Crypto Casinos vs money laundering.

[Nrcewker]

Let's be honest, money laundering is the best thing that can happen to a casino and there is where most of high rollers comes from. I have seen some rollers in the past that runs some huge scams and then go to the casinos to play with the scammed money and with that justify where they get the money from after hitting some huge wins.

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering, what casinos should do is to investigate the source of the deposits to fight against this illegal activity, but that will not happen because is a win-win game from them.

So, what do you say, does crypto casinos really care about money laundering?

To prevent this , casinos have introduced KYC, and some hate this stating that Bitcoins are for anonymity. So when a casino says to KYC, many Bitcoin holders frown upon it.
Now they also come in front and stands against money laundering. I mean what will now the casinos do.
Casinos are now trying their best to prevent these types of laundering as far as they can. Rest anything can be possible.
Our duty to not break any rules at a casino and play there with honest.

[1714855337]

1714855337

[romero121]

Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.

Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.

[batang_bitcoin]

They're smarter each day because it's their money that's being held if they don't do action.
What they do if they've been already flagged by a casino or any exchange, they'll use other's identity which they can easily buy cheaply. That's why they are unstoppable on what they do. But if they're unlucky and caught, they know what charges they shall face.

Indeed, in fact I receive a call and a text from a launderer earlier today, apparently my friend is a victim and they are pushing him very hard just for them to get more money, scammers are getting smarter now, they know how to use technology and manipulate people as well. Kyc is the best way and one of the way to avoid it but then as what we have said they are getting smarter, now they can now buy personal details from brokers to use in different website and to get some referrals bonus as well.

Sadly, these scammers and launderers have been extending their network and for a website that we sign up, we don't know if the admin of it is selling the database to them.
It's hard to trust these days and you'll get those random calls from these people asking you with anything from the scheme that they're running and would just suck the money out from your pocket. So, it's a combination of launderers and scammers.

[kamvreto]

Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.

Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.

Actually there are many other ways and not just in gambling. Gambling sites are just a cover for easy money laundering. Some scammers who do money laundering pay online gambling site owners to falsify their data and can transact easily.
KYC will not be valid forever, KYC can be manipulated very easily to make it look genuine and make money legal.
Gambling has indeed become a big market, a market that is always visited by people from all over the world by making several bets and using gambling games. contributions to money laundering are not always on online gambling sites. it's just a new loophole and of course it's been monitored by authorized officers.

[decodx]

What I have seen is these online casinos KYC rules are to protect from international money laundering. What about local money laundering? Did any of us here experienced stiff KYC from our local land-based casinos?

Yes. If you are carrying large amounts of cash and get casino chips, the floor staff will ID you. This serves two purposes: it tracks how many chips have been given to each guest, and it protects against any kind of money laundering or other criminal activity. If you are given chips and don’t present a valid ID, the casino will confiscate them. The floor staff also knows most of their high-roller guests by name. So, if you’re going to be playing in a live casino, make sure your ID is up to date and keep it with you.

[traderethereum]

Strict KYC won't stop them from continuing to launder money and I think some casinos might be a place to do that money laundering.
They can easily use someone else's identity to do KYC, and they can even pay someone else to do it on their account.
This makes the task of the regulator even more difficult and they should be able to find a way to find out how to catch the money launderers.

Without gambling sites, money laundering would always exist is what I can say. Money are even easily laundered through the bank with ease.

If gambling sites do not exist, money laundering will search for other businesses and I am sure they will find it easily as they have a way to get it.
If the launder wants to use the bank, they will search for the bank from outside the country and not local banks to stay away from the tracking of the government.

And if their account is suspected of money laundering, they can move to another account and I think they have set up some casinos for money laundering and maybe even have fully verified accounts.

Gambling sites are wise, if you have no money yet on a casino, there would not be a suspect. The suspicion starts from a deposit in a way the money deposited would be seized.

Not just from a deposit but the casino can be suspicious if someone wants to withdraw a big amount of money.
That is why the casino will check every active account of the members to know more.
Maybe KYC is something they will ask their members if their suspicion becomes bigger.

[TopT3ns]

What I have seen is these online casinos KYC rules are to protect from international money laundering. What about local money laundering? Did any of us here experienced stiff KYC from our local land-based casinos?

Yes. If you are carrying large amounts of cash and get casino chips, the floor staff will ID you. This serves two purposes: it tracks how many chips have been given to each guest, and it protects against any kind of money laundering or other criminal activity. If you are given chips and don’t present a valid ID, the casino will confiscate them. The floor staff also knows most of their high-roller guests by name. So, if you’re going to be playing in a live casino, make sure your ID is up to date and keep it with you.

Having staff at the front is very important to maintain the circulation of money in the casino, but you need to know that there are some gambling places that don't need to do that because the developer realizes that the assets owned are the privacy of all customers, this depends on the rules of the gambling place. because in every place is different not necessarily the same. When at a gambling place I prefer not to use large amounts of money because it can be detected by the salso system who has the most and is very dangerous when the developer marks your account and is made to always lose.

[X-ray]

KYC somehow prevent some act of money laundering but money launderer are getting smarter each day creating possible means to work around the KYC that hurdle their laundering activity.

They're smarter each day because it's their money that's being held if they don't do action.
What they do if they've been already flagged by a casino or any exchange, they'll use other's identity which they can easily buy cheaply. That's why they are unstoppable on what they do. But if they're unlucky and caught, they know what charges they shall face.

that means if they were stealing others identity. Using others identity is not so effective. The exchange site or gambling platform need to verify that even further. money laundering has become a very serious problem in the crypto where there are so many criminals are using crypto as a way to avoid the regulators. If you are sending your money to the a platform and that means if you have not owned your money. They need to verify your identity as well.
It's not always easy as you said above. that's so difficult to pass it. day to the day there will be more restriction.

[ethereumhunter]

Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.

Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.

This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.

And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.

[Quidat]

Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.

Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.

This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.

And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.

Any transactions couldnt really be ending up on obvious which is no brainer for those who do launder money but its true that this kind of problem isnt something that could be resolved or wiped immediately but it cant really be avoided not to put up some focus or emphasis on gambling platforms considering that huge money do circulates out on this business which it would be that common
sense that regulators will really be having that strict compliance in regarding with rules and regulations which is to be set into its players or depositors.
This doesnt limit out on gambling industry but also in other businesses as well which these things are just typical ones for government to do so.

[ethereumhunter]

Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.

Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.

This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.

And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.

Any transactions couldnt really be ending up on obvious which is no brainer for those who do launder money but its true that this kind of problem isnt something that could be resolved or wiped immediately but it cant really be avoided not to put up some focus or emphasis on gambling platforms considering that huge money do circulates out on this business which it would be that common
sense that regulators will really be having that strict compliance in regarding with rules and regulations which is to be set into its players or depositors.
This doesnt limit out on gambling industry but also in other businesses as well which these things are just typical ones for government to do so.

It will be difficult to eliminate the money laundering problem because it still happens in other businesses, not just the gambling business. After all, the perpetrators of money laundering have been around for a long time and it is very difficult to find out who the perpetrators are. In addition, the money laundering business is a big business carried out by those who carry out illegal activities and can hide their activities from the government. And we have seen the development of casino crypto, which can grow rapidly in the last few years, making money laundering actors use the casino crypto business. And maybe they have successfully laundered money in a crypto or fiat casino.

[_act_]

It will be difficult to eliminate the money laundering problem because it still happens in other businesses, not just the gambling business. After all, the perpetrators of money laundering have been around for a long time and it is very difficult to find out who the perpetrators are. In addition, the money laundering business is a big business carried out by those who carry out illegal activities and can hide their activities from the government. And we have seen the development of casino crypto, which can grow rapidly in the last few years, making money laundering actors use the casino crypto business. And maybe they have successfully laundered money in a crypto or fiat casino.

Assuming I am well known in my community, I have a good business which everybody see to be legit, and I am well respected, but if I am involved in money laundering, who is going to know? No one. In my country, the politicians that do money laundering are done through a business man that is not even involved into politics. The money laundering are known while traced to the politician directly, not the business man, but in the process of checking what is going on, then the other person which is the business man would be known to be involved. If talking about money laundering, I am surprised that some people are still referring to gambling sites, which supposed not to be because money laundered rẹ in legit businesses.

[Fundamentals Of]

The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.

[swogerino]

Let's be honest, money laundering is the best thing that can happen to a casino and there is where most of high rollers comes from. I have seen some rollers in the past that runs some huge scams and then go to the casinos to play with the scammed money and with that justify where they get the money from after hitting some huge wins.

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering, what casinos should do is to investigate the source of the deposits to fight against this illegal activity, but that will not happen because is a win-win game from them.

So, what do you say, does crypto casinos really care about money laundering?

I agree with you in theory.However because I have been cheated by centralized exchanges like Cex.io I think that the casinos should never do that,the maximum they can do is to ask for documents proving the identity of the person and they have the right to ask for the source of funds but if provided like I did to this exchange and I have still my money frozen shows that is best not to do that.

Beside that even if the casino ask for the source of funds,the scammer may have well mixed the coins in a mixer which makes impossible for normal casino operators to track where the money comes really from.

[Sanitough]

The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.

All they do is just follow the guidelines from the regulators, yes, no more no less because in reality, they don't want to give their clients some problems as losing their clients means losing their profit. That's why money launderers' loves to launder their dirty money in a casino because it's not strict.

[Frankolala]

Casinos are trying their best to stop money laundry that is why there is KYC but this can not prevent money laundry as the big shots are the ones into money laundry and the casinos needs this big shots to play in their casino. So I think its kinda difficult for the casinos, government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino.

[lionheart78]

Casinos are trying their best to stop money laundry that is why there is KYC but this can not prevent money laundry as the big shots are the ones into money laundry and the casinos needs this big shots to play in their casino. So I think its kinda difficult for the casinos, government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino.

I don't think they are trying their best to stop money laundering.  They are not any government institution and they would rather put their funds into marketing to gather players than to spend money tracking down those money launderers.  The best they can do is to implement the required regulation by the government that implements KYC.

Ever heard of any player losing a huge amount of money and have their account blocked?  I haven't heard anyone complaining about that but rather most account block cases are rather winning a huge amount of money and need to undergo KYC.

[Doan9269]

Casinos are trying their best to stop money laundry that is why there is KYC

No amount or kevel of KYC will be able to hold down the misconduct of money laundering by people, if we are to give a closer approach, you'll discover that even the KYC casinos also falls a victim to money laundering themselves, if we consider the rate whereby people were being misled through the demand for KYC then you will believe that by no reason of anything should a centralized exchange got involved in money laundering and yet demanded for KYC.

government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino

There's nothing people cannot abuse, but I don't think money laundering is a common thing found in gambling than in fiat currency and banks

[Oilacris]

The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.

All they do is just follow the guidelines from the regulators, yes, no more no less because in reality, they don't want to give their clients some problems as losing their clients means losing their profit. That's why money launderers' loves to launder their dirty money in a casino because it's not strict.

Not strict or they are just letting others pass and its really just normal for them to do so but its true that they dont really have any choice if regulators would really be imposing those rules which they do

need to follow or else it would really be a huge problem into their business but of course there would really be some exemptions when it comes into this regards.

Money laundering is common and if they've decided to let others pass then they do know the risk once they've being caught thats why it wouldnt really be that rampant
or just simply on rare occasions on some point.

[Rengga Jati]

Money laundering is common and if they've decided to let others pass then they do know the risk once they've being caught thats why it wouldnt really be that rampant
or just simply on rare occasions on some point.

That's right if they still want to run smoothly without any obstacles from the authorized parties, usually, they must follow what is directed by the parties, and of course, we all understand what it is.
Regarding money laundering, for them as long as they get a lot of profit and their business continues to run in a threat, this is like a symbiosis of mutualism. And usually, they will protect each other so it will be very difficult to prove even if we can understand if there is money laundering. Especially if the business of the business is a strong party, never mind, we as the community only understand the situation.