KYC or
Know Your Client (KYC) is a standard in the investment industry that ensures advisors can verify a client's identity and know their client's investment knowledge and financial profile.
Reference:
https://www.investopedia.com/terms/k/knowyourclient.aspis part of what we agreed when we sign up to play in casinos but lately I've been reading a lot of complaints
about casinos on how they accept their players' KYC, is it possible that they can decline a person's credentials even though he swore that he submit all the right documents and even undergo a video call to establish his identity?
Take note, Casinos will ask or demand a KYC if there's a big winning involved, is this one of their ways to scam their players?
(don't want to make reference to any casino because other casinos could implement this).
Both parties the player and the casino can agree to do a mediation through third-party/parties. but do you think it has bad consequences if the third party proves the player is right in establishing his identity, then the casino's KYC is not reliable?
If the third-party proved that the casino is right but the player swore that he submit all the documents and is willing to do the extra mile to establish his identity, can we conclude that Casino's KYC procedure is different and we have the right to know how and what system they are using to decline our submission because we can be the next to suffer from this Casinos' KYC system?
Is it really just isolated to getting a massive win? because if that's the case then I must say that's a massive scam lmao. Most casinos will ask for KYC upon deposit or withdrawal, not for massive wins, the latter is just barring you from getting your money, and is thus a form of scam (to me personally) even if the KYC went through and allowed you to withdraw your bankroll, cause that's a form of delay they take in order to either recuperate losses they incurred from giving you the win, or just an outright delay to make you forget that you won something considerable.
In any case, KYC shouldn't be questioned, it's a very reliable form of verification to ensure that law enforcements can get a hold of you when shit hits the fan, and it's also a form of customer protection as a company that requires KYC is obliged to work in close relations with their respective government, if things don't go well for you, you can sue them in court and have them pay you for reparations.