Crypto Casinos vs money laundering.

[erep]

Smarter now, those who perform criminal act are also aware of changes around, even crypto casinos are making changes
in terms of securities, but criminals are adjusting to that change as well.

They understand the risk, so instead of withdrawing or depositing amount which can create suspicions
they will do it in a such way that there's nothing or like just a normal transaction to avoid gaining
attentions.

They also understand the latest changes in regulations to avoid attention from money laundering and they are looking for weaknesses to be exploited to deposit some money for withdrawal to bank accounts from other people's identities, so it is very difficult to identify the main perpetrators of money laundering activities on gambling platforms even though there are requirements KYC but the team can only freeze assets but never find the main identity of the account owner.

[1714876385]

1714876385

[1714876385]

1714876385

[1714876385]

1714876385

[1714876385]

1714876385

[1714876385]

1714876385

[1714876385]

1714876385

[BobK71]

Smarter now, those who perform criminal act are also aware of changes around, even crypto casinos are making changes
in terms of securities, but criminals are adjusting to that change as well.

They understand the risk, so instead of withdrawing or depositing amount which can create suspicions
they will do it in a such way that there's nothing or like just a normal transaction to avoid gaining
attentions.

They also understand the latest changes in regulations to avoid attention from money laundering and they are looking for weaknesses to be exploited to deposit some money for withdrawal to bank accounts from other people's identities, so it is very difficult to identify the main perpetrators of money laundering activities on gambling platforms even though there are requirements KYC but the team can only freeze assets but never find the main identity of the account owner.

Those involved in money laundering are always looking for new avenues. Nowadays, a very easy way to do this is through gambling sites. But gambling sites are also very careful in this regard. KYC is made mandatory by many gambling sites. Also, if money laundering money is kept on gambling sites, freezing it is also a good initiative, I think that will discourage such criminals from depositing there. They must enter their KYC to withdraw the freezing amount. But some gambling sites are flexible in this regard for their profit which should never ‍acceptable.

[Poker Player]

Those involved in money laundering are always looking for new avenues. Nowadays, a very easy way to do this is through gambling sites. But gambling sites are also very careful in this regard. KYC is made mandatory by many gambling sites. Also, if money laundering money is kept on gambling sites, freezing it is also a good initiative, I think that will discourage such criminals from depositing there. They must enter their KYC to withdraw the freezing amount.

You left out one thing: wagering requirements. If a casino wants to avoid money laundering it is very easy with the wagering requirements that we can see in many ToS. That way no one will try to launder money with the casino because it will be too expensive.

But some gambling sites are flexible in this regard for their profit which should never ‍acceptable.

In this you are not right, what money do casinos make without KYC and wagering requirements? Whoever wants to lose track of his money only has to deposit and without wagering anything, withdraw. Deposits go to one address and the withdrawal comes from another address of the casino where the inputs are consolidated and which have no relation to the other. In fact, if the withdrawal is ordered shortly after the deposit, the deposited funds are still in the first direction without moving, thus losing track for an outside observer, and if you do not bet anything, the house does not win anything.

The reasons why a casino may not require KYC or wagering requirements in my opinion are twofold: the first is ideological and the second is to try to attract customers, who do not necessarily want to launder money but who want to gamble in the few remaining casinos without KYC.

[Pamadar]

Smarter now, those who perform criminal act are also aware of changes around, even crypto casinos are making changes
in terms of securities, but criminals are adjusting to that change as well.

They understand the risk, so instead of withdrawing or depositing amount which can create suspicions
they will do it in a such way that there's nothing or like just a normal transaction to avoid gaining
attentions.

They also understand the latest changes in regulations to avoid attention from money laundering and they are looking for weaknesses to be exploited to deposit some money for withdrawal to bank accounts from other people's identities, so it is very difficult to identify the main perpetrators of money laundering activities on gambling platforms even though there are requirements KYC but the team can only freeze assets but never find the main identity of the account owner.

Those involved in money laundering are always looking for new avenues. Nowadays, a very easy way to do this is through gambling sites. But gambling sites are also very careful in this regard. KYC is made mandatory by many gambling sites. Also, if money laundering money is kept on gambling sites, freezing it is also a good initiative, I think that will discourage such criminals from depositing there. They must enter their KYC to withdraw the freezing amount. But some gambling sites are flexible in this regard for their profit which should never ‍acceptable.

Yes, there are still alternatives which criminals are taking advantage, I like those site who freeze account so those who will try to use
this channel to launder money will be hesitant to proceed.

Nowadays, there are many gambling site who are asking for KYC, those who can't
provide will stop sending their money and will try to find other alternatives.

[Unsoldier]

Criminals may well launder money through casinos. To do this, they need to negotiate with the management of the gambling platform. It is risky, but money laundering through online casinos is a common way for those who are engaged in illegal activities. The management of gambling platforms receives a good income from such shady activities.

[Solosanz]

Criminals may well launder money through casinos. To do this, they need to negotiate with the management of the gambling platform. It is risky, but money laundering through online casinos is a common way for those who are engaged in illegal activities. The management of gambling platforms receives a good income from such shady activities.

Lol, can you name with casino has done that in this forum? it's hilarious how you can have thought like that.

The reason why centralized casinos has a money laundering rules is to avoid future problem, blockchain analysis can track where the transaction goes on since public blockchain can be visible to everyone. Also the other reason why the casino ask KYC is to make them know who's control the account and if the money is used for laundering, it can help the police to catch the criminals.

Build a casino is already profitable if you have decent gamblers, they don't need to help criminals to laundering dirty coins.

[jostorres]

Criminals may well launder money through casinos. To do this, they need to negotiate with the management of the gambling platform. It is risky, but money laundering through online casinos is a common way for those who are engaged in illegal activities. The management of gambling platforms receives a good income from such shady activities.

They need to negotiate if that casino requires a KYC. It's indeed risky not only for the side of the launderer because what if the casino fake them and they will agree but the launderer didn't know that they will be reported to the authorities later on? It's also risky for the side of the casino because what if the launderer get busted out somewhere?

Authorities will let them confess if who is their partner and the launder will say that name of that casino. A gambling business is already profitable so if I were them I won't risk their reputation for some extra money. Helping a criminal is also bad but they must only help to prevent this kind of act.

[EarnOnVictor]

Smarter now, those who perform criminal act are also aware of changes around, even crypto casinos are making changes
in terms of securities, but criminals are adjusting to that change as well.

They understand the risk, so instead of withdrawing or depositing amount which can create suspicions
they will do it in a such way that there's nothing or like just a normal transaction to avoid gaining
attentions.

They also understand the latest changes in regulations to avoid attention from money laundering and they are looking for weaknesses to be exploited to deposit some money for withdrawal to bank accounts from other people's identities, so it is very difficult to identify the main perpetrators of money laundering activities on gambling platforms even though there are requirements KYC but the team can only freeze assets but never find the main identity of the account owner.

Those involved in money laundering are always looking for new avenues. Nowadays, a very easy way to do this is through gambling sites. But gambling sites are also very careful in this regard. KYC is made mandatory by many gambling sites. Also, if money laundering money is kept on gambling sites, freezing it is also a good initiative, I think that will discourage such criminals from depositing there. They must enter their KYC to withdraw the freezing amount. But some gambling sites are flexible in this regard for their profit which should never ‍acceptable.

You guys are overrating the integrity of gambling sites, how many of them have that integrity? One thing I want you to know today is that most gambling sites are just making sure they take the KYC of their customers for personal gains, or to have excuses for blocking accounts, not that they are really serious about it. And perhaps, some would do that so that people would think they are serious and more legit, but it is a lie.

Regardless, as cryptocurrency is concerned, if they would truly fight money laundry, the only important thing for them to do is to process withdrawals back to the originating address. Don't be surprised that these companies are complacent in money laundering themselves.

[swogerino]

Criminals may well launder money through casinos. To do this, they need to negotiate with the management of the gambling platform. It is risky, but money laundering through online casinos is a common way for those who are engaged in illegal activities. The management of gambling platforms receives a good income from such shady activities.

I think money laundering if done is done through mixers more than is done in casinos although people may use casinos for small amounts which really is not considered money laundering.The casinos may serve a good purpose in making your coins anonymous as you can deposit to them through a wallet and receive money in a brand new wallet that you create and the tx id is different because the money is coming from a wallet of that casino,that is the maximum people can use casinos but criminals to launder money through them I find it hard to believe.

[ethereumhunter]

Criminals may well launder money through casinos. To do this, they need to negotiate with the management of the gambling platform. It is risky, but money laundering through online casinos is a common way for those who are engaged in illegal activities. The management of gambling platforms receives a good income from such shady activities.

They don't need to negotiate with platform management because they can do it directly in many casinos. Or they have a casino that has become their favorite place to launder their money at the casino so they can easily play gambling and launder their money without any investigation. And yes, the casinos do get a good income from this activity and this is probably why there are a lot of casinos out there that are still able to stay in business. It is not easy to find money launderers or even casinos that protect this activity, so the regulators need to work hard to find them.

[Sandra_hakeem]

We have alot of peeps that are basically into money laundering as you've said but, nobody really gives a f*** about where these guys get their money From; to some point, it's not even seen as something very important to follow up on serious investigations before they could let them place their bets....
AFAIK, they could just get an alliance with a certain casino, just to ensure thier safety during this illegal monetary services, So I'd say No. Casinos could sometimes be an avenue to launder 'em cash. I won't really attest that on every casino as some are really strict and would quickly go against any form of fraudulence.

Sandra 💇

[Mr. Magkaisa]

Couldn't agree more, money laundering is just their way to get their money clean from all the illegal activities they did behind the curtains, mostly, there is a big organization that we couldn't even imagine behind these things and those kinds of people you've mentioned are all connected and part of the big organization, if not, they are just under their payroll especially these high ranking police officers and government officials.

  - To all those who commented here in the thread section, you said that this is the exact reason why there is money laundering. this is accurate and correct for my understanding as well, only big syndicates or organizations can do such things in real life.

And the sad thing is that it cannot be denied that there are some government officials with high positions involved in this matter because of are corrupt politicians. This happens in different countries and as far as I know, there are others who have been caught in that kind of thing. The others avoid a large percentage of the tax because they engage in money laundering even though they know it is illegal, they still do it.

[Boristhecat]

I think money laundering if done is done through mixers more than is done in casinos although people may use casinos for small amounts which really is not considered money laundering.The casinos may serve a good purpose in making your coins anonymous as you can deposit to them through a wallet and receive money in a brand new wallet that you create and the tx id is different because the money is coming from a wallet of that casino,that is the maximum people can use casinos but criminals to launder money through them I find it hard to believe.

I think that the real money laundering is to ensure that the right person gets their hands on a completely legal fiat. "Winning" from the casino is still gray money, since you have to declare it and pay taxes (different conditions in different countries), so it seems to me that those who launder amounts of money at least a little more than small ones use other schemes.

[Slow death]

Smarter now, those who perform criminal act are also aware of changes around, even crypto casinos are making changes
in terms of securities, but criminals are adjusting to that change as well.

They understand the risk, so instead of withdrawing or depositing amount which can create suspicions
they will do it in a such way that there's nothing or like just a normal transaction to avoid gaining
attentions.

I wonder why some thief who steals a lot of bitcoins would want to risk depositing bitcoin in a casino to launder money when he can just use many mixer sites? it makes no sense, imagine that the scammers steal 20 BTC if he used a casino he would risk doing KYC and it would also take a long time for him to withdraw the bitcoin not to mention that it would no longer be 20 BTC because he would have to play in the casino and without a doubt who would lose a lot playing, so there is no advantage for thieves to use casinos to launder money, at least that is my opinion

Couldn't agree more, money laundering is just their way to get their money clean from all the illegal activities they did behind the curtains, mostly, there is a big organization that we couldn't even imagine behind these things and those kinds of people you've mentioned are all connected and part of the big organization, if not, they are just under their payroll especially these high ranking police officers and government officials.

  - To all those who commented here in the thread section, you said that this is the exact reason why there is money laundering. this is accurate and correct for my understanding as well, only big syndicates or organizations can do such things in real life.

And the sad thing is that it cannot be denied that there are some government officials with high positions involved in this matter because of are corrupt politicians. This happens in different countries and as far as I know, there are others who have been caught in that kind of thing. The others avoid a large percentage of the tax because they engage in money laundering even though they know it is illegal, they still do it.

governments and politicians do not use casinos to launder money, they create companies to launder money, they create hotels and build tourist facilities to launder money, the big criminals in the drug underworld build luxury hotels to launder money money, they bribe governments to facilitate the documentation of the construction of companies and hotels and facilitate the whole money laundering process, if a criminal wants to launder money, maybe he will create a physical casino, but an online casino would be very limited for a large criminal laundering money

We have alot of peeps that are basically into money laundering as you've said but, nobody really gives a f*** about where these guys get their money From; to some point, it's not even seen as something very important to follow up on serious investigations before they could let them place their bets....
AFAIK, they could just get an alliance with a certain casino, just to ensure thier safety during this illegal monetary services, So I'd say No. Casinos could sometimes be an avenue to launder 'em cash. I won't really attest that on every casino as some are really strict and would quickly go against any form of fraudulence.

Sandra 💇

the guys who launder money most of the time and money that comes from drugs, then there is the money that comes from corruption, in African or even Arab countries that steal a lot from their people, they take the money from corruption and build these hotels of luxury that we see in these countries and many companies are built, these companies are not profitable, the money from drugs and corruption is injected into these companies and it looks like the company and the hotel are making a profit, when this is not true

[ajochems]

We should not encourage the money laundering at any circumstances. Because all the money involved in money laundering is our money indirectly. Either it was the money of corrupted politician. So if you encourage by the name of casino, you are adding additional money to them directly or indirectly. Kindly avoid such things, because we had enough opportunities to earn money in good way. The politicians using the casino as the tool to convert the money to crypto currency and then back to their wallet.

[LUCKMCFLY]

I think money laundering if done is done through mixers more than is done in casinos although people may use casinos for small amounts which really is not considered money laundering.The casinos may serve a good purpose in making your coins anonymous as you can deposit to them through a wallet and receive money in a brand new wallet that you create and the tx id is different because the money is coming from a wallet of that casino,that is the maximum people can use casinos but criminals to launder money through them I find it hard to believe.

I think that the real money laundering is to ensure that the right person gets their hands on a completely legal fiat. "Winning" from the casino is still gray money, since you have to declare it and pay taxes (different conditions in different countries), so it seems to me that those who launder amounts of money at least a little more than small ones use other schemes.

Well, I think we know something, that those who launder money the most like governments for nothing in the world do it through a casino, because it is simply very risky, they have other methods, but yes, it may be that some who are very new resort to casinos, but I don't see it as easy, casinos now have many regulatory agents, and those regulatory agents achieve them thanks to the authentication of their licenses, those same licenses that in many threads of new casinos we as players demand for our " security" thing that for me is not a guarantee, I think that if money is laundered, the least they use now is casinos.

[QueenVera]

because is a win-win game from them.

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

Casinos don't really make this rules by themselves but rather some regulatory bodies and also the gambling board  a d this casinos only follow instructions given to them by this Bodies.
There is this prove of income verification going on with stake.com and I think this also another way to help comb this criminal activities and ensure customers safety.
We are in a society were everyone wants extreme privacy and most times, people shy away from casinos that seek or require KYC before registration or after deposit and this tends to want to keep their customers, hence making them break some rules or taking some drastic actions.
I suggest that a strict KYC should be implemented in casinos without compromise because this will go a very long way to reduce money laundering in casinos.

[Cryptomultiplier]

I don't think the casino will look into it. Unless the authorities had already given them the ultimatum. If the user submitted the required KYC and the coins are clean, business goes on. The casinos themselves are often laundering by mixing the money with thier profit, I suspect the streamers hired to do the marketing for them are somehow involved without them knowing.

Well, you may be right or on the line, unless there is a solid proof or evidence to buttress your suspicion on these actions of money laundering from a casino. If you wouldn't go through this stress, so also will the casino not even bother looking into the source of a customers cash for deposits. They really don't care and can't exhaust resources on all players/users who join to participate. It is a win-win for them in all sense. Unless a certain player/user has been flagged by security agencies to be looked into, only then I do think a casino can go through the stress of investigating further for money laundering. I however doubt they can do much besides providing data of the users playing history and transaction claims on winnings and loss.

[roslinpl]

Money laundering became a virus to many of the developing nations as compared to  developed nations. Because developing countries are large in size mostly and economic spread over large period. So most of the economy was not accountable, their the corruption was occur is large scale. So the developing countries economies involved in Money laundering and more crypto currency casino will be origin in this place. Money laundering will make you fool by the politicians and politicians should not use the money laundering for the people resources should be used on the wrong way of the responsibility.

[dothebeats]

Money laundering became a virus to many of the developing nations as compared to  developed nations. Because developing countries are large in size mostly and economic spread over large period. So most of the economy was not accountable,their the corruption was occur is large scale.So the developing countries economies involved in Money laundering and more crypto currency casino will be origin in this place.

I think there isn't a disparity, both are still equally involved. It's just that it's easier to launder money if you're coming from a developed nation compared to a developing one as most of the requirements wouldn't be that demanding and that people will not really bat an eye if you move x amount of money from one place to another. I think if gambling platforms, authorities, and law enforcements would just be as efficient and effective in catching money launderers, the statistics will show that both are always equally engaged in money laundering, it's just that the amount would (surely) differ.