KYC or
Know Your Client (KYC) is a standard in the investment industry that ensures advisors can verify a client's identity and know their client's investment knowledge and financial profile.
Reference:
https://www.investopedia.com/terms/k/knowyourclient.aspis part of what we agreed when we sign up to play in casinos but lately I've been reading a lot of complaints
about casinos on how they accept their players' KYC, is it possible that they can decline a person's credentials even though he swore that he submit all the right documents and even undergo a video call to establish his identity?
Take note, Casinos will ask or demand a KYC if there's a big winning involved, is this one of their ways to scam their players?
(don't want to make reference to any casino because other casinos could implement this).
Both parties the player and the casino can agree to do a mediation through third-party/parties. but do you think it has bad consequences if the third party proves the player is right in establishing his identity, then the casino's KYC is not reliable?
If the third-party proved that the casino is right but the player swore that he submit all the documents and is willing to do the extra mile to establish his identity, can we conclude that Casino's KYC procedure is different and we have the right to know how and what system they are using to decline our submission because we can be the next to suffer from this Casinos' KYC system?
What do you mean by third party? Any modern online casino uses a third party provider to automatically verify the users identity. It would be tedious to manually confirm each and every users identity. And yeah, prone to errors and would be difficult to know if someone is submitting a false ID or something. Third party providers uses automated system that can instantly verify the identity of the users. There is no "space" for the casino to deny or say that the documents are false (unless the thirdparty provider itself finds that the documents are forged/fake). So I don't think verification is an issue here.
And no, its not a scam. Read the terms of service. Most likely it says you must complete KYC at any point. If you go to a bank and withdraw say like more than $10,000, you will be flagged, reported and will be asked to provide additional information to the bank sometimes. Does that mean the bank is trying to scam you? Nope, following some rules and that's it.