Source of wealth has obviously one reason: to determine if one is capable of doing for example 5000 deposit or not a month.
If it's not the chances are its fraudulent or something else it at play, in where casino's can be fined for. There where nummerous cases where simply employees at the goverment where able to deposit over 200k in roughly a few months of timespan. Now in such case a SOW would actually help and protect both camps here as it would be impossible unless someone has a large savings account to suddenly deposit 200k.
If i where you, mark out the privacy bits, and send it. Get it sorted, take your 7k, close your account, move on.
There is different terminology in different casinos, but generally it’s “SOW” - can you afford it, are you employed etc. “SOF” where did the cash come from and is it legitimate.
Nobody in the industry has these processes correct yet I don’t think. There are AML regulations and RG (SG) requirements and an overlap as to when and why there are needed. All requests usually require the same kind of documents so it makes sense to try and kill two birds with one stone, but it’s not easy.
For me, I’d rather send a bank statement showing what that casino wants rather than use an open banking API which would potentially open up more info. I guess others may be open to the added security that the API brings.
I personally don’t believe (I’m not protecting anyone by saying this) that any reputable casino would purposely hold a withdrawal using SOW/SOF as an excuse. The fact it’s been requested will be because a theshold has been hit as someone else suggested.
We want to accept your deposits without fuss. We want pay you without fuss. We also need to be compliant. I don’t see any commercial reason in withholding a withdrawal, pay the player quick and give them a good experience and they will come back. Unfortunately there are regulations in place which don’t make this a seamless process. It will drive players away from regulated casinos at some point I think. I hope I’m wrong.
New guidance coming out this month from the GC and I’m hoping it makes things a lot clearer for everyone. They are not doing an easy job and I have sympathy, but also want any guidance to be clear and a level playing field for all.