KYC questions at MGA licensed Casinos - Negative impact on retention?

[CygX1]

I noticed that some operators with a Maltese license tend to ask confidential KYC questions even after a relatively small amount of deposits has been made. These questions include the amount and source of income, which I do not think most customer prefer to share. The Maltese legislation apparently permits these checks for customers who deposited 2000 EUR or more since the account was opened, or over the past 180 days. However, it can apparently also be requested from customers who deposited smaller amounts.

As this information is very confidential, I believe this has a negative impact on customer retention and any such information should only be requested in special cases after a relevant amount of deposits has been made.

What is your experience with this?

 

[AussieDave]

Even after the closure of the AU market, I was still able to play at a couple of Malta licensed casinos, least up until mid 2019. Although, both did request KYC docs. The 2K deposit threshold, I'd exceed in 1 day, if, I was having a bad run. However, I was never asked to supply SOW (source of wealth) documents, ever.

Not this involves Malta licensing... But 6 or so weeks ago, CoinJar.com (were based in AU but moved to the UK), terminate my account for no reason. Having held a crypto wallet with them for 3 years, and with a considerable amount of money going thru that account, I contacted them, asking why the sudden closure?

According to them, it seems because they are UK based now, they need to ask for SOW. Coinjar were happy to reinstate my account, but only if I provided a long list of personal financial information, to them. Some of the info they were asking for was absurd. My AU bank does NOT ask for this. Hence, I certainly wasn't going to hand all this sensitive data over to a UK company.

And, after doing some digging on the CEO, it seems he has a checkered past, and was accused (later traced) of being directly involved in the in-house crypto hacks (Bitcoinica of which he was a founder). After finding that info, more dodgy shit emerged in this scammer.

Strange thing though... when SOW came to light in the UK, I'd held Gold VIP status at Neteller for years. Even made it to Platinum 1 year. The amount of money which flowed too and from my Neteller account, far exceeded that at Coinjar.com. Yet, Neteller NEVER requested SOW.

Personally, There's no way known I'd submit my highly sensitive/personal financial data, to some company overseas. Reiterating my AU bank does not request SOW, and they are governed by stringent Gov., laws. With the industry being proven that a % or operators sell; exchange; trade personal data, handing SOW info over, is a risk no one should take.

As far as Coinjar.com goes, they did me a huge favour by closing this account. Stay the hell away from Coinjar

 

[CygX1]

Personally, There's no way known I'd submit my highly sensitive/personal financial data, to some company overseas. Reiterating my AU bank does not request SOW, and they are governed by stringent Gov., laws. With the industry being proven that a % or operators sell; exchange; trade personal data, handing SOW info over, is a risk no one should take.

Exactly, that is my point.

These casinos request this confidential data from customers and are free from that point to cancel a withdrawal if any requested document to verify the details is not provided. This should not be happening. This data does not only not belong to any casino or company overseas, but to any company in any country. That is unless there is a very special case of possible fraud, or something similar.

I am confident that there is quite a number of customers who stop playing at a specific casino as soon as these requests are made. And it seems that there are some casinos that are very eager requesting this information to profile their players.

 

[AussieDave]

I am confident that there is quite a number of customers who stop playing at a specific casino as soon as these requests are made. And it seems that there are some casinos that are very eager requesting this information to profile their players.

No difference to KYC being demanded from affiliates. It's 100% Bullshit.

It's BS because in reverse, every program will flatly refuse to supply KYC to affiliate.

As far as SOW... No one has any idea who the hell is gaining access to this highly-sensitive information.

Point in question... When I was asked by a program to submit my KYC; I only agreed because I was making decent coin each month, I discovered after the fact (sent docs), that they didn't arrive in UK, instead, ended up in Bulgaria. I mean WTF???!!!

SOW and KYC can be used to screw over both players and affiliates. And, we all know, that some operators love using FU clauses to steal.

 

[CygX1]

Besides the customer's confidential data ending up at unknown places, it is already bad enough if the casinos are permitted to use it for themselves. This practice should not be allowed to happen.