KYC stands for “Know Your Customer”. It’s a policy that has been introduced by banks all over the world as a way of identifying and verifying the identity of its customers. KYC serves an important purpose by helping to prevent identity theft, financial fraud, money laundry and terrorism funding.
The financial services industry, along with gaming authorities and international banks, are legally bound to carry out KYC procedures.
As a fully licensed company, LottoSpring operates under the strict rules and regulations provided by iGaming authority. That means we are required to follow KYC policy when it comes to receiving and sending money.
We appreciate that being asked to go through KYC verification can be frustrating, but it’s a legal requirement that we cannot ignore.
Having KYC in place serves as a reminder that LottoSpring follows the highest financial and auditing standards, and as such, we are able to keep your money and prizes safe.
It is important that you understand and follow the rules while making a deposit or withdrawing any winnings. Therefore, we have run through them in detail in this article. Please read the following carefully and share anything you think is of relevance with your team.
- We can only accept payments from the named member.
Any transfer (payment/deposit) to LottoSpring can only be made using a payment method which belongs to LottoSpring account holder. This means that neither your friends or your relatives can pay for your LottoSpring membership.
You can find the available methods of payment for your county by logging into your account and clicking on the “Transactions” tab.
Warning: if a deposit is made to your account using a payment method that is not registered in your name, we will be unable to verify your account. Consequently, you will also be unable to withdraw that deposit from your account.
- Any withdrawn money must be to the named member.
Any withdrawals from your LottoSpring account must be to the named account holder. Your first withdrawal will be subject to KYC verification.
- We ask for KYC verification before transferring your winnings.
All LottoSpring player accounts need to be validated with a Photo ID and proof of address for withdrawals to be securely facilitated.
Validating your account is easy – just follow these simple steps:
- scan or photograph all the required documents
- follow the link https://www.lottospring.com/account/verification
- select the type of document that you are submitting
- upload the file
Warning: submitting fake or altered documents will result in your account being suspended and any winnings being forfeited.
The following are three types of documents that you may be asked to submit as part of KYC:
1. A copy of your ID with a clearly visible photo
You can send us a copy of your ID, driving license or passport.
- The document must be government issued.
- The name and date of birth on the document must match with your billing address.
- The expiry date must be visible and cannot be expired.
- Tax documents or student IDs are not allowed.
2. Proof of your address
Any official recurring document, e.g. a bank/credit card statement, utility or phone bill, that is no older than three months can be used as your proof of address.
Please make sure you provide a recurring bill or statement (i.e. monthly) and not a ‘one-time’ bill or statement. Your address must be clearly visible on the document.
The name and address listed on the document must match the name and billing address linked to your player account.
3. Validate your payment method
You may be required to provide a statement (credit card / bank / other method used for payment to LottoSpring) that features your personal and account details. The transaction history is not a must.
This document can not be more than three months old and must match the name and address on your LottoSpring account.
This document is required in order to prove that the payment option you use with LottoSpring actually belongs to the you and is currently valid.
If the payment method you used originally is no longer valid then we will need to update your records with a current payment method and have it validated. All you need to do in this case is to contact customer support for further instructions.
Warning: You cannot use the same documentation as proof of address and proof of payment to LottoSpring.
If you change or lose your payment deposit method
Please contact us via [email protected]. and let us know as soon as possible so that we can update the details on your account.
We only require you to complete KYC verification once. It is worth nothing, however, that KYC policy may require us to ask you to update your documents in the future.
We hope that the above has at least gone some way to clarifying what KYC is and why we require our players to adhere to its guidelines. If you have any further questions, please do not hesitate to contact customer support via [email protected].