The KYC or Know Your Customer protocol is mandatory not only for all types of financials institutions but also for those who operate real money gambling facilities. In the continuously evolving digital space, taking steps to verify the identity of contracting parties is of utmost importance. has before allowing the use of the products and services,
As most businesses are now harnessing digital technologies, following KYC protocols is of utmost importance especially in the acceptance payments and transfers of money effected through banks and other types of financial institutions. The KYC protocol is actually part of the guidelines prescribed by global Anti Money Laundering Acts (AML) as counter measures against criminal and terrorist activities.
KYC is Mandatory in the Global Gambling Industry
In the UK and other countries that allow gambling whether in land-based or online casinos and sports betting shops, strict and diligent implementation of KYC measure is also important. It;s also a way to ensure that only legal aged customers will engage in gambling activities.
Although identification documents (IDs) are prerequisites, gambling operators are required to carry out additional verification steps to ascertain the validity and authenticity of the IDs presented.
In countries that prohibit their citizens to engage in gambling activities, all remotely operated gambling sites, whether licensed by an offshore gambling regulator or not, are considered illegal businesses. I
Still, not all providers of online gambling products and services, even if purporting themselves as licensed and regulated operators, can be deemed as trustworthy. Some operators continue to offer their online casino products and toto services even as their licenses have expired; or have been revoked by gambling authorities. Some are not licensed at all, and therefore illegal through and through.
Is KYC Observed in South Korea
In South Korea, intelligence reports disclosed that many of the illegal online gambling platforms in the country are remotely operated from North Korean. This all the more made it necessary for SoKor law enforcement agencies to track and bring down all illegal gambling sites including their promoters and customers.
Nevertheless, avid punters in the country make it a point to be selective when playing in offshore-based casinos and sports books. Aside from choosing online casinos and sports books that use servers with Virtual Private Networks (VPN) that encrypt all communications sent via public Internet, local gamblers use the services of eat and run verification companies.
What are Eat and Run Verification Companies?
South Korea’s technological advancements enable many businesses and citizens to carry out financial transactions digitally through their smartphones. However, it’s important for businesses to follow KYC by verifying the identity of customers. Many have been victimized by customers who leave the business after eating and before actual payment processing has been completed. Such incidents are common in restaurants, beauty salons and boutiques.
Although, in South Korea, online public verification is available for anyone who needs to verify and authenticate information, the government has since licensed many private entities to conduct ID verification and criminal record-checking as a service. The service soon became popular that even SoKor gamblers put forward requests for verification of an online gambling site, to make sure they are playing in a safe and secure digital gambling space.
On the other hand, marketers of reputable online casinos and toto sites offering gaming and betting products to SoKor gamblers, also use the services of eat and run verification companies. Doing so ensures that the 토토사이트 추천 (Toto site recommended) is trustworthy and have no known records of misdealings as far their online gambling operations are concerned.