KYC Know Your Customer

KYC

The Financial Services Authority (FSA) UK defines KYC as “obtaining and using information about a customer over and above the basic identification information.”

“KYC” Know Your customer…. It’s a very frequently used term in gaming industry… as the term suggests its about knowing your customer details other then the general information available.

Its taking a step ahead and finding information through various methods and tools. In gaming industry Its very important to know your customer and to keep a track of details which help u understand the financial details of the transactions made by your player. Its about maintaining , updating and carrying out checks on the information related to the players. financial operations are susceptible to the risks of money laundering and terrorist financing. In order to arrest money

laundering. One of the most important reason for this is to help detect and stop crimes like money laundering happening under pretext of gaming or entertainment.. Especially in gaming industry, there have been many instances where people have used this pure entertainment industry for committing crime of money laundering of a large scale. KYC helps detect and discourage such activities. All the governments through out the world have certain acts and laws which emphasize on KYC and have laid down specific norms for maintaining a detailed database of their customers and transactions.