Statement of Wealths

[pinnit2015]

I must be on some sort of watchlist. Here's the latest absurd request. Again from GiG who IMO are getting this massively wrong.

 

3k deposits from Jan-18. Media coverage, from what? My 2k Bonanza win? Last time i looked it didn't make the 10 o'clock news. 

 

Don't giggle too much at the UK, i'm sure MGA will kick in soon. 

 

Needless to say they're getting none of the above.

[pinnit2015]

And also - they offer no guidance over what these are - Letter from what Organisation? My work?

 

ooft. 

[Afi4wins]

Any casino that asks for my SoW documents will get my Coc...

that's not what you think it is...it's Closure of Casino (account)! 

[pinnit2015]

I’m closing all mine across the GIG group/MT Securetrade.

 

What else will these use it for? RG checks? Go away

 

If this means I close one after another to the extent that I have to go back to playing in land casinos or none, then so be it.

 

Bit of sympathy for casinos regarding this but between them trying to cover selves and a completely clueless regulator in the UKGC (who incidentally have not replied to any of my letters - maybe I’ll get their attention by declaring I’m a successful money launderer and asking is that Ok) it’s like KYC was a walk in the park.

 

What concerns me is this may drive people to playing at less scrupulous casinos.

[Afi4wins]

Honestly speaking, I too am prepared to close my account at any casino which insists on getting a SoW verification done, without giving my depositing history any consideration at all.

 

With the use of a little bit of discretion and intelligence, casinos can actually avoid such exodus of players or closures of accounts, simply by applying the ruling only on the right category of depositors, which I feel, is already being done by some casino operators. Take Direx N.V casinos, for example - I have yet to be asked for a SoW verification so far, and I hope it will stay this way. 

 

(Added) Okay, so Direx N.V casinos do not come under MGA or UKGC ruling, but to me, that doesn't bother me at all, and it doesn't mean that these casinos are unreliable either. I'd rather play at these casinos than at casinos that have MGA and UKGC licenses but needing SoW verifications. 

[ValDes]

Will be as brief as possible with this one...

 

Requesting SoW AFTER first deposit is so massively wrong that it doesn't even worth being commented!   

 

Wondering how the relevant regulatory body would rectify and/or justify this crappy requirement in case you decide and go asking them... 

[Piper89]

Money talks I'm sure if a player had a big win pending and they were required to provide SOW before win was processed it would be provided.

It certainly wouldn't deter me

[pinnit2015]

Honestly speaking, I too am prepared to close my account at any casino which insists on getting a SoW verification done, without giving my depositing history any consideration at all.

 

With the use of a little bit of discretion and intelligence, casinos can actually avoid such exodus of players or closures of accounts, simply by applying the ruling only on the right category of depositors, which I feel, is already being done by some casino operators. Take Direx N.V casinos, for example - I have yet to be asked for a SoW verification so far, and I hope it will stay this way. 

 

(Added) Okay, so Direx N.V casinos do not come under MGA or UKGC ruling, but to me, that doesn't bother me at all, and it doesn't mean that these casinos are unreliable either. I'd rather play at these casinos than at casinos that have MGA and UKGC licenses but needing SoW verifications. 

In the past I'd have disagreed but....take casino heroes? For years they'd no UKGC licence but arguably are more trustworthy than some licensed operators. The UKGC have, to my amazement, granted some licences to some operators that surprise me. And this is what's going to happen - people will stick two fingers up to the UKGC and go elsewhere. I can't vouch for Direx as never played but this is going to leave some people who go to some less reputable places without much recourse. 

[pinnit2015]

Will be as brief as possible with this one...

 

Requesting SoW AFTER first deposit is so massively wrong that it doesn't even worth being commented! 

 

Wondering how the relevant regulatory body would rectify and/or justify this crappy requirement in case you decide and go asking them... 

Exactamundo....player protection? Well how about protecting punters who have won with one their licensed operators and who are, for all intents and purposes, holding withdrawals back on the basis of this. They won't do anything. Rather they will refer to some guidelines or what not. 

 

If the UKGC view casinos as Money Laundering high risk (and I don't really believe that - banks?) then come out and say 'before you take a penny, SOW at registration'. As absurd as this is, at least people will know where they stand. 

 

I've read the AML regulations and the UKGC information and I'm still a bit miffed at some of it. 

[cocopop3011]

What is even Media Coverage? Did you even bother asking?

[pinnit2015]

Don’t know what it is but as they’ve not bothering answering the 5 questions I asked them I’ll not hold out for a response.

 

Pfft.

[cocopop3011]

Don’t know what it is but as they’ve not bothering answering the 5 questions I asked them I’ll not hold out for a response.

 

Pfft.

 

Pathetic! Out of the 4 of them I can only figure out what one is, the obvious bank statement. Let us know if you do find out though.

[pinnit2015]

Did you not see the story in the Guardian about how I got a Bonanza bonus? National headline.

 

I know-one of the questions I asked was why they have no explanation of what each is and what they accept. Bank statement but everything else redacted? Can I pick any organisation of my choosing?

 

Also, what basis do they SOW-blanket policy or risk assessed.

 

Companies really need to start engaging their brains.

[pinnit2015]

One more point...I think the certificate of winnings request is because i ticked a box to say that some of my deposits came from winnings from other casinos. Errr...do'oh. That's how it works - win some from Casino A and use it to deposit it in Casino B, for example. What they don't realise that unless you gather all the players information re deposits/withdrawals from all casinos then it makes this a pretty pointless exercise. And also, it verges more on a RG check. Again....what's the de-minimus level you're looking for? 500 quid w/d, 1k? Or just a data dump of everything?

 

Money Laundering is a complex business - hence why Big 4 Accounting Firms hire forensic accountants. Are casino's really equipped to to that with all the information they're requesting? I doubt it.

 

What they should be doing is risk assessing people for their requests - changes in betting patterns, increases in deposits, previously know to authorities etc. Not just blindly SOW'ing people for a tenner deposit. That's pure lazy. 

 

Other thing - deposits come from debit card...bank has their own AML procedure and money goes to casino from bank. Surely there must be some scope of cross collaboration. Where the UKGC get this idea that ML is rife in casinos is beyond me. Withdrawals back to same card, KYC checks, it's not a cash business, clear digital trails etc.

[adeybaby]

i opened a Dunder account and after depositing 2350 to gain the bonuses i then placed bets after 15 minutes of having most of my bets rejected and losing 40p (not a massive amount), I became frustrated and decided to take my money back. however even though they will be putting the money back to the card it was taken from they are demanding i complete a statement of wealth. Why do i need to do this after 1 bad experience?. is this a LEGAL necessity?. what are my rights regarding this?.

 

any and all advice would be greatfully appreciated

[pinnit2015]

Long story short - comes from 4th EU ML Directive. The UKGC have transposed this in terms of their regulations/guidance but so many flaws and issues regarding how casinos are interpreting this.

 

To my knowledge, worst case, if you refuse to comply your money will be held by the casino with a report sent to the NCA (national crime agency) who will then review and, providing you’re not a ML!, release the funds to you. Mental.

 

But... issues over casinos holding your withdrawal to ransom conflicts with licence conditions.

 

If Can’t find the UK relevant info then PM me.

 

That’s absurd. Had you not made the withdrawal they wouldn’t have asked.

[pinnit2015]

Finally a reply. It was shoddy at best. Here’s what a lottery win is

Generally 'media coverage' would be for example of a lottery win however, it's most likely that we just require a copy of your payslips and/or bank statements for this process.

Yes, the lottery winner who plays 9p dead or alive.

 

It's most likely? You either require it or you don't.

 

And/or - again, which one is it? Steady on with the decisiveness. 

 

Quite frankly if i won the lottery I'd probably buy a share in GiG, sack their Head of Legal and draft a proper procedure.

 

And then tap myself into the 1000%  RTP DOA server.

[CasinoMasters]

Casinos really should be more upfront about which information they require. Make it nice and consistent.