Know your customer (KYC) Source of funds checks (SOF)
LV BET have asked me to provide information regarding the source of my funds that I use to bet/gamble with, is this a genuine request?
Yes, this is a genuine request. We may have asked for some additional information about you or the source of your account funding from the LV BET Responsible Gambling Team.
Why do you need this information?
As a fully licensed and regulated UK operator, it is part of our licensing obligation to get a better understanding of the source of gambling funds used on a players account. Also, to ensure that all funds being used to gamble are legitimate. Therefore, from time to time, it is necessary for us to ask our customers to provide evidence to confirm the source(s) of funds being used when certain limits and thresholds are met.
Our request for Source of gaming funds, stems from the 3 main below regulatory requirements:
- LCCP’s - UKGC License Conditions and Codes of Practice
- Proceeds of Crime Act 2002 (POCA)
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Please don’t worry about this, we ask because we operate under a licence provided by the UK Gambling Commission and one of our licence requirements is to pro-actively engage in initial and ongoing due diligence.
If we do ask you to provide source of funds documentation, it is important that you provide evidence that identifies the actual source(s) of funds that you use to bet or play with and that it matches up with and can substantiate the betting activity on your account.
What information should I send?
This information may be in the form of:
- Proof of earnings: Payslip/Director remuneration/Dividends/Pension
- A bank statement/savings account that clearly shows consistent incoming values from an identifiable source
- Other clear evidence that would support “affordability” in relation to your business with us
- A Trust deed clearly showing a consistent entitlement to funds
- Dated proof of an award/payment made to you
How do you use this information?
Is it only LV BET that ask for this information?
No, all betting and gaming operators licensed by the UK Gambling Commission have the same responsibility to conduct Know Your Customer and source of funds checks.
What will happen to my account if I do not provide the requested information?
If you are unable to provide us with the requested information/documentation, restrictions may be added to your account and we may not be able to accept any further business from you. However, we may reconsider this if you are able to provide the requested information in future.
Where can I learn more about a request for source of gambling funds?
You can contact our Responsible Gambling team who are more than happy to provide you with any additional information. Alternatively you can familiarise yourself with the requirements via the Gambling Commission’s website here.
How shall I send you this information?
Firstly, please scan or take a photo of the document with your camera phone or tablet (be sure to include all corners of the document). Then simply visit the “My account” section when you are logged into your account and upload your source of gambling funds evidence/document via the Payment method option.