I am sorry for asking this question here, but I have to ask to know more in my glossary of terms. What is the full meaning of KYC and it function in casino games? I have been trying to know this term since I came to this board but no concrete explanation, some said, it means Know your customer (kyc) but I am not satisfied. I need more on the term or acronym.
As you have said, it is just a measurement to know your customer and the identity behind the person in your casino. There are rules laid down in every Casino, it is your duty to follow them and if you break them, you will be penalized for it and if you are found doing money laundering, you will be reported to a designated investigation department and probably prosecuted for fraud.
KYC is very important for the security of a user's money or any transaction. If you ever win a big amount in gambling then you are requested to do KYC. Because they want to be sure through KYC that you are the real person. It is better to do KYC in the casino because you do not have to face any problem in case of large transactions.
How is KYC now a measure for security, it doesn't come close when it comes to the safety of users rather a way of mandatory privacy showcasing at one will, it is not a compulsory aspect of casino but if they request it, you may have to provide it to enjoy other benefits and it may not be enough sometimes as they may even reject it. If privacy isn't something that you value, you can do it to avoid any problems with large transactions or be suspicious of any event but if you are doing that for security, then it is very wrong.