Crypto Casinos vs money laundering.

[mirakal]

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.

That is also possible, however, there might be some few casinos out there who only had that kind of department who seeks justice themselves and commence their own investigation before flagging the authorities. The other case is that they won't exhaust some of their resources for that reason as it will be an expensive move for them and because they knew that it's the duties of the authorities and they are indeed getting paid for that particular role. Just my thought tho.

[1714856037]

1714856037

[Fortify]

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?

It depends how big they are but most of the professional operations that have been around for many years and have threads here are in actual fact very conscious about the risks of money laundering. They do not want it and they do not entertain it, because they can make enough legitimate money that they don't need it around. If they ever get discovered as having had a strategy that encourages or allows it and they are based in any reasonable country then it will eventually catch up to the staff or even owners. Money launderers are much more likely to be hanging around the plentiful mixer operations that exist out there, because that is their very purpose - however else they try to disguise their "service"

[Maestro75]

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.

What about the use of mixers. Will it also tell where the money is coming from? We know that mixers hide this things eventhough there are on the blockchain. So how is anyone going to trace it to its dirty source? Please explain this to me to understand.

[Quidat]

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.

What about the use of mixers. Will it also tell where the money is coming from? We know that mixers hide this things eventhough there are on the blockchain. So how is anyone going to trace it to its dirty source? Please explain this to me to understand.

Blocking isnt 100% to be precise and there's no way that casinos could really trace up on any deposits that they get unless if there are some incidents of hacking then it did really spread up on the news
or something a huge deposit and trying out to check its source then this is where they can possibly make some check because we know that they are regulated which means they are
also been monitored which it isnt really that surprising and not something new for these platforms to have these kind of monitoring.
Money laundering is always been a tied up issues on gambling sites or any platforms that involves big money.

[jossiel]

What about the use of mixers. Will it also tell where the money is coming from? We know that mixers hide this things eventhough there are on the blockchain. So how is anyone going to trace it to its dirty source? Please explain this to me to understand.

They can't distinguish that unless they've got an experiment and did on their own and got the sending address from their receiving address from the experiment through the use of a mixer.

What they can do is to block that address and if that's the only address that the mixer is using to send their mixed coins, they'll detect the source. However, that's not how mixers work and it's an unlikely situation to happen.

[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.

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.

If they have a close relationship with the owner of that casino then it is possible for them to launder money through that platform and since the money launderers are very smart now maybe there are many who own each casino themselves and they launder money through their own casino and in different places.  Millions of dollars are smuggled

[BobK71]

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.

In this respect, KYC certainly the right direction. Anyone can't use the casino to launder as much money as they want. But those who join the casino are usually for the purpose of money laundering. They are thinking about how they can convert that money. That's why many prefer gambling or the casino site that don't require KYC.

[makishart]

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.

With KYC requirements to with draw big amounts of money and im also feeling doubt about that. I meant once you were able sending your money and then you will not able to withdraw it, it will become a problem for you. That's why mostly of hackers were using another tool like mixer or something else. I guess if mixer has played even more compared with the gambling sites. So many parties have no enough proof to prove if their statement was right now. I personally think this must not become a big problem for sure.
The fact that if these days people have so many ways to do that. They were having anon coin as alternative way too.

[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.

In this respect, KYC certainly the right direction. Anyone can't use the casino to launder as much money as they want. But those who join the casino are usually for the purpose of money laundering. They are thinking about how they can convert that money. That's why many prefer gambling or the casino site that don't require KYC.

If someone tries hard to do money laundering then he will definitely succeed because it is normal that the person doing money laundering will have huge amount of money so in today's world many things can be done based on money any money launderer can create his own casino site and  He can control his own casino site as he wants and launder money through that site, but he has to work hard for it.

[michellee]

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.

Maybe the casino will allow large transactions from a gambler but of course, the casino will make sure that the transactions are clean from money laundering. If the gambler is not related to money laundering, they can withdraw the money without going through a vetting process. Undoubtedly, some entrepreneurs can make money from their businesses and use banks that will not bother them with such things. And they can also convert their assets into money when needed.

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?

I think the government can have a hard time finding the source of their money because the money launderers are really good at hiding it. And if some government employees found out about the case, they would certainly be compensated for not speaking out and they could use them for the benefit of the money launderers.

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.

If they have a close relationship with the owner of that casino then it is possible for them to launder money through that platform and since the money launderers are very smart now maybe there are many who own each casino themselves and they launder money through their own casino and in different places.  Millions of dollars are smuggled

Yes, I also thought that the money launderers could set up their own casinos to launder their money easily. They can also get permits from the local government to open casinos and attract government employees to work for them from behind the scenes. This will make it easier for them to launder their money because they already have relationships with government employees to protect their casinos. And other money launderers may also be using the casino to do the same, making even more of a clean government to investigate.

[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.

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.

If they have a close relationship with the owner of that casino then it is possible for them to launder money through that platform and since the money launderers are very smart now maybe there are many who own each casino themselves and they launder money through their own casino and in different places.  Millions of dollars are smuggled

Yes, I also thought that the money launderers could set up their own casinos to launder their money easily. They can also get permits from the local government to open casinos and attract government employees to work for them from behind the scenes. This will make it easier for them to launder their money because they already have relationships with government employees to protect their casinos. And other money launderers may also be using the casino to do the same, making even more of a clean government to investigate.

Money launderers always have a good relationship with various government officials and banks and they also have a good relationship with the government because of which they can launder billions of money out of the country in various ways. If the government does not support them, they are easily caught.  But in countries where crimes like money laundering are committed, the government or powerful people of the ruling party are definitely involved and they give shelter to all the problems.

[yazher]

If someone tries hard to do money laundering then he will definitely succeed because it is normal that the person doing money laundering will have huge amount of money so in today's world many things can be done based on money any money launderer can create his own casino site and  He can control his own casino site as he wants and launder money through that site, but he has to work hard for it.

With money, you can hire some expert to do this stuff easily, and also they can hide the money very well without getting caught. the government already knows this stuff that's why nowadays they are putting heavy regulations on Crypto Casinos as they did in Bitcoin mixers to prevent people from laundering their money and using it for illegal activities as well. With this new idea added to the lists of cops, I'm sure those who do this stuff are considering making a plan B or thinking of another way to hide their actual amount of money.

[Maestro75]

What about the use of mixers. Will it also tell where the money is coming from? We know that mixers hide this things eventhough there are on the blockchain. So how is anyone going to trace it to its dirty source? Please explain this to me to understand.

They can't distinguish that unless they've got an experiment and did on their own and got the sending address from their receiving address from the experiment through the use of a mixer.

What they can do is to block that address and if that's the only address that the mixer is using to send their mixed coins, they'll detect the source. However, that's not how mixers work and it's an unlikely situation to happen.

Therefore it means that even casinos can not stop money laundering because those who want to launder money may have to use mixers, except the amateurs among them. Criminals know how to disguise and can wait a long time to see through their evil plans. Maybe with time government will have to start banning mixers if they find them culpable.

[Gyfts]

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?

Casinos should do no such thing, both ethically nor legally. Having casinos investigate deposit sources is opening a can of worms.

It's the government's responsibility to stop criminal activity, ie money laundering, through the current regulatory infrastructure that already exists. The amount of information that the government already knows about your finances is palpable. It should not require casinos with foreign registration to begin keeping a database of KYC information, who are compelled to hand that information over to the government without any oversight. It certainly shouldn't require the casinos themselves to start opening inquiries, they're not investigators. I'm sure some of the more shady casinos would start to confiscate deposits using excuses related to internal investigations.

Doesn't even begin to cover jurisdiction concerns either. Which country's laws is a casino that's registered offshores required to comply with?

[Japinat]

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.

Of course, technologies to track these money launderers are still improving throughout each year because these guys are also getting smarter each and every year. Experience help them to evolve and evade the new technologies. Other than that, casinos and authorities are already tired in chasing these guys because they knew that money launderers keeps on outsmarting them, they are just patiently waiting for some mistakes that will reveal these guys in what they are doing before making a move.

[jossiel]

What about the use of mixers. Will it also tell where the money is coming from? We know that mixers hide this things eventhough there are on the blockchain. So how is anyone going to trace it to its dirty source? Please explain this to me to understand.

They can't distinguish that unless they've got an experiment and did on their own and got the sending address from their receiving address from the experiment through the use of a mixer.

What they can do is to block that address and if that's the only address that the mixer is using to send their mixed coins, they'll detect the source. However, that's not how mixers work and it's an unlikely situation to happen.

Therefore it means that even casinos can not stop money laundering because those who want to launder money may have to use mixers, except the amateurs among them. Criminals know how to disguise and can wait a long time to see through their evil plans. Maybe with time government will have to start banning mixers if they find them culpable.

But to give the idea, even a normal person and not a criminal wants to use these mixers just for the sake of his privacy.

Yeah, they can't stop money laundering but they can stop it entering into their platform and that's why they're very strict in implementing such policies that includes the kyc.

[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.

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.

Of course, technologies to track these money launderers are still improving throughout each year because these guys are also getting smarter each and every year. Experience help them to evolve and evade the new technologies. Other than that, casinos and authorities are already tired in chasing these guys because they knew that money launderers keeps on outsmarting them, they are just patiently waiting for some mistakes that will reveal these guys in what they are doing before making a move.

Money launderers never wait based on a method.  They launder money in various ways.  And they are constantly getting smarter and coming up with different new ways, so gambling may be a way of money laundering but it doesn't work very well. They use other methods more than gambling sites to launder money

[michellee]

Money launderers always have a good relationship with various government officials and banks and they also have a good relationship with the government because of which they can launder billions of money out of the country in various ways. If the government does not support them, they are easily caught.  But in countries where crimes like money laundering are committed, the government or powerful people of the ruling party are definitely involved and they give shelter to all the problems.

Government officials involved with money launderers will try to pressure them by demanding compensation for covering up their illegal activities. If the money launderers own a casino, they can run it smoothly without fear of other officials. That is why the perpetrators of illegal activities always try to approach officials who can protect them in running their business. The money launderers also know how to please government officials and give all the officials wishes.

Of course, technologies to track these money launderers are still improving throughout each year because these guys are also getting smarter each and every year. Experience help them to evolve and evade the new technologies. Other than that, casinos and authorities are already tired in chasing these guys because they knew that money launderers keeps on outsmarting them, they are just patiently waiting for some mistakes that will reveal these guys in what they are doing before making a move.

Indeed, the technologies to track these money launderers continue to be developed to stop their business operations. However, it still can't stop most of their business because they always get help from people who work in the government. Only by having clean officials willing to work hard to stop it can catch the money launderer. But this is not enough because it requires support from other government parties and unfortunately, many of these officials are in money laundering circles so it is very difficult to catch them.

[SirLancelot]

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.

There are so many ways to launder money, not only in a casino. A wise criminal will find the best way. Those who use a casino are I think have another purpose other than to launder money. Maybe they literally want to play a gambling? To have fun or to possibly increase the money that they deposit.

There are gambling sites which doesn't mandate a KYC and if the site blocks them upon withdrawal asking them to upload their KYC, I think they will use someone else identity. There are so many things that you can do if you have lots of money and you can easily get away with the crimes that you will be doing. This is the power of money.

[carlfebz2]

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.

There are so many ways to launder money, not only in a casino. A wise criminal will find the best way. Those who use a casino are I think have another purpose other than to launder money. Maybe they literally want to play a gambling? To have fun or to possibly increase the money that they deposit.

There are gambling sites which doesn't mandate a KYC and if the site blocks them upon withdrawal asking them to upload their KYC, I think they will use someone else identity. There are so many things that you can do if you have lots of money and you can easily get away with the crimes that you will be doing. This is the power of money.

Cant really deny if we do really talk about having lots of money which you could really almost do everything where you could easily bypass out because you could really able to buy services and documents if you

wanted to and this world is really that highly appreciating and wants money where everything could really be that possible.People are really that just too focused on gambling field when it comes to money laundering

without tending to look into other angle which there are really other ways to launder money.You would really be expecting for government to go in every single one of them which they would
really be dealing up with those platforms or companies which are commonly attached on it.