What are Know Your Customer (KYC) Requirements?
What are Know Your Customer (KYC) Checks? - Ensuring Compliance & Security at Stake
Know Your Customer (KYC) checks are essential for maintaining the integrity of the gambling industry and security of our community.
By following a strict risk-based Customer Due Diligence (CDD) program, Stake Casino meets Curaçao's regulatory requirements while mitigating risks that could affect the player experience.
What are KYC Checks in Online Casinos?
KYC Checks exist to protect the online casino and its players by identifying suspicious activities and proactively resolving any potential risk factors.
As a Stake customer, you can be asked to supply the following KYC information:
Proof of identity and age verification
Proof that you are a legal resident
Proof of your permanent address
Your Source of Wealth
This identity verification process allows Stake to confirm that you can legally gamble online and that your account has not been compromised. It also ensures that all winnings are paid to the correct person when you request a withdrawal of any kind.
Why Do Online Casinos Have Know Your Customer Requirements?
As a licensed and regulated online gaming and sports betting provider, Stake.com must follow KYC processes to ensure a safe and secure gaming industry.
While gambling online is fun for players, Stake's responsibilities include monitoring all local currency and crypto transactions to enforce AML and CTF regulations.
By verifying player information, understanding the source of funds, and blocking access from unsanctioned regions, Stake.com protects customers from identity theft and fraud while promoting responsible gaming.
What is Coin Mixing?
Coin mixing is a unique challenge that all online gambling platforms face. The term refers to depositing and withdrawing crypto without placing any wagers to legitimise unproven wealth sources.
This way, coin mixing uses the online gaming market to hide fraudulent funds. We recommend only depositing crypto you intend to legitimately gamble online to avoid being flagged for coin mixing erroneously.
How Do I Complete KYC Levels at Stake?
To make the KYC verification process as simple as possible, it has been broken down into 4 smaller steps that are completed over time.
Level 1:
You are asked to confirm your name, residential address and date of birth. This allows you to access the casino as expected; only now we can wish you a happy birthday!
Level 2:
Please provide a copy of your identity document. Provide a high-resolution colour scan of your international passport, national ID card (both sides), or driver’s license (both sides). The scan must be flat, showing all four corners of the ID, and visible to be accepted.
Level 3:
Please send proof of address. Provide an original photo or scan in PDF format of a utility bill, bank statement, tenancy agreement or government tax letter that is less than six months old. We don’t, however, accept mobile phone, internet or medical bills as proof.
Level 4:
Finally, confirm the Source of Funds. Please provide an original photo or a PDF scan of a salary slip, sale of shares and investments, inheritance, company sale, lottery winnings, crypto mining ledger, or other relevant documents showing the source of your wealth. All documents must be less than six months old and show your full name, address, and details of the issuer.
For more information on KYC checks when making deposits in specific currencies, check out our local currency guides for Canadian Dollars, Japanese Yen, Turkish Lira and Indian Rupees.
Benefits of Completing KYCs
We offer a range of bonuses and promotions to show our appreciation for players who clear the various KYC levels. All level 1 players can access the current offers, including Stake Daily Races, Weekly Raffle, and more ongoing giveaways.
Our most popular incentive is Chat Rain in Stake Chat where KYC level 2 players who have wagered more than $3,500 in the past seven days are eligible for random rewards.
The Importance of KYCs & Ensuring Your Security
KYC processes offer a trusted line of defence in our drive for a safer online gambling market by verifying your personal and private information.
Our audits ensure that:
Your Stake account is safe.
Your contact information is protected.
No fraudulent transactions occur.
Your withdrawals are processed correctly.
Potential account breaches are mitigated.
With ongoing monitoring and reviewing of customer identities, sources of funds, proof of address, and other known risk factors, we deter many fraudulent activities before they take place.
Additional Support Services
We encourage our customers to join us in fighting against unscrupulous parties who would abuse online casinos. This includes reading up on the best ways to ensure you are gaming responsibly and contacting our 24/7 customer support immediately should there be any suspicious account activities you want us to investigate. Your safety online is of paramount importance to us at Stake.com.
