. Nowadays, compliance officers are vital for all day-to-day operations of all online gambling sites.

• Anti-Money Laundering (AML)

  Anti-Money Laundering is another essential part of online casinos these days. Most governments have a strict stance toward AML, especially in the scope of online gambling sites. They represent a complex set of laws and regulations that online casinos have to adhere to in order to obtain necessary licensing.

• Chargeback

  When discussing online gambling and chargeback, we’re typically referring to players with fraudulent behaviours that seek unwarranted refunds. To prevent excessive chargeback requests, casinos have begun implementing stricter KYC measures, CDD systems, and chargeback alerts which pause incoming requests and give them time to react.

• Customer Due Diligence (CDD)

  Online casinos implement CDD systems to monitor players’ risk levels. These systems usually categorise players and focus on those with higher risk levels. They are on a continuous lookout for shady transaction patterns which might indicate criminal activities such as fraudulent behaviour and high AML risks.