Crypto Casinos vs money laundering.

[jossiel]

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.

It's like the first place that they'll tracked when there's a case.

The government would go back to the casino at the roots of it when a person has done it. And that's why they just have to check it if the user really has done it due to the casino policies and everyone has to comply.

Just as the casino does as well.

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[kawetsriyanto]

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

I disagree about checking the source of funds. It is a private area. How can a crypto casino evaluate and learn someone's source of funds? It violates people's rights. I simply avoid joining the casino if they force me to show my source of funds. It is too much!!!

Are we going to ignore that land based casinos are not even asking for its gamblers KYC? There are some casinos that need an ID before people can enter. But that's it, they don't photocopy the ID for for their copy. Most casinos I entered do not require ID. You can easily enter as long as you don't look like a criminal or beggar.

What casinos you are talking about? Online casinos or physical casinos?
If land-based casinos don't require visitors for KYC, do you think it should be applied to online-based casinos as well?
In my opinion, each casino may have different regulations, we can't expect them to have the same rules about KYC.

[Rigon]

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?

Money laundering is not limited to gambling, meaning that money laundering can take place through various channels.Money in laundering is totally illegal in any country. Only if we can stop this money laundering, we can strengthen the cryptocurrency.Various crypto casinos have KYC systems that are not as strict and prevent money laundering.There are many people who make various projects and scam huge amounts of money, come to the gambling section and gamble and leave with huge amounts of money.Again this is where I think money launders.

[serjent05]

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.

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.
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.

True, money launderers will do everything and use anything within their arsenal of knowledge on bypassing any KYC implemented to stop money laundering.  Actually, I even think that some casino are taking a profit of these money launderers and only blocking accounts that are small-timers but allowing those big-time money launderers.  Besides, it is a Casino profit if a money launderer uses their platform and loses a lot of money.  These fraudulent casino can erase their database or modified them clearing traces of these laundered money.  Besides there are lots of cases where a fraudulent casino plays a huge part in money laundering.

Here areexamples of casino being involved in money laundering.
https://www.bbc.com/news/business-60193954
https://www.bloomberg.com/news/articles/2022-02-28/crown-resorts-sued-for-alleged-anti-money-laundering-breaches

[Invester]

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

I disagree about checking the source of funds. It is a private area. How can a crypto casino evaluate and learn someone's source of funds? It violates people's rights. I simply avoid joining the casino if they force me to show my source of funds. It is too much!!!

Are we going to ignore that land based casinos are not even asking for its gamblers KYC? There are some casinos that need an ID before people can enter. But that's it, they don't photocopy the ID for for their copy. Most casinos I entered do not require ID. You can easily enter as long as you don't look like a criminal or beggar.

What casinos you are talking about? Online casinos or physical casinos?
If land-based casinos don't require visitors for KYC, do you think it should be applied to online-based casinos as well?
In my opinion, each casino may have different regulations, we can't expect them to have the same rules about KYC.

I also accept it that KYC is possibly needed on online casinos in order to help fight money laundering. But for someone to say that casinos should check all its players source of funds is too private and you also said it is too much.

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

[ethereumhunter]

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.

Some people know you are laundering money but they seem not to know and instead let you continue to launder money. And you as the perpetrator, may give something to the people around you under the pretext that it is a gift from you to them. Money laundering cases, if traced, will surely drag a lot of people around the perpetrators and these perpetrators are very smart to hide it from others. I think it is natural that people still refer to gambling sites as money laundering places because that has been the case for a long time and there are many more strategic places that might use to do money laundering.

[fzkto]

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

[Bitinity]

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

They do care imo, proven by the fact that most casino has AML policy although in the reality we do not really how effective is this policy against Money Laundering or how far casino cares about money laundering. However I do believe licensed/regulated casinos cares about money laundering because if they ignore it, it can be something bad for their gambling business.

[yazher]

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

That's why it's really hard to entrust our identity to these platforms because of the risks that we need to consider when we submitted our personal data. When it comes to money laundering, there are lots of reasons why people are doing it and it's really not a good thing when you are accused of doing it while just playing because your personal data has been switched by the casino owners. You gonna spend some days in jail while waiting for your trial which does not really guarantee that you were guilty. This is one of the reasons why it is really hard to take the risk of sending them your data.

[molsewid]

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

They do care imo, proven by the fact that most casino has AML policy although in the reality we do not really how effective is this policy against Money Laundering or how far casino cares about money laundering. However I do believe licensed/regulated casinos cares about money laundering because if they ignore it, it can be something bad for their gambling business.

Yes I agree, casinos also protects their name especially if that would be against the law. Here in my country , government is very strict with AML . Even when you are just withdrawing money if you will be beyond the limit per day , you will receive a call from the bank and you will be one to get red flags, casinos have their own attorney of course and they knew this thing.

[fzkto]

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

That's why it's really hard to entrust our identity to these platforms because of the risks that we need to consider when we submitted our personal data. When it comes to money laundering, there are lots of reasons why people are doing it and it's really not a good thing when you are accused of doing it while just playing because your personal data has been switched by the casino owners. You gonna spend some days in jail while waiting for your trial which does not really guarantee that you were guilty. This is one of the reasons why it is really hard to take the risk of sending them your data.

I think it's dangerous to submit personal data on any internet site at all. Even on verified websites. I don't know how many database leaks there have been at different casinos, but I've had enough of the leak that happened at Binance. By the way I'm more than sure that more exchanges than casinos are involved in money laundering. Casinos are more likely to be suitable for small time scammers.

[Boristhecat]

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

[lionheart78]

I also accept it that KYC is possibly needed on online casinos in order to help fight money laundering. But for someone to say that casinos should check all its players source of funds is too private and you also said it is too much.

It helped but it can easily get bypassed by the money launderer worst case scenario is when a casino is also involved in laundering money and KYC is just for a show. I think the best application of KYC is to combat cheaters and fraudster that exploits the casino via multiple accounting.

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

Physical Casino never asked for KYC as far as I can remember.  They only look for an ID if the person looks like a minor else, if they look like an adult, anyone can enter and play.

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

I don't think so, casino is ideal for money laundering, there are legal Casinos that were charged of being accomplished of money laundering.  You can check @serjent05's reply giving an example of casino that was charged with money laundering.  I also think it is the best place besides exchanges to wash the history of cryptocurrency.

[Oilacris]

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.

I agree into that symbiosis of mutualism which is totally that on point and since this is business then it would be understandable that there would really be those kind of exemption but of course on a

controlled manner on which government or regulators wont notice it out.Its impossible that they would really be that too strict when it comes to that since they do know on the possible benefit.
As users which we are the ones who are mainly been affected on this one then it would be understandable that there would be some verification specially into those
people who do make out huge deposits.

[Boristhecat]

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

I don't think so, casino is ideal for money laundering, there are legal Casinos that were charged of being accomplished of money laundering.  You can check @serjent05's reply giving an example of casino that was charged with money laundering.  I also think it is the best place besides exchanges to wash the history of cryptocurrency.

I looked at his examples, but why do you consider them good cases if in the end those who laundered the money were caught? And as for his examples regarding the fact that the casino is defrauding petty money launderers ... is that also good? It seems to me that all this suggests that the casino is a very dangerous place for money laundering. And tell me, which position looks better "I have a lot of money because I win it at the casino" or "I have a lot of money because I'm in business" or even "I have a lot of money because I'm a popular streamer"? I think the casino option looks the worst.

[Daltonik]

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

[Cling18]

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos, there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

Many gamblers might hate KYC but if they will only know its positive impact on their security as well as the protection of the casino against money laundering, they will appreciate its importance. Launderers are using casino sites as an escape from their crime so casinos are also trying to be careful.

[LUCKMCFLY]

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos, there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

Many gamblers might hate KYC but if they will only know its positive impact on their security as well as the protection of the casino against money laundering, they will appreciate its importance. Launderers are using casino sites as an escape from their crime so casinos are also trying to be careful.

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

[Jawhead999]

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

Actually no one force you to play on new casinos why we need to play on new casinos when we already know the trusted and reputable casinos that operated until now? it's similar like centralized exchanges. I didn't want to touch any new casinos even though they have an interesting promotion or high bonus because any sites can offer to good to be true, but only few sites are reputable and don't lying to their customers.

I still stick with my old casinos and I never regret with my decision until now.

[mdzahed134]

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

I disagree about checking the source of funds. It is a private area. How can a crypto casino evaluate and learn someone's source of funds? It violates people's rights. I simply avoid joining the casino if they force me to show my source of funds. It is too much!!!

Are we going to ignore that land based casinos are not even asking for its gamblers KYC? There are some casinos that need an ID before people can enter. But that's it, they don't photocopy the ID for for their copy. Most casinos I entered do not require ID. You can easily enter as long as you don't look like a criminal or beggar.

What casinos you are talking about? Online casinos or physical casinos?
If land-based casinos don't require visitors for KYC, do you think it should be applied to online-based casinos as well?
In my opinion, each casino may have different regulations, we can't expect them to have the same rules about KYC.

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

I have no experienced in physical casinos, but i heard from my a few friends who's played physical casinos, where if you want to bet with big amount of money then casino teams will ask KYC & others documents. So, it’s depend on the countries, local physical casinos is also strict in my country.