Crypto Casinos vs money laundering.

[AmoreJaz]

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

established casinos with license more then likely have their own security department. i don't think they won't have people for this if they are holding large sum of money. there are so many scammers, hackers and other fraudsters. if they will not get ahead of this game, they will be bankrupt in no time. and with kyc requirement, they need to keep this in mind even if some are not strictly implementing this to their players. if there's large amount of money, i am sure, this will create flag on their site. this may call for further investigation if it is not the winnings but deposit of the player

[carlfebz2]

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

Its been earlier stated on terms and conditions specially in most casino platforms this is why whenever they do ask out some verification then automatically tells you had you have done something wrong.

Not all the times though that each of those decisions are precise or right this is why complaints cant really be 100% accurate but most of the times they are really that requiring some verification

and its indeed that they have investigation or monitoring team in regards about possible money laundering.They arent blind and not to notice everything.

[goinmerry]

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

KYC is one of their requirements once they saw an account triggering their system.

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

[Sarah Azhari]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

[traderethereum]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

If the problem is still going to persist, I think they should move to another less restrictive casino, especially when it comes to KYC.
If we spend a little money on gambling, the casino may not pay more attention because they will think that we are average gamblers who just want to play.
Unless we suddenly win a large prize and want to withdraw the winning money, the casino can ask us to do KYC immediately.
Those money launderers will look for places they can use to launder money.

[NewRanger]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

i think there is another solutioj for kyc , remember rich man could pay someone for doing anything. I heard alot rich man save their assets using their office boy name or someone else. Money laundry could do by various strategy, and casino could be one of them. Passing kyc in online could do with our friend name or someone.

[Strongkored]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

Actually there is another thing that makes it difficult to do money laundering at the casino, there is wager requirements, casinos are not like exchanges where after making a deposit without doing any activity you can make a withdrawal, there are obligations that players must fulfill before making withdrawals and when players fulfill these obligations there are two things that can be obtained make the funds increase or decrease even to zero because they lose.
If the Casino has required KYC regardless of the withdrawal then KYC will still be applied even if it is a small value unless it is the first withdrawal but most casinos do not require KYC unless there is something suspicious

[AicecreaME]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

i think there is another solutioj for kyc , remember rich man could pay someone for doing anything. I heard alot rich man save their assets using their office boy name or someone else. Money laundry could do by various strategy, and casino could be one of them. Passing kyc in online could do with our friend name or someone.

This has a probability to happen. If someone is determined to launder money, he will definitely find a way to do so. After all, if they initially have the money to launder, they sure have other resources to find their way out such as paying someone or bribing the platform itself.

Assuming a person is rich enough to launder money and has the power, laundering money will be an easy task. Avoiding taxes is one of the reasons why they do it. Another thing would be non-declaration of money source. Using another identity to put up an account for your funds could be an option. Just like you said, they can easily hire someone to open up an account for them and place all the money there without other people they know of, being suspectful of them. They can also make a ghost account using other people's identity by infiltrating the system or bribing the people working there to manipulate or make an account readily available for them. There are really so many ways to launder money in different platforms if you just have enough means. Which is why the security should be tightened, in general, to determine these kinds of illegal activities. KYC is one thing, and they should probably add other security measures to ensure that the casino is safe and is not tolerating fraudsters. This will be a minus points for those who don't like KYC, but it's becoming more and more needed these days which is why I can't really blame the government for regulation since there are many unusual activities happening in some platforms involving finances.

[TheGreatPython]

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

What I can say about this is that this world that we live in is not perfect. Politicians are the ones that are directing how a community should be, to be organized and make the community to survive, but politicians are one of the most corrupt people on earth. Because banks are following laws and regulations, that does not mean some bank managers and officials, even bank owners not to be corrupt. Most of the fiat money laundered are in banks. But what I will just tell you is that AML and KYC reduce online crime activities, nothing can completely eliminate online criminality.

I think some police are also corrupt so even if we say they caught a money launderer, those police can demand them a good amount of money for them to be released in the cell or they won't be arrested at all. Indeed that the world we are living is not perfect but at least not all are like that. We are thankful that some of them chooses to be good and choose their dignity.

In terms of online casino, I think the ones that will do that are the casinos which are not trusted but casinos that are the top are already earning huge so they won't receive bribes anymore only to allow criminals to launder money on their platform because they are afraid that someone will know this negotiation or the criminals themselves are the ones who will expose them.

[swogerino]

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

What I can say about this is that this world that we live in is not perfect. Politicians are the ones that are directing how a community should be, to be organized and make the community to survive, but politicians are one of the most corrupt people on earth. Because banks are following laws and regulations, that does not mean some bank managers and officials, even bank owners not to be corrupt. Most of the fiat money laundered are in banks. But what I will just tell you is that AML and KYC reduce online crime activities, nothing can completely eliminate online criminality.

I think some police are also corrupt so even if we say they caught a money launderer, those police can demand them a good amount of money for them to be released in the cell or they won't be arrested at all. Indeed that the world we are living is not perfect but at least not all are like that. We are thankful that some of them chooses to be good and choose their dignity.

In terms of online casino, I think the ones that will do that are the casinos which are not trusted but casinos that are the top are already earning huge so they won't receive bribes anymore only to allow criminals to launder money on their platform because they are afraid that someone will know this negotiation or the criminals themselves are the ones who will expose them.

That is the case almost every day in the world where corruption after the pandemic and the war going on is on the rise.Luckily this won't happen in huge trusted online casinos as they make huge amount of money by the gamblers who happen to be whales and who are gambling huge amounts there.These very gamblers are subject to declare their funds where do they come from in the beginning as per the terms and conditions of a lot of trusted casinos online.Certain casinos have even a clause that says that if you are unable to verify your source of the funds we may as well keep them frozen until you do.This is in place to stop any cheater,scammer or money launderer to refrain from using casinos to launder their money.

[Mauser]

This has a probability to happen. If someone is determined to launder money, he will definitely find a way to do so. After all, if they initially have the money to launder, they sure have other resources to find their way out such as paying someone or bribing the platform itself.

Assuming a person is rich enough to launder money and has the power, laundering money will be an easy task. Avoiding taxes is one of the reasons why they do it. Another thing would be non-declaration of money source. Using another identity to put up an account for your funds could be an option. Just like you said, they can easily hire someone to open up an account for them and place all the money there without other people they know of, being suspectful of them. They can also make a ghost account using other people's identity by infiltrating the system or bribing the people working there to manipulate or make an account readily available for them. There are really so many ways to launder money in different platforms if you just have enough means. Which is why the security should be tightened, in general, to determine these kinds of illegal activities. KYC is one thing, and they should probably add other security measures to ensure that the casino is safe and is not tolerating fraudsters. This will be a minus points for those who don't like KYC, but it's becoming more and more needed these days which is why I can't really blame the government for regulation since there are many unusual activities happening in some platforms involving finances.

I am not really experienced when it comes to money laundering, but I know it's a big issue in some countries and it gives a bad feeling to the online gambling industry. That's why it's good if casinos want to be more save and include KYC on their website. With it they are not only protecting themselves but also making seem gambling more trustworthy. Of course KYC is not going to get rid of money laundering, there are too many ways around it. Like you said people will just pay someone else to open an account for them and use their name. I would expect that all the criminals with large amounts are using other people and identities to launder their money. Once you get enough money you want the freedom to use it, having a clean name without any limitations is the main goal. For a casino to prevent that it's very hard. The other way through bribery seems easier preventable. Communications online are so easy to save, even when done through messenger apps. And it's not only the communications that can be found also large sums of money being transferred to employees of the casinos will be a red flag. Once a big bribe scandal comes out the brand name of the casino will be ruined and it becomes very difficult for a casino to not lose all it customers quickly.

[Boristhecat]

But as long as the casino noticed the money is laundered, it would be seized.

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

Blockchain documents everything by default. And regardless of whether the casino knows the client and how important he is to them, if he uses dirty money, they will be blocked, and information from transactions will go to the police. Do you think casino owners are so stupid to risk all their business (and maybe even freedom) for someone to use the "loopholes" in their casino? I am sure that no owner will take such risks, only if the casino was originally created for money laundering, then maybe.

[Slow death]

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

small transactions like 100$ hardly lead to the casino asking for KYC, the criminal money launderers make big deposits because they don't have time to wait too long to launder the dirty money. probably criminals make deposits of something like 20 btc and then make a lot of bets and then lose or win and withdraw everything from the casino and repeat the same process again, and in this sense that casinos start paying attention to the person who made a deposit of 20 BTC and what is his behavior in the game, if he would be betting randomly because he doesn't mind losing or winning and then withdrawing to make it look like the money he has comes from the casino, the casino team takes all of that into consideration. it's just that in this process there are many casinos that are reporting abuse, they close people's accounts because they saw suspicious activity but don't give details of what suspicious activities they are talking about

I don't think it's hard to launder money if the casino belongs to the right people. If you have a lot of money, you will have no problem making several online casinos where no one will make you go through identification. I don't think criminals will risk sending money to third party sites where they can lose it. KYC is probably needed for certain jurisdictions.

but creating an online casino is something difficult and how would the criminal manage to manage the online casino? And if he doesn't have customers, how would he launder money? would justify what if his casino has no customers? as crazy as it sounds, criminals send money to third-party sites, because it's rare cases where they ask for KYC

[Japinat]

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

To be honest with you, if not for the law of the land, that is governments and their regulations, I don't think casinos will care, I personally, If I run a casino, I wouldn't care where the money wagered on my casino is coming from, what's my business with that as long as I am making my profit?

So personally, I think governmental laws and regulations is what has subjected majority of casinos into trying to put up a fight against serving money launders on their casino, outside this, I don't think casino really care.

That's correct. Casinos doesn't really care about that money laundering or if their platform is used for the same reason, it is the authorities who implented the law and put pressures to the casinos to enforce KYC. It is their own way to track the casino's clients and to know if they are laundering some money by using the platform. These casinos are just forced to do so because their license is on the line, that is what I think.

[rahmad2nd]

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

I'm sure it won't work, because the way it works and the logic isn't as simple as you say.
imagine if the amount of money is 1000 times what you say, how long will it take to withdraw it. you can also apply it on some crypto exchanges, if the funds are suspected to be suspicious, then what will happen is that your account will be temporarily frozen.

Money laundering is not something foreign to all of us, there are many cases of money laundering involving large funds.
I'm not sure that online casinos are an option for money laundering, but if land-based casinos are possible, it can happen. and even then on the condition that it will involve many important people to smooth the disbursement.
Basically every online casino or exchange has procedures and regulations that deal with something that goes wrong like one of the examples we are discussing in this thread.

believe me, money laundering is not as easy as we discuss here. because it is an act that is strictly prohibited, contains great risks and criminal sanctions that will await, risking a reputation that has been pioneered.

[smartaction]

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?

As almost every casino has KYC system where kyc is required when someone invests huge money or wins huge amount.  In that case I don't think a crypto casino can be a big cause of money laundering.  Because if someone is doing money laundering there then his identity will be revealed due to KYC so I don't think anyone will choose crypto casino as a money laundering route.

[michellee]

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?

As almost every casino has KYC system where kyc is required when someone invests huge money or wins huge amount.  In that case I don't think a crypto casino can be a big cause of money laundering.  Because if someone is doing money laundering there then his identity will be revealed due to KYC so I don't think anyone will choose crypto casino as a money laundering route.

KYC can prevent money laundering cases, but money launderers are smart enough to move their funds from one place to another and know how much money they can spend in one place. Of course, they are so experienced in money laundering that it can make it difficult for casinos and other places of business to trace the source of that person's funds.

If there are customers who often play at the casino and spend very large sums of money and have a close relationship with the casino owner, it will make it easier for them to launder their money there because the casino owner will not suspect them.

[mindrust]

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?

As almost every casino has KYC system where kyc is required when someone invests huge money or wins huge amount.  In that case I don't think a crypto casino can be a big cause of money laundering.  Because if someone is doing money laundering there then his identity will be revealed due to KYC so I don't think anyone will choose crypto casino as a money laundering route.

That's true but almost every player out there wants to play on a KYC-free casino. These KYC-free casino would become a target for them money launderers.

If a person comes to " KYC-free casino x" with 100 btc, what should the owner of that casino do? Seize the money? Report the guy to the FBI? Deny service? Or just ignore him?

This is a pretty delicate matter. A person with 100btc very well may be a clean dude.

[Plaguedeath]

That's true but almost every player out there wants to play on a KYC-free casino. These KYC-free casino would become a target for them money launderers.

If a person comes to " KYC-free casino x" with 100 btc, what should the owner of that casino do? Seize the money? Report the guy to the FBI? Deny service? Or just ignore him?

This is a pretty delicate matter. A person with 100btc very well may be a clean dude.

If that's happen, most of KYC free casino will terminated his account since there's no rules to ask his KYC to get his personal information. They don't have a rules about multi accounts, they don't have a rules about VPN, so they're really free to accept any gambler who want to play on their casino. If the representative ask the gamblers of his 100 BTC, it would be stupid for them since there's no fraudster who admit if he's a fraudster.

But of course there's will be a suspicious activity that can distinguish between an innocent gambler and a fraudster.

[348Judah]

KYC can prevent money laundering cases, but money launderers are smart enough to move their funds from one place to another and know how much money they can spend in one place.

But on a serious note should every huge transaction be termed for money laundering, this is just a common mentality that when it has to do with huge amount transaction then the AML is involved, is it that easy to scam ànd cart away funds, we have a good number of businessmen making their cool money without being dependent on any bank, exchange or government to save keep their money, they turn the money into assets they can easily convert into money when necessary.

Of course, they are so experienced in money laundering that it can make it difficult for casinos and other places of business to trace the source of that person's funds.

And despite all the KYC and AML investigations were they able to still find out the source to their money? they will rather ended up being bribed and die down the case at the long run, am not against the government agency for performing their role but are they actually accurate with their precision on money laundering?