Companies in the online gaming industry are legally obligated to verify a user’s identity, age, location, and source of funds.
By carrying out these checks, a gaming company can stop bad actors and fraudsters from accessing their platform. Plus, they can also stop their services from being used to launder money.
As well as providing benefits for businesses, KYC in gaming also provides benefits for customers, too. Much like how a reputable company must provide its users with fair games and a secure gaming environment, these companies must also show their users that their personal information is being handled appropriately and then safeguarded. Due to this, companies must demonstrate to customers that their processes aim to:
- Protect both the company and its users from bad actors and fraudsters
- Comply with the latest global regulations
- Deliver a seamless, trustworthy, and user-friendly experience