Hello Everyone!
There has been a lot of interests towards this topic since it was introduced in igaming and given the nature of the documents requested, I understand it's a controversial subject which can cause a bit stir and confusion as it is a relatively new regulation in the online casino industry. Our goal is to make it as a painless and smooth process to the customer as possible since this is something that cannot be neglected.
We are obligated to verify customers Source of Wealth due to the UKGC regulations stating we need to know where the funds from the customer's deposits are coming from. We also need to follow the Responsible Gaming guidelines and ensure player's safety which may also lead for request of SOW related documents.
Being a fully licenced and responsible casino operator, we are also required to comply with certain regulatory requirements, as per our obligation to both EU and national requirements.
Hi Guys,
Obviously, I don’t work there but I can have a guess at why they have requested.
SOW triggers are obviously different for each casino and the guidelines themselves are quite vague, but usually there will be a policy where “when deposits reach x”, “where withdrawals reach y” or “where deposits and withdrawals reach z”.
I suspect in this case you have reached the withdrawal threshold that they have set before it triggers the request.
Mark
You are correct when it comes “where deposits and withdrawals reach 2.000 Euro” following the UKGC regulations, we are entitled to request SOW if the AML threshold when this threshold is met. If this threshold is met, that's when we ask for the Source of Wealth questionnaire, possibly also Source of Funds documents such as payslips, work contracts, a sale of properties or similar to maintain the player safety of our players.
Source of Wealth Questionnaire may trigger on deposit and also withdrawals for a lifetime amount when it reaches the threshold or any deposits/withdrawals, as this is a new procedure that started last year which then allows us to request any SoW documents/questionnaires from players for their safety.
The Source of Wealth is mostly asked for UK players, in order to make sure there are players who're not playing if they're loaning funds, in debt, unemployed with no income, low salary, or on welfare.
This is something the UKGC has ruled which we need to follow in order to be able to operate in the United Kingdom.