Could someone tell me what Sof & KYC are please? It sounds like musical direction and fried chicken.
SoF = Source of Funds. i.e., they want to see if your source of funds is legit. Bit awkward if you happen to be dealing drugs or whatever. An excess of cash transactions are a big red flag I gather.
KYC = Know Your Customer. Much the same thing really. "You are gambling, where's that money coming from?"
And there's also AML which = Anti Money Laundering. Again, amounts to much the same thing. But the UKGC are increasingly frowning upon big stake cash games, as they are perfect AML camouflage.
The crazy thing is if you sell action / get staked you would then have to provide their source of income/ statements too in theory, is what I was told last night
You’re right I think, people will end up in underground/ dodgy games and do way more damage than good
Do you think that this will now be it/ the standard for good or it will do full circle down the line
