KYC Procedure in New Zealand

Did you know that casino businesses must know their customers? As an institution you must know the people you transact with; it forms the basis of KYC

11:14 16 October 2019

Note that if you deal with terrorists or money launderers, you will put your casino business’ reputation and the financials at risk. More so, a company may attract penalties, fines, and other losses if your clients are people with questionable reputations.

When placing a deposit or withdrawing from your casino account, you will experience the KYC process. KYC, which stands for “Know Your Customer,” has different steps that ensure you are using your real identity. If an online casino asks for documents before releasing your winnings, then it's part of the KYC process. In a quick recap, KYC protects businesses from dangerous customers.

ID Verification 

How will the company know that you are who you claim to be? In New Zealand, for example, identity theft is common and can happen to anyone.

Speaking of identity theft in the New Zealand online gambling sphere, about 133,000 Kiwis lose about $209 million every year to identity thefts. For this main reason, regulated same day withdrawal online casinos ask you to verify your ID to ensure that you are a “safe” customer; it helps to protect you as well as the company and make for you the fastest payout if you win some money.

According to the law, any individual who transacts must first prove their identity. This helps to reduce terrorism, corruption, money laundering, and other illegal forms of finance. Also, there are several government jurisdictions that fight money laundering.

Moreover, over 190 worldwide authorities, including NZ, commit to theFinancial Action Task Force (FATF) recommendations to fight the vice. Of course, one of the essential features in the recommendations is proof of identities.

For ID verification, the minimum requirements for opening your account are the:

• Name
  
  
• Date of birth
  
  
• Current address
  
  
• ID
  
  

While this information is essential to know you as the account holder, institutions must, in a short time, verify the authenticity of your identity cards. The use of documents or non-documentary methods allows these institutions to verify your ID card information. For example, the institution may ask you to take a picture while holding your ID. Alternatively, they may compare your ID details using public databases and consumer reports.

Visa & Mastercard 

Credit cards like Visa and Mastercard also form part of the KYC regulations. KYC indicates that you should only make deposits or withdrawals with the credit cards which are registered with your names. Therefore, the companies and institutions must verify your credit card information to ensure that it matches their details you provided. 

KYC also states that the institutions must make refunds to the original credit cards you used during deposits. The same also applies to withdrawals and deposits. Also, before you deposit or withdrawal, you must verify your identity by sending the passport, national ID, or driver’s license. For withdrawals, additional information on your identity and financials are necessary. 

Payment Method Verification 

After indicating your payment method, KYC requires you to verify your payment method. Verification of payment method ensures that you are only using your account, not of other customers. By verifying your account, you will easily make money deposits or withdrawals to the same account. And enjoy betting on your favorite games in New Zealand in our top casino. 

As fast payout casinos, we process our customers' payment methods instantly to ensure their deposits or withdrawals sail on smoothly. Also, we offer same day services, and you can easily talk to our customer support who replies messages fast. You can as well transfer your money to another account online quickly with our vast payment methods.

The process of payment method verification depends on the payment method. For example, online merchants such as “PayPal” requires you to verify its payment method by logging into your account. Credit card companies, on the other hand, need you to enter the information in your credit. If the information matches the one you have indicated, then the account verification will be successful.

Also, according to KYC regulations, the information in your payment method must match with your details. Correspondingly, most casinos will not allow you to use another person’s credit card since it’s one step to preventing fraud.