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?
KYC is unreliable. There is nothing better to say about it, really. It is meant to be a system which helps the government make sure that individuals and their money are being tracked but also to make sure that the casinos don't let just anyone use their services. So on one hand its a system that restricts your freedom but at the same time ensures that kids are not gambling their parent's life savings away.
But where does the KYC data go? They demand government identification documents from us and that could be used by identity thieves to do some real damage. Especially to the person those documents belong to. No centralized entity can be trusted nor should they be. But that is the only system that we have, which is accepted by the government. There does not seem to be a different way around it.