ID & Source Of Funds Information
In conjunction with the entire regulated sector including building societies, banks, estate agents, casinos, etc, for all commercial transactions we have a legal obligation to show that money being spent is legitimate. Therefore we need to know the source of any funds and may need to ask for further background information, this is a legal requirement.
UK Regulations Require:
UK Regulations require that all transactions, either buy-in or cash out that are equivalent to 2,000 Euros or more, require positive identification and must be evidenced with valid Government issued photographic identification.
Acceptable forms of ID include Passport, National identity card, Photo driving licence, etc.
All cash transactions above £5,000 must have evidence of source of funds. Acceptable evidence of funds will depend on the level of transaction.
Suitable information could be evidence of:
- Family money,
- Gift from parents / partner,
- Business and occupation,
- Sale of assets,
- Income statements,
- Property lettings,
The evidence has to be of a level to justify the level of the transaction, i.e. to demonstrate the customer has personal funds able to support the level of expenditure. It also has to follow through. E.g. if it is a gift from parents, there has to be evidence that the parents can justify the gift, e.g. they may have an appropriate job or company.
All information will be handled in strict confidence, in compliance with the Data Protection Act and requirements of the Gambling Commission.