Proving the source of wealth at an online casino
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Casinos ask for proof of source of funds at online casinos. It's due to a number of laws, directives and the security of the player and gaming site. The laws and regulations governing the gambling industry are aimed at protecting player rights. Proof of wealth in online casino is one of many practices designed to ensure that the game is fair and legal. SOW and SOF are abbreviations for wealth checks.
Proving the source of wealth at an online casino is easy. It's based on international laws and directives.
The risk of money laundering in gambling is of a significant magnitude. Online casinos are regulated and regulated. They are under the control of the licensing authority. If a player is a political figure, lives in a high-risk country or his gambling habits change, they will ask for proof of his wealth. The Gambling Licensing Authority acts in line with the guidance provided by pan-European laws and several Directives.
The most relevant and common operators in Finland hold a gaming license from either the Maltese MGA or the Estonian EMTA. When the amount of money in the account reaches a certain threshold, security and anti-money laundering measures are enforced. The online casino must identify the customer when the winnings claimed by the player reach the €2 000 threshold. Only after the identity verification can winings of this size be legally transferred to the user.
Proving the source of funds at an online casino starts with a request from the gaming site. The player has 30 days to provide the requested documents. This timeframe applies to all gambling sites regardless of their gaming license.
Proving the source of wealth at an online casino requires documents.
Proving the source of wealth at an online casino requires proof of winnings, employment contract, shares and will.
SOW and SOF are a logical extension of the security aspects of KYC. KYK is a security check carried out immediately after a deposit of €2,000 has been made at online casinos. SOW is similar to the verification of a gaming account.
