{"id":2055,"date":"2021-01-25T10:02:48","date_gmt":"2021-01-25T10:02:48","guid":{"rendered":"https:\/\/www.newbettingsites.co\/?page_id=2055"},"modified":"2021-01-25T10:02:48","modified_gmt":"2021-01-25T10:02:48","slug":"source-of-funds-affordability-checks-by-gambling-sites","status":"publish","type":"page","link":"https:\/\/www.newbettingsites.co\/articles\/source-of-funds-affordability-checks-by-gambling-sites\/","title":{"rendered":"Source Of Funds & Affordability Checks By Gambling Sites"},"content":{"rendered":"
If you were to buy a car or want to take out a mortgage, you\u2019d completely understand why the car dealer or bank you were dealing with would want to carry out credit checks<\/a> and affordability checks. Similarly, if you were to enter a caravan showroom with a bag full of cash, you wouldn\u2019t be overly surprised if the owners asked you where you\u2019d got it from. Yet the idea of being asked either when you just want to bet on the horses might seem strange.<\/p>\n In reality, though, it\u2019s a perfectly reasonable and, indeed, socially responsible thing for a betting company to ask. This is because they have to be wary of people attempting to use gambling as a means of laundering money or committing some other form of crime. Being able to prove where your money has come stops that, whilst showing that you can afford to lose what you want to gamble can stop problem gambling developing.<\/p>\n Let\u2019s be honest, the world is full of less than reputable people and some companies out there would happily take money from you without knowing where it came from. Sure, there\u2019s a chance they could be handling stolen or drug money, but as long as they make their profit from it what does it matter? The answer, of course, is that it matters a great deal and you should do your best to only work with socially responsible companies.<\/p>\n That\u2019s why the United Kingdom Gambling Commission<\/a> refuses to issue a gambling licence to any company that won\u2019t sign up to its rules and regulations. Among these, the ability to prove where a customer\u2019s funds have come from is high on the list. To use the UKGC\u2019s own language, they ask all gambling companies to \u2018know their customers inside out\u2019, which is important to offer betting that is \u2018fair, safe and free of crime\u2019.<\/p>\n The predominant aims of gambling companies is to both keep crime out of the industry and to ensure that customers do not get into any financial difficulties. When companies fail to do as much, the Gambling Commission will issue them with fines<\/a>, sometimes adding licensing requirements that they must meet in addition to the standard ones. Failing that, it\u2019s not unheard of for companies to have their licence suspended<\/strong>.<\/p>\n In order to meet the UKGC\u2019s requirements, gambling companies can ask you for numerous things<\/a> to identify whether you\u2019re likely to be a problem gambler or not. They are able to go through third parties in order to obtain bank statements, which aid them in assessing whether or not the source of your funds is legitimate. This is a key part of the ant-money laundering checks that companies have to carry out.<\/p>\n The other thing that companies can do is to carry out income pattern checks. Something like a pending house sale can explain strange income patterns, but if there isn\u2019t anything there then that can be flagged up to them for further investigation. Appropriate deposit and loss thresholds will also be explored, essentially to ensure that you\u2019ve got your gambling under control and to assess affordability.<\/p>\n Another key part of a reliable company\u2019s decision making comes in the form of identification verification. When you open an account<\/a>, a betting site needs to make sure that you are who you say you are<\/a>. They do this in order to make sure that you\u2019re old enough to gamble and to check whether or not you have decided to self-exclude from being able to gamble.<\/p>\n Sometimes the information that gambling companies are able to check from your initial sign up might not be enough, so they\u2019ll need to carry out additional checks. Usually this will be because of something you didn\u2019t realise, such as your address being spelt incorrectly or you sharing an address with someone with a similar name. At this point, the gambling company will likely ask you for something such a driving licence or passport.<\/p>\n It is against the law for criminals to spend money that they\u2019ve gained through ill-gotten means. In order to avoid being caught, the criminals will attempt to \u2018launder\u2019 their money and make it clean. A really simple way of doing this is by using gambling companies<\/a>, betting on things with Evens or better odds and getting \u2018clean\u2019 money back in exchange for the \u2018dirty\u2019 money that was bet with in the first place.<\/p>\n It is up to each gambling company to decide whether a punter will be allowed more than one account to be held with them, but if they are then said company must be able to identify the various accounts. This can be used both to ensure that there is no money laundering going on but also to stop a customer from taking advantage of things such as free bet offers, which are typically limited to one per customer.<\/p>\nLicensing Requirement<\/h2>\n
What Companies Might Ask For<\/h2>\n
ID Verification<\/h2>\n
Money Laundering<\/h2>\n