You may have heard that some players need and must complete the source of wealth process. It is rather common in certain cases in the online gambling realm. Today, we are going to explain what this is and why it is so important and mandatory at most casinos. You will see that it affects certain players but not all. Keep in mind that this is not a mandatory process at all online casinos. There are a lot of those that will never ask you to provide proof of your wealth.
Can You Skip This Verification?
The answer is yes and no. First, you cannot skip or reject the source of wealth verification at the casino that requires it. If you reject it, you cannot play or you cannot withdraw your funds, depending on the casino.
But, you can play at a casino that doesn’t require this type of verification. In a nutshell, there are a lot of casinos like this and all of them are appealing. These are known as NonGamStopSlots casino sites that don’t require ID verification and certain players enjoy gambling here only. We must add that there is another type of verification that is mandatory these days. It is a simple, account verification process. You will send the ID documents to the casino and they will match the details you have provided to the account you have. If the math, you can gamble there. It means that your identity is real and you don’t use someone else’s data.
Source of wealth and account verification are safe processes that are far away from anything you really have to worry about. All the data you are going to send will be encrypted. It will not be shared with third parties and there won’t be any similar problems. Many casinos even hire separate companies that have been doing this type of job only for a long period of time. Many other companies use the same services as well and there are no issues we can mention here.
Source of Wealth Explained
The first thing here we must do is explain the process. Basically, it is precise as the name will tell you. You must provide proof of your wealth or your funds. If you are an online gambler who has been making small deposits such as £10 or similar, you probably won’t have to complete this ever. But, if you deposit a large amount, let’s just say £2000 you will probably have to complete a source of wealth.
The process is simple but can be time-consuming. Once the casino notices this pattern, you will be asked to provide certain documents. You can scan the documents or take pictures of them and send them to the special team. You will probably have to send pictures of documents such as:
- Payslip your employer will provide
- Salary details
- Your occupation
- Ewallet specifics
- Credit card statement
- Bank statement
There are a lot of variations here. Some casinos will ask you to send all the documents while others will ask you to send just a few. One way or another, you must complete this step. Once you are done, the casino will approve them and you will be able to gamble and play games instantly. You are also eligible for withdrawals now.
Reasons Why Source of Wealth Is Mandatory
Well, there are a few reasons here. Try to remember that this process is about your protection and also the protection of the casino. It is a rather simple thing that has a huge benefit. However, it is understandable that players do want to safeguard their identity, but without it, online gambling activity would be a massive problem, and many innocent people will be the problem as well. Here are the reasons why this verification is needed.
- To Prevent Money Laundering
This is the first and the most important reason for them all. The goal is to provide proof of your income. If you deposit £2000 every single day, you must have a high income. If not, how you are getting the money? In other words, criminals would be able to use online casinos for money laundering. They could make massive deposits, play a few games, and withdraw most of the money. That money would be legal now and they could use it for anything they like.
- To Protect Casino
If a casino accepts a minor or a person who is laundering the money or using the casino for any illegal activity, the operator will be in a lot of problems. This means that the operator can be fined or even closed. Thanks to the source of wealth, this is not possible anymore.
- Prevent Underage Gambling
This is a detailed verification hence you will have to provide a lot of details. All of this will mean that an underage player is unable to provide these details. In other words, thanks to this verification, minors are unable to gamble online something that has been a huge problem in the United Kingdom.
Then Final Word
Source of wealth is one of those processes you will have to complete if you are a high roller or you are planning to gamble with a high amount of money. It is a simple process that can last a couple of days but will protect you and the casino. It is to the KYC verification process and usually can be applied on your deposit. Those of you who want to avoid this process should do one thing. They must gamble at online casinos that don’t require account or source of wealth verification.
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