188 Know Your Customer

[matterz]

New here, so Hi.

Been requested to send over bank transactions from the past 3 months. Find this a little bit intrusive. There could be private transactions etc. Is this just common practice? Maybe I'm over thinking it

 

[BMR Admin]

Welcome matterz.. the KYC protocol is standard with some operations. Thing is if you aren't comfortable sending these then you should ask them if there are other ways to confirm your id. Things are changing rather fast in the business, this is a prime example of protocol changes everywhere. .

 

[BMR_Brad]

It's horribly intrusive IMHO, but the UK laws insist they have to take steps to ensure you can afford to lose/deposit large amounts, are not laundering illegal cash, not embezzling funds to gamble with (common) and stuff like that.

I do not agree bookmakers should be put in a position to do this, but that is how it is under UKGC rules.

 

[Tart]

dont do it...look somewhere else!

 

[matterz]

Thanks guys.

Got told I could cover up transactions if I felt I needed too, with a brief explanation as to why. These got declined and now they are asking for full statement un-edited. Covered up about 15 transactions out maybe 300, which I felt was in my right. Its plain to see I'm not embezzling funds from some suspicious group. I wondered if anyone actually checks these documents at their end. Is this their policy to ask for this or is it industry standard? Still uneasy with the situation but guess I'm at a loss really. Its their way or no way.

 

[BMR_Brad]

Jun 14, 2016 - The bookmaker Betfred has agreed to an £800,000 settlement after accepting stolen cash from a “VIP” customer

Apr 27, 2016 - The bookmaker Gala Coral has agreed with the gambling regulator to pay out nearly £880,000 after taking hundreds of thousands of pounds from a “VIP” problem gambler who was using the proceeds of theft to feed his habit.

Feb 20, 2018 - William Hill has been handed the second-largest fine issued to a UK gambling operator following “systemic” failures to prevent money laundering and problem gambling.