Your bank statements are private, so it makes sense why you wouldn’t want to share them with anyone. Nobody is entitled to know how much you make.
However, you might find yourself in a situation where an online casino has requested proof of income. They are legally allowed to, so you cannot refuse their request if you wish to continue to use the site. In addition, they can deny your registration if you do not honour their request.
But why do casinos ask for proof of income? Let’s find out in our Wizard Slots blog post below.
Why Do Casinos Ask For Proof Of Income?
Unfortunately, online casinos are a common target for money launderers. So, they’re always putting in measures to combat this issue.
There are a few circumstances when casinos might initiate a fund check. They have systems that monitor suspicious activity. For example, a huge sum of money might suddenly get deposited in your account. It would be a sudden change, especially if it stands out from previous depositing history.
Casinos don’t want to bug their players, but some things might catch their attention.
Another reason is for a player’s own safety. If they routinely make large deposits and place large wagers, the casino may ask for proof of income to ensure that the player can afford to play this way. This is part of efforts to combat problem gambling.
Can A Casino Ask For Your Bank Statement?
Yes, casinos can ask for your bank statement if they suspect illegal activity on your account. It’s okay if you don’t want to share your bank statement with the casino. However, they may suspend your account as a consequence.
Casinos ask for bank statements to confirm that you have a legitimate source of funds. It’s also a way they ensure anti-money laundering.
Source of Wealth Checks - Why They Exist
So, a sudden large deposit might trigger an online casino’s alarms. The casino will want to know whether your gambling activity reflects your disposable income. In addition, they use wealth checks to weed out money launderers.
It may sound scary, but it’s a simple procedure if you’re registered to a verified online casino. The process is fairly quick as long as you provide the documents requested.
Online casinos use wealth checks to protect themselves and their customers from any people with malicious intent. In addition, they want to uphold their reputation and stop players from gambling beyond their means.
