Post
Topic
Board Gambling discussion
Re: Do you think casinos can stop demanding KYC?
by
Cryptoprincess101
on 19/06/2024, 20:52:11 UTC
It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.

If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.