Crypto Casinos vs money laundering.

[electronicash]

KYC is definitely not enough. It's a security thing yes, but not in the form of immediate action. If the authorities don't exactly do anything e.g., perform a check specifically on that casino, then it wouldn't really matter even if the casino had thousands of KYC details in their system. I mean I think no one is dumb enough to include in their KYC details the fact that they were money laundering. Checking each individual even with KYC would require a ton of manpower and I don't think casinos which is a business would be willing to do so much for the government.

exactly, why would they submit real kyc data if they plan to launder. they'd better be just use cash to launder. i'm not that rich to have tried it but most of the informed crooked rich guys says its easier to launder in cash than in crypto. why should they go all the troubles using crypto casino when there is a safer way.

[TopT3ns]

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering

KYC isn't a 100% prevention tool but at least it gives the authorities impression that these casinos are complying.

But with the existence of KYC, it can provide sufficient information for gambling places to be able to know that the person has money not from money laundering, but this all depends on the policy of the gambling place.

Most casino owners probably do not care who gambles in their platforms but they are bound to obey those who issue them licenses. It's all about business for them at the end of the day so they have a job to balance the interest of players and the regulators.

Usually when a gambling place applies a confirmation such as a cellphone number to ensure that the owner of the account is you, while if someone applies KYC, it is also possible that the gambling place has been monitored by the government and entered the list of gambling places that have operational legality.

[coin-investor]

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?

If casinos are being used and exploited for money laundering then the whole industry is in trouble the AMC will closely monitor the whole industry but until there are no proofs that it is widely used by money launderers, we can only speculate, casinos like Stake.com are very strict on using their platform for a deposit then withdraw only, and with their strict KYC to make sure that people marked by AMC as money launderers and scammers are not using casino platform to launder money.

[Oasisman]

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.

Not gonna happen TBH. This will going to shoo away their customers and potential customers. Most people in the gambling scene doesn't want their identity nor any of their backgrounds to be exposed, let alone checked as part of the KYC.
I we all noticed, with the recent implementations of the KYC, a lot of gamblers complain about these. One thing we don't like about is when we're background  checked financially.

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

Nope, not a single casino give a damn about what's right and what's not, as long as they're compliance align with the law then they're all good. Regardless, of how dirty the money is. It's all business anyway, asking where the money came from is non of their business I guess.

[_act_]

If casinos are being used and exploited for money laundering then the whole industry is in trouble the AMC will closely monitor the whole industry but until there are no proofs that it is widely used by money launderers, we can only speculate, casinos like Stake.com are very strict on using their platform for a deposit then withdraw only, and with their strict KYC to make sure that people marked by AMC as money launderers and scammers are not using casino platform to launder money.

That is just it, what is the essence of strict KYC. KYC alone would be discouraging people to use any KYC sites like casino for money laundering. What I have known about money laundering is that people use legit businesses with it. The money that was laundered would be added with legit business money. This is the reason that it is difficult to track money laundered at times, because rich people which may even be publicly known are laundering the money, but their legit business is hiding it.

[xSkylarx]

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

A criminal that is wanted by the authority won't use his real identity on those crypto casino but instead they would use someone's info to pass the KYC verification. As long as the gambling platform don't detect any malicious activity on the user's account and completed the KYC verification, I don't think they will check deeply the source of its incoming deposits as well as withdrawals. The authorities can't just accuse them of money laundering if their user's database have no criminal records.

[Boristhecat]

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?

You can launder money everywhere and I would not say that the casino is the most convenient place (high taxes and high suspicions). The most effective way to launder money is to buy/open a business (preferably where there is a lot of cash flow). The main thing is that this business should at least have zero profitability - you just have to add a little dirty money to the business income and at the end you will receive completely clean money. Compared to a casino, this is an ideal option, since in business you can regularly make a profit, while a person who regularly wins at a casino is suspicious.

[Oshosondy]

You can launder money everywhere and I would not say that the casino is the most convenient place (high taxes and high suspicions). The most effective way to launder money is to buy/open a business (preferably where there is a lot of cash flow). The main thing is that this business should at least have zero profitability - you just have to add a little dirty money to the business income and at the end you will receive completely clean money. Compared to a casino, this is an ideal option, since in business you can regularly make a profit, while a person who regularly wins at a casino is suspicious.

So goes to terrorism financing too, they require very tedious investigation. Yet terrorism continue to exist, so money laundering continues to exist too. Because a money launderer is using a website, gambling on the website, that does not mean the website would know, even the money launderers are having bank accounts successfully, and successfully using it with money laundering. But it is against one of the ToS of centralized platforms that involves money, if anything like that is noticed, the money would be seized just like I said before.

[makishart]

To be honest casino will not able to determine where the money came from. that's unlike exchange site but in my opinion if i do believe of mostly of money that came from the crime were always going to the mixer rather than casino. I meant this needs more analyzation.
In my opinion the platform will not care about that. Sending money to the platform is also a win and lose decision caused by sometime the account can be banned or frozen and then money that already deposited became useless.

[rhomelmabini]

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

I think yes, unless they don't want to get caught by the AML agencies or something similar that will pursue both the launderers and the casino. I think those who want to launder nowadays will find more convenient in an offline setting compare to the online stuff considering it will just take small effort to track down criminals - Tornado Cash incident to name a few and recent.

Casinos that care are likely those casinos that want to stay in the game for a longer timeframe and has the vision and mission to profit and to entertain their players will really do, just my two cents.

[Darker45]

They probably don't. What they care about is that they make money. But since they are legally registered and licensed from the authorities, they've got no choice but to comply with policies and regulations. They're bound to. Majority are implementing KYC even if this would only discourage certain gamblers. But the implementation is clearly loose in order to keep the money flowing in. But why should the crypto casinos be strict in KYC implementation when brick and mortar casinos don't even require KYC from clients?  

[rahmad2nd]

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

The problem of money laundering is not a recent phenomenon and has always been associated with both land and online gambling, especially those based on crypto which are closely related to money laundering and are no exception for all exchanges.

I believe that the manager or owner of a crypto-based online casino has ways and scenarios related to money laundering. they also have rules and regulations related to money laundering matters, they will quickly identify any suspicious activity.
so, clearly important for them because every licensed casino will comply and follow the rules, so that they avoid the entanglement of legal sanctions that can damage the credibility and good reputation they have.

[_act_]

But why should the crypto casinos be strict in KYC implementation when brick and mortar casinos don't even require KYC from clients?   

From those bricks and mortar casinos, you can know the identity of people that are playing with you, nearly all of them are from where you are residing, unlike online casinos, if no KYC, no identity at all, which means that you are dealing with anonymous person.

[Yogee]

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering

KYC isn't a 100% prevention tool but at least it gives the authorities impression that these casinos are complying.

But with the existence of KYC, it can provide sufficient information for gambling places to be able to know that the person has money not from money laundering, but this all depends on the policy of the gambling place.

KYC verification policy under AML mostly covers name and adrress or contact information. I don't think it gives casinos enough information about whether the user is laundering money or not. Have you experienced a casino asking you about the source of your crypto funds? Do they ask you if you're employed or not? Some regulated centralized exchanges probably does but I've never heard of crypto casinos doing that.

[robelneo]

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.

Scammers are good they have a way to deceive authorities to was their money and casino is one of them but casinos can do so much, they just do what the regulators ask them to do and they will be compliant because of their license and they want to continue to operate, but they will not go to the extend of investigating the source of funds of every client that are playing on their platform, they will just do what they are asked to do if they will do that they will lose valuable VIP that sustains their platform

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

They have their own issue they are balancing everything they have the regulators to please and they have their VIPs that they should not irritate, I don't think they will go to the extent of being investigators.

[Ziskinberg]

....... 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?

Investigating is not their job anymore, they are casinos that are operating for a profit, so if they have gamblers that are not on the list from the authority, they'll gladly allow them to gamble. Some casinos are just using the words "money laundering" just to scam gamblers.

[madnessteat]

~snip~

Currently, there is more than one way to launder money and I think there are safer ways than spending money in a casino waiting until you get lucky and win a large sum. This scheme may work only if the casino owner is not in business with you, but I don't think he is interested to lose his business because of a possible regulatory inspection.

[ethereumhunter]

I think crypto casinos can be a place to launder money from illegal activities because casinos won't know who the gamblers are playing at their casinos unless the casinos implement KYC on their members. But even if the casinos implement KYC, they will surely get past it easily because their network can provide information that will make their account verified. That's why some big casinos immediately implement KYC for their members to prevent this from happening because this can make the casino get punished by the authorities.

[Kakmakr]

Well, KYC requirements can scale to a level where you have to supply the information that shows the source of your gambling deposits. I think Stake has done it in the best way possible... with Level 1 & 2 just covering the basics like email address and ID card etc.. and then at level 3 and 4 .. it requires you to supply the source of your funds.

So for the average gambler, you can just require an email address and ID documents... but when you step up into "highroller" levels, they can ask for "source of funds" information. The organized syndicates can even fake those documents, so nothing is really bulletproof. (You can hire 1000 small time gamblers to launder money for you.. there are loads of unemployed people that are desperate for income) 

[YOSHIE]

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

Crypto casino they know is deposit and withdrawal, furthermore, place bets, they don't care about money laundering or money Corruption, KYC is another story in money laundering mechanism, KYC is for security and avoid suspicion, fraud and multiple accounts in crypto casino sites.

In the money laundering & crypto casino mechanism, users usually carry out money laundering actions by buying crypto from the proceeds of corruption, after which they will 'bet' on crypto casinos as needed on the casino site.

Money laundering mode in crypto casinos for such purposes, in my opinion to avoid kissing law enforcement officials, they can buy crypto and make deposits to casinos without intermediary bank parties, they can do with other methods and keep the funds in crypto casinos for a while before converting them into legal money.

For now, as far as I know the crypto casinos, never know and don't want to know where the money bet by their customers comes from, bottom line: users have money betting done, win they profit, lose they lose, just two options nothing more in crypto casino.