So many changes have occurred within the gambling sector over the last ten to fifteen years, especially with the formation of the UK Gambling Commission (UKGC). We have seen a strict tightening of regulations and an introduction of licences for gambling sites.

These changes have led to many online casino’s having to close, but those who remain have seen significant amendments to their sites. Not only have terms and conditions become more straightforward, to ensure the player can make the right decisions when they register and use the site. There have also been alterations to aspects of the sites such as any images advertising bonuses. Now the casino has to display the wagering multiplier and any significant terms and conditions on the images. They must also remove any games which can be seen to entice children, and demo games are no longer available to just anyone; you must have registered on the site to gain access to them.

Now you may already know about all of this because it has been written about so much. But are you aware of source of wealth checks on online casino sites? Because it is the small background changes such as these which can impact you the most, even though you’ve heard very little about them.

We’re here to explain what a source of wealth check is, why they were introduced and what documents are needed to fulfil the requirement. Most players are aware of ‘Know Your Customer’ (KYC), but not source of wealth otherwise known as source of funds, even though it has equal impact on your ability to gamble.

What is a Source of Wealth Check?

online gambling source of wealth checks

Source of wealth is the process used by the gambling site, to establish that the player has sufficient funds to cover the amounts they have wagered. It is also used to ensure that the money is actually there’s and that they are not living beyond their means. These checks are now mandatory as part of the UKGC’s regulations and as such all sites will conduct them in a stringent manner; in the fear that failure to comply could lead to a huge fine and the site losing their gambling licence.

Even though you game regularly on casino sites, you may never have been asked for a source of wealth check or even heard of it. This is because the trigger for the check is dependent on your wagering patterns; how much did you bet with previously and has this significantly changed?

Let’s look at an example of what may trigger a check, before explaining why they happen. Say you would normally wager £10 every day, but you decide to start depositing and betting with £100 a day instead; this could trigger an audit from the site. This is because it is an irregular pattern and much more than you have been able to afford previously. Because of this the site has a responsibility to check you have the funds available, before allowing you to continue gambling. High rollers tend to be the type of player who will trigger these checks, mainly because their wagering amounts can vary and sometimes it can be over a £1,000 in a single session.

Checks may also be required if a player registers on a new site and makes a big initial deposit. As we have mentioned above, it will purely be to ensure that the new customer has the funds available to make such a wager.

Why Do Gambling Sites Conduct Identity Checks?

There are a couple of reasons why the UKGC introduced the source of fund check. The main one is so that no money from any proceeds of crime such as drugs or sex trafficking, is laundered through an online casino or betting site. Money laundering is a renowned issue within the gambling industry, whether it’s online or in a land-based casino. Now because of the KYC identification checks and source of wealth checks, the money credited to the account can be traced back to a specific person. If there is any concern of the monies coming from illegal sources, then appropriate action can be taken against that person.

The second reason revolves around protecting vulnerable people who are too young and impressionable to play, or whom may have a gambling addiction they cannot control. The source of funds check will confirm whether the player can afford the amounts they are betting and that the money hasn’t been sourced via credit cards or loans. This was the reason the UK Gambling Commission was established in the first place, and it will ensure that players realise they can only wager with amounts they can pay for.

What Documents are Needed to confirm My Identity During Source of Fund Checks?

New rules can always be a frustration for players, especially when they require the gathering of paperwork. For many players there is the added annoyance of their winnings being withheld, until they provide the documents requested.

But in fairness, as we have mentioned above, all of the new rules are there to protect us whilst determining that the money is from a legitimate source.

The source of wealth check is mainly there to show that the money belongs to the player, by clarifying where it has come from. It cannot come from another person, unless you can show that it is a gift. Also, it cannot be a redundancy payment, loan or credit, nor can it be from a business or funded by an illegal source.

Source of fund checks will be ad hoc and as such you will only need to provide any documents when requested by the casino. Most sites have an online portal where you can upload the identification. The type of paperwork that is required will completely depend on where the money has originated from. Any documents provided need to substantiate how you got the money, but they can include;

Source of Wealth Documents

  • A recent bank or savings account statement which details your salary payments. The gambling site will be looking for consistent incomings from a trustworthy source.
  • A recent credit card statement with your name on, which details your incomings and outgoings.
  • Information relating to your job role, including your salary – This is known as proof of earnings and can include a contract of employment, a recent payslip, director remunerations, dividend payment or pensions.
  • The site may request a financial statement which displays a recent deposit into your gambling account. This is used to confirm that you in fact own the related account that triggered the source of wealth request.
  • Details of an inheritance such as a will.
  • Sale of property, for example a contract of the sale.
  • E-wallet details with your name, account number and any payments made in or out.
  • Winnings from lottery/betting or casino, either from a bank statement or a certificate of the win.
  • Dated evidence of a payment made to you, such as a gift.
  • Evidence of a sale of shares, such as a share certificate.
  • Other clear evidence showing affordability.

source of funds check listWe have already mentioned it above, but the fact that a failure to adequately check someone’s documents can lead to a loss of the UKGC licence, you will find that most betting sites are pretty strict with their processes. Also, a fine from the UKGC is not only costly to the business, but reputationally it looks bad to other customers. Both penalties can be detrimental to the survival of an online betting site, as such they will request a number of documents to ensure that compliance has been conducted. It is understandable that having to supply a myriad of paperwork can be an annoyance to any player, but the site asks for the information for a reason.

Details concerning the source of funds process will be within the terms and conditions, including a generic list of documents the site will demand.

What Happens with your Source of Wealth Documents?

As we have already mentioned, you will be asked to upload the documents to the site. They will be kept confidential and secure because most sites will have a high standard of data protection encryption software.

If your documents are kept for third party audits conducted by government bodies such as the UKGC, then you should find that information within the terms and conditions, or they will inform you when they make the request. If you are uncomfortable with the prospect, then make sure you ask the site about their processes before you register.

If You Choose Not to Provide Any Documents

When the source of wealth check is triggered, you will normally find that your gaming account will be locked. This will not change until the process is complete and the casino is satisfied. The documents you are required to supply will vary depending on the complexity of where the money is sourced, for example if it is simply your wages, then a payslip and bank statement is normally adequate enough.

There are two types of verification that maybe requested, firstly identity documents such as a passport or driving licence. Secondly the source of funds paperwork as listed above. You will probably have been asked for identification when you registered with the casino, as this is part of the ‘Know Your Customer’ (KYC) checks.

If you make the decision not to give the site any documents, or they do not feel that what you have provided will fulfil the source of wealth regulations, then your account can be closed. As you can imagine this has incensed a number of players who feel they have provided what has been requested and yet their account has still been removed. If this happens then they will return your initial deposit, but you will lose your winnings and any subsequent deposits made.

It is important that you thoroughly read any emails sent to you from the casino site, because most have a time limit on how long you can take to send them the verification documents. Again, should you not comply then your account can be closed.

Best Casinos for Player Verification

The difficulty is making sure that you have chosen a trustworthy casino, so that if a source of funds check occurs, you can be happy in the knowledge that they will fulfil the process fairly and honestly.

These are our preferred source of wealth casino site options.

Summary of Source of Wealth Checks on Online Casino Sites

The fact that there have been so many regulation changes over recent years, it has become increasingly difficult for both players and casinos to keep up. Yes, there are valid reasons to introduce these types of checks, but they have caused immense exasperation for many online gamblers. Whether it is because they’re having to provide the documents in the first place, their account has been locked and they cannot remove winnings and play, or because the casino claims they have not fulfilled the check.

If you find yourself in the latter situation and the site has kept your account locked or closed it after you sent in your documents, then we would recommend that you contact the UK Gambling Commission. Because they regulate the gambling sites, they will have a better chance of determining if there has been an unwarranted action and can explore that with the casino.

Most players are surprised by the fact there is even a source of wealth check in the first place. So, if you do trigger this process, then we hope this information has provided you with everything you need to know.