Crypto Casinos vs money laundering.

[Webetcoins]

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.

Same thing to what I see before. There's this one player who came in the chat and tells everyone that he is a hacker. I think this is somewhat believable since I always saw his name in the daily wagering contest. It can be their way to clean the money that they get from their illegal activities but on top of this is that they can also get lucky and earn more profit.

KYC in casinos are already there even before the issue in money laundering became rampant. It was required for a different reason though it still helps. Other than this, some casinos now have enforced a rule like you need to wager your deposits before you can withdraw it asap. Same goes if you will tip someone else.

[1715467797]

1715467797

[1715467797]

1715467797

[1715467797]

1715467797

[1715467797]

1715467797

[1715467797]

1715467797

[livingfree]

Honestly I'm not a team that works among the gambling industry but considering that casinos have a rules, maybe if there are new users and deposit big funds at one of the trusted sites, it will require KYC.

That's how it will go. If a casino is telling that there's no required KYC but a user suddenly deposits a huge amount, it's really going to happen that they'll ask for KYC because it's part of their rules.

Same with anticipating money laundering, where does the source of funds come from and we also have open sources to trace. But considering there are many casino non KYC and there are many crypto which is able to anonymize the owner too, so it will be difficult to find one.

I'm confused on this. Casinos shouldn't be problematic with the source of funds and they're only verifying the identity of the people so that they'll have it on record for them to send it to their government that required them to do.

That's only a compliance but most likely, they shouldn't really care at all and that's why they're known to be used like this illegally.

[KTChampions]

In principle, I don’t see anything wrong with this, because if the police couldn’t catch the criminal while committing a crime, then there’s nothing to be done, and if he pays taxes, then that’s good.

Imagine if someone stole your car and then the next day showed up on the car market selling it. The police would be like, "Well, we could not catch him while he was stealing your car, and now he is free to sell it at the market." That cannot be right, because legally speaking, you are still the rightful owner of that car.

The same principle applies to money, because money obtained illegally belongs to the original owner(s) and not to criminals.

Your analogy is wrong. When the swindler took possession of the money, there is no longer a choice to catch him or not (if there is, of course, he must be caught), but there is a choice - to pay taxes on this money or not. If he at least pays taxes, it will be better than if he doesn't. What do you think? Or do you live in an ideal world where this simply cannot be because all the scammers are caught?

[Bobrox]

That's how it will go. If a casino is telling that there's no required KYC but a user suddenly deposits a huge amount, it's really going to happen that they'll ask for KYC because it's part of their rules.

All casino site not problem with huge deposit amount and not really prefer pass KYC but actually needed when withdrawing with huge amount need to submit KYC.

I'm confused on this. Casinos shouldn't be problematic with the source of funds and they're only verifying the identity of the people so that they'll have it on record for them to send it to their government that required them to do.
That's only a compliance but most likely, they shouldn't really care at all and that's why they're known to be used like this illegally.

I worried if this cases happened when huge deposit amount and casino gambling site not hidden with costumer privacy by publishing to government, I think find with casino gambling without have submit KYC and problem faced right now with casino is the place for money laundering is not fault. I saw government officials in my country make casino gambling as place for saving their money and try how laundering without detected about money transfer.

[acroman08]

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.

would you mind sharing the high rollers that scammed someone and used it to gamble?

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.

you are asking people to share to the gambling site where the money actually came from? which I think is a huge privacy risk. I think no one will be comfortable sharing where their money came from to a gambling site.

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

No, it is all business to them, if the gambler provided the necessary documents proving that they are actually who they say they are, it is all good for them(at least that is what I think).

[BitcoinPanther]

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.

would you mind sharing the high rollers that scammed someone and used it to gamble?

I believe this is a possibility.  There are news about these on the internet.  You can browse this site : https://www.gamblingnews.com/news/tag/crime

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.

you are asking people to share to the gambling site where the money actually came from? which I think is a huge privacy risk. I think no one will be comfortable sharing where their money came from to a gambling site.

If you happen to be withdrawing a huge amount of money and then the casino suspended it and ask for KYC including proof of fund, you might probably forced to give the details on where your funds coming from.  I think this one depends on how huge is the money on risk.

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

No, it is all business to them, if the gambler provided the necessary documents proving that they are actually who they say they are, it is all good for them(at least that is what I think).

We have the same thought.  I also think crypto casino really doesn't care where the money is coming from except if they are forced to investigate by an unexpected event.

[Lanatsa]

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.

Same thing to what I see before. There's this one player who came in the chat and tells everyone that he is a hacker. I think this is somewhat believable since I always saw his name in the daily wagering contest. It can be their way to clean the money that they get from their illegal activities but on top of this is that they can also get lucky and earn more profit.

KYC in casinos are already there even before the issue in money laundering became rampant. It was required for a different reason though it still helps. Other than this, some casinos now have enforced a rule like you need to wager your deposits before you can withdraw it asap. Same goes if you will tip someone else.

Its odd that a hacker would really go to chatbox and tell that he's a hacker which to consider that whenever someone do make out  some report then it would automatically hold up the withdrawal or block the account directly which would cause for those money or funds to be locked too plus they would be automatically be patching up the system if ever there are some exploits or hacks happen.
So i dont really believe that there's one who would really be saying things about on what he has done.

KYC had been applied due to this money laundering and it is the main reason on why we do have these verification on the first place.Even on our physical banks which these informations
are really that needed.

[coolcoinz]

High rollers who have a lot of money to launder also have enough money to buy a verified account or pay some random dude to make an account in their name and give it to them. I don't think that KYC changes things for the better here. It makes life of average people like us here harder, but it doesn't do anything to those who have millions coming from a scam to launder.
Do casinos want to make money? Sure they do, but most will not risk their license if the player becomes too suspicious.

[Baofeng]

KYC and then you have to bet at least 1x on the amount you deposit, but yeah I do agree that it is not enough to stop someone to mix their tainted cryptos to any casinos. So there is a grey area here, maybe casino's are flag when they see huge deposits coming in, just like in a land base casino, when certain whales comes in play, he got the attention of the manager. And I will speculate though that there could be individuals who get away with it, using casinos, hasn't raise anything and then simply play that wager requirement and then win or lost, withdraw their money. So it will be on the casino's to really be on alert on anything that is suspicious.

[ultrloa]

KYC and then you have to bet at least 1x on the amount you deposit, but yeah I do agree that it is not enough to stop someone to mix their tainted cryptos to any casinos. So there is a grey area here, maybe casino's are flag when they see huge deposits coming in, just like in a land base casino, when certain whales comes in play, he got the attention of the manager. And I will speculate though that there could be individuals who get away with it, using casinos, hasn't raise anything and then simply play that wager requirement and then win or lost, withdraw their money. So it will be on the casino's to really be on alert on anything that is suspicious.

Yeah it somehow not enough, but actually its helpful since people who do illegal actions will get identify if legal authorities start to track the criminals who do such activities. Its added layer of protection against this and for sure the casino also will get alerted if large amount of money has been withdraw frequently on short time span.

[Saisher]

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?

KYS is really not enough to stop money laundering but they are doing their part as a company that is compliant with rules and policies laid out by the authorities, it's not their job to investigate their players, they are casinos where people are depositing money to get entertained and hopefully to make money, they are not online banks, its the job of the authorities to investigate go after these money launderers and scammers, casinos care and has a mechanism to stop money laundering but they can only do so much.

[rhomelmabini]

Do casinos want to make money? Sure they do, but most will not risk their license if the player becomes too suspicious.

Of course they do but is it really a thing for an unlicensed casino to be the safe haven from these money launderers? Is there a top and reputed casino out there that hasn't yet have a license, and if there is then how can they still operate? I often wonder about this stuffs.

[Stalker22]

Your analogy is wrong. When the swindler took possession of the money, there is no longer a choice to catch him or not (if there is, of course, he must be caught), but there is a choice - to pay taxes on this money or not. If he at least pays taxes, it will be better than if he doesn't.

No. I used an analogy to illustrate how the legal system treats money obtained illegally. No matter where you live, I do not believe there are too many differences in this regard. I suggest you do your research or ask some legal counsel if you want to know more. Basically, money associated with illegal activities cannot be used legaly, which is why money laundering has become a profitable activity and anti-money laundering laws have been introduced into the legal system of almost every country in the world. Paying taxes has absolutely nothing to do with this and is not even part of the same legal act.
 

What do you think? Or do you live in an ideal world where this simply cannot be because all the scammers are caught?

I am not talking about the perfect world, but about the legal system that every country governed by law has. Of course, no legal system is perfect, and there are many corrupt politicians and government officials who allow crime to go undetected and unpunished, but that is not the point.

[crzy]

Do casinos want to make money? Sure they do, but most will not risk their license if the player becomes too suspicious.

Of course they do but is it really a thing for an unlicensed casino to be the safe haven from these money launderers? Is there a top and reputed casino out there that hasn't yet have a license, and if there is then how can they still operate? I often wonder about this stuffs.

Having your license is one your edge here in crypto gambling so most probably, many have their own license and that could be the reason why they are implementing KYC to strictly monitor money laundering. Decentralized gambling site are more prone to this but of course, if you are a gambling you won’t play on that kind of site where you can’t see any security. This is the job of the site to protect the platform from any money laundering, KYC can still be a big help.

[kamvreto]

Do casinos want to make money? Sure they do, but most will not risk their license if the player becomes too suspicious.

Of course they do but is it really a thing for an unlicensed casino to be the safe haven from these money launderers? Is there a top and reputed casino out there that hasn't yet have a license, and if there is then how can they still operate? I often wonder about this stuffs.

Having your license is one your edge here in crypto gambling so most probably, many have their own license and that could be the reason why they are implementing KYC to strictly monitor money laundering. Decentralized gambling site are more prone to this but of course, if you are a gambling you won’t play on that kind of site where you can’t see any security. This is the job of the site to protect the platform from any money laundering, KYC can still be a big help.

the implementation of KYC may be a little help to overcome money laundering crimes, but for criminals who do have more flight hours and KYC professionals can be manipulated using fake identities. Those who do money laundering on online gambling sites are very skilled at eliminating their tracks, usually some of the funds will be divided into several online gambling sites. Law enforcement will start tracking the flow of funds in and out.
Owners of professional online gambling site platforms do have to implement a better system so as to avoid laundering and which will also harm them.

[Quidat]

Do casinos want to make money? Sure they do, but most will not risk their license if the player becomes too suspicious.

Of course they do but is it really a thing for an unlicensed casino to be the safe haven from these money launderers? Is there a top and reputed casino out there that hasn't yet have a license, and if there is then how can they still operate? I often wonder about this stuffs.

Having your license is one your edge here in crypto gambling so most probably, many have their own license and that could be the reason why they are implementing KYC to strictly monitor money laundering. Decentralized gambling site are more prone to this but of course, if you are a gambling you won’t play on that kind of site where you can’t see any security. This is the job of the site to protect the platform from any money laundering, KYC can still be a big help.

the implementation of KYC may be a little help to overcome money laundering crimes, but for criminals who do have more flight hours and KYC professionals can be manipulated using fake identities. Those who do money laundering on online gambling sites are very skilled at eliminating their tracks, usually some of the funds will be divided into several online gambling sites. Law enforcement will start tracking the flow of funds in and out.
Owners of professional online gambling site platforms do have to implement a better system so as to avoid laundering and which will also harm them.

There are people who could bypass and there are ones who would be caught and it would be depending on how strict a certain platform is on detecting out to those who are tending to launder money.
Its never been something new to have this kind of set up considering that these business or places are the most common ones where those people could able to wash up those dirty money.
Trying out to detect or trace up those funds would be always a challenge for any platforms out there but since security is really just that common then its up to them on what
are the steps that they would be requiring.

[dothebeats]

I think kyc should not exist for crypto casinos. Everything is already registered on the blockchain. It doesn't matter who does what. The methods of combating black money need to be different. It is important that the money is detected illegally. Because no casino would say no to large sums of money. This is how casinos make money. Your trace is clear in crypto but your identity is not. It is necessary to destroy the source of the fight against illegal money.

Good luck with that. I get what you're saying, but crypto casinos need to be compliant to the laws and regulations where they provide service, otherwise the country can just shut the doors and leave the casino with no customers at all. While casinos are compliant with KYC regulations, I don't think they are proactive with AML regulations, the one that is crucial in preventing money laundering schemes. They will most certainly cooperate only if the authorities requested to do so, and has the legal document to command the casino to comply, otherwise it's business as usual.

[serjent05]

the implementation of KYC may be a little help to overcome money laundering crimes, but for criminals who do have more flight hours and KYC professionals can be manipulated using fake identities. Those who do money laundering on online gambling sites are very skilled at eliminating their tracks, usually some of the funds will be divided into several online gambling sites. Law enforcement will start tracking the flow of funds in and out.
Owners of professional online gambling site platforms do have to implement a better system so as to avoid laundering and which will also harm them.

Indeed, since KYC involves fund or bankroll history.  So basically if the casino investigated an account thoroughly, they might found out gaps and holes that can be used to sanction accounts.  Asking for fund sources is one of the key factors of KYC.  A laundered money will find it hard to produce a  perfect document to prove the legality of the fund unless these people have powerful allies/connections in the authority or financial industry.

[livingfree]

That's how it will go. If a casino is telling that there's no required KYC but a user suddenly deposits a huge amount, it's really going to happen that they'll ask for KYC because it's part of their rules.

All casino site not problem with huge deposit amount and not really prefer pass KYC but actually needed when withdrawing with huge amount need to submit KYC.

They have no problems with it but they're being asked to do it to be compliant to the local regulations for them to keep their operations, that's how it should be and they're just implementing it and passing it on to their customers.

I'm confused on this. Casinos shouldn't be problematic with the source of funds and they're only verifying the identity of the people so that they'll have it on record for them to send it to their government that required them to do.
That's only a compliance but most likely, they shouldn't really care at all and that's why they're known to be used like this illegally.

I worried if this cases happened when huge deposit amount and casino gambling site not hidden with costumer privacy by publishing to government, I think find with casino gambling without have submit KYC and problem faced right now with casino is the place for money laundering is not fault. I saw government officials in my country make casino gambling as place for saving their money and try how laundering without detected about money transfer.

Almost all of them are asking nowadays.

If you can find one then that's good and stay with them. But there are also casinos that even they ask you to do so, they're giving you the experience that you'll want to stay with them.

[kawetsriyanto]

Crypto casinos definitely care about Money Laundering as they are also casinos and are subject to enforce AML & KYC regulations to avoid penalties that can cripple their business. They may not make it too strict so as not to scare away some customers who may be wondering the importance of these details, but they must show a level of compliance to prevent being shut down by the people in charge of ensuring that AML & KYC RULES are enforced.

I doubt if every Casino really cares about money laundering, applying KYC or AML doesn't mean fighting for money laundering. They do this to ensure everyone who comes to the Casinos is the person who fulfills the requirements. For example, someone should be 18+ and not comes from restricted countries. Regarding avoiding money laundering, it surely depends on the Casino itself whether they really have a program to fight this or it is just a side impact on KYC/AML procedure. CMIIW