Gambling in most UK online casinos requires you to share your bank statement details with the operator. Even though this can be a bit inconvenient for some, this rule is enforced by the Gambling Commission in order for casino to know their customers. However, one question remains: what do Credit Card Statements for casino sites is needed?
Let’s take a closer look together and find out;
1. Is It Legal for Online Casinos to Check Your Bank Card Statements?
From a legal point of view, you can keep your Credit Card Statements for casino sites private, and no one can take that away from you. However, if you want to participate in online gambling in the UK, you will have to share your bank details for the ‘’greater good’’.
To be perfectly clear, the UKGC issued a report on Compliance and Enforcement action back in November 2020. This report now serves as the rule for online casinos to get to know their gamblers even better. The sole purpose of that is to stop the illegal use of money, such as money laundering.
The report features eight key parts, and the fourth part is focused on the ‘’Anti-money laundering and counter-terrorist ﬁnancing’’. Here, you can learn all about the case studies UKGC made to fight money laundering.
However, this applies not just to the online casinos regulated by the UKGC. There are many casinos that are not subject to UK regulations but work with credit cards, like those listed on https://nonstopcasino.org/credit-card-casinos/, can still ask you to deliver bank statement details on a legal basis. This becomes possible due to the fact that all casinos are obliged to comply with international rules regarding financial transactions, as well as other regulations. Below we will analyze some typical examples why Credit Card Statements for casino sites is needed?
2. Why Credit Card Statements for casino sites are Required?
We already know that it’s legal for online casinos to acquire our bank Credit Card Statements, but let’s take a look at why they need it. We’ll discuss the top three reasons why online casinos insist on getting your bank account and bank statement details.
3. Confirming ID to Verify You Have Legal Income Sources
In addition to fighting money laundering, online casinos will also want to make sure that you have a legal source of income. Namely, this detail is quite important as it shows that you’re an adult with a job and an income.
Although there are many sites that don’t ask for documents, usually, if a new player makes a large first-time deposit, casino staff will automatically be alarmed. Therefore, they will ask for a bank Credit Card Statements for casino sites in order to verify the source of funds. In other words, they will check if the funds are legally obtained through work and not through some criminal activities.
4. Ensuring No Money Laundering Is Taking Place
The first and definitely the most important condition under which casino operators work with credit cards is to make sure that you’re a legal gambler — this is the number one reason why they need your bank Credit Card Statements for casino sites. This means that you will not use online casinos to launder money.
How exactly are players able to launder money in online casinos? Well, the process is called the ‘’Cash-in Cash-out’’, and it’s quite simple. First, you deposit dirty money in a land-based or online casino and gamble for a decent amount of time. The next step is to collect the ‘’winnings’’, even if you lost a couple of grants, it doesn’t matter. We can see that everything is done by the rules and that there’s no illegal activity involved, except the dirty money.
So, this is exactly why online casinos are trying to fight it by acquiring your bank Credit Card Statements for casino sites. You can’t launder money if you deposit cash from your bank account. Even better, online casinos rest assured if you use your bank account as a way of depositing.
5. Making Sure a Player Is a Legal Adult
Lastly, online casinos will have a good look at your bank statement and see what’s your age. As we all know, you can’t gamble if you’re under18 years old in the UK. Therefore, if your bank Credit Card Statements for casino sites shows that your age is 18 or above, you’re free to gamble.
Online casinos will then gladly accept your deposit and allow you to enjoy games and everything they have to offer.
Transaction speed, security, and convenience are just some of the credit card benefits for casino players. However, to be able to use them at online casinos, you need to be ready to provide your bank Credit Card Statements for casino sites. This is a completely legal and reasonable request from an online casino that will help it know you better and decide whether or not to accept your money. If you’re a legal gambler without anything to hide, then there’s no reason to worry. Most importantly, online casinos will never take advantage of the info you provide.