Crypto Casinos vs money laundering.

[Poker Player]

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

I don't think so. Traditionally casinos, and I mean even physical casinos before the Internet existed, have been used to launder money, both by gamblers and casino owners. Let's think about how important the mafia was in the development of Las Vegas, for example.

Today in crypto casinos, I think it could be used more by the players than by the casinos themselves. After all, they usually have licenses from tax havens, where there are very low taxes, so they can declare everything legitimately and paying very little they have their profits legalized.

As to whether they care about money laundering by players or not, I think they do to some extent, because that is why they are introducing more and more KYC procedures. What is not clear to me is that this is as much in the spirit of collaboration with anti-fraud authorities as it is somehow imposed by international AML procedures.

[Sithara007]

This argument of money laundering is just an excuse to compel the online casinos to implement stricter KYC requirements. And it may look harmless on the outside. But KYC can be misused by both state and non-state players. And it will put people like me in trouble. For example here in India, gambling is 100% illegal (except for the state of Goa). What is the guarantee that the Indian authorities will not use KYC information to harass those individuals who participate in gambling? And also, what is the guarantee that KYC documents won't be stolen and used for identity theft?

[Peanutswar]

If becomes too much anonymous it is a cons to the gambling casino too because if someone looks for the record of the activity of the player and there's no level 1 KYC it is hard for them to give information or feedback, that's why most of the time the large amount wagers most likely have a KYC to make sure there's no abuse happens in the game, but it is quite hard if the gambling casino wont allowed the users to make a withdraw to their funds can become a burden to the player instead enjoying the winnings they took too much suffering in the casinos restriction.

[dothebeats]

This argument of money laundering is just an excuse to compel the online casinos to implement stricter KYC requirements. And it may look harmless on the outside. But KYC can be misused by both state and non-state players. And it will put people like me in trouble. For example here in India, gambling is 100% illegal (except for the state of Goa). What is the guarantee that the Indian authorities will not use KYC information to harass those individuals who participate in gambling? And also, what is the guarantee that KYC documents won't be stolen and used for identity theft?

There are absolutely no guarantees, this is why as much as possible, you try to avoid platforms with strict KYC. The problem is, most casinos not implementing strict KYCs are only good for a couple of months before they close, either because they are a scam site or that they are ordered to do so by the government. Mishandling of KYC documents is also a valid reason to raise, and we don't know anything whether our personal information is already being sold to a third-party or remains safe at the hands of the government. Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

[michellee]

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Each casino gambling site can adapting with  KYC procedure if want fighting with money laundering, but I am little worry when adapting with KYC for all member they not interested for playing on casino have priority with KYC process, I think money laundering not only happen with crypto casino but also many site have chance and ability how laundering money. The same claimed with cryptocurrency is the best way for money laundering but I think fiat have chance with money laundering too.

Some countries illegal with casino website and access trough hidden IP, when adapting with KYC procedure to take risk from money laundering I think have bigger impact with casino website quiet, some gambler hidden document and real data when active on casino gambling exactly with cryptocurrency casino, but if allowed to pass KYC they will left and looking for other casino support without have submit KYC.

Of course, money laundering is bound to happen in many businesses, not just in casinos. But now that crypto casinos are popular, it makes money launderers want to give it a try and I guess they started it a long time ago and were not detected by the casinos or the government. Casinos want to prevent that from happening on their premises and they implement KYC as a precaution. But money launderers are also smart to see loopholes that they can use to continue to launder money.

Those who do money laundering will look for casinos that don't require KYC to help them keep laundering money. And somehow, they can always find a casino that can help them and I think that could be because they have a lot of sources that will tell you that one or two casinos don't need KYC so they can use it.

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Yep, if the Casino really has the intention to fight money laundering, they can apply a strict KYC/AML procedure. But surely this way may impact the less interest of people to join the Casino because they probably feel uncomfortable with a strict KYC/AML. Moreover, there are too many online casinos, and many of them seem not to apply a strict KYC/AML. Although there are some casinos starting to apply this way to fight money laundering seriously, some other casinos may not really care about it. Even if they have KYC/AML, it is only for the formality only or to fulfill their own rules only.

We are still lucky because we have several casinos that do not implement strict KYC/AML so we don't need to verify. Besides, I think if we don't use big money to gamble and never do anything that could make the casino suspicious, we will be safe and well playing in that casino. Maybe the casino will apply the casino randomly and not based on how much money the gambler will use to play gambling and we should be prepared if it applies to us. Maybe we will move to another casino if the casino asks us for KYC because we don't want to do that verification. But some gamblers will be happy to do KYC because they already feel comfortable playing gambling at the casino.

[Docnaster]

This argument of money laundering is just an excuse to compel the online casinos to implement stricter KYC requirements. And it may look harmless on the outside. But KYC can be misused by both state and non-state players. And it will put people like me in trouble. For example here in India, gambling is 100% illegal (except for the state of Goa). What is the guarantee that the Indian authorities will not use KYC information to harass those individuals who participate in gambling? And also, what is the guarantee that KYC documents won't be stolen and used for identity theft?

The argument of kyc because of money laundering doesn't hold water to me personally. Let me come from your angle that gambling is restricted in your country. It is even a greater risk to try and complete KYC with any gambling site. The implications are if you complete kyc, they will eventually understand that you are gambling from a restricted area through the help of VPN or any ip hider. This will make the company to threat you with unfair. If you win big instead of paying you, they may decide to call out the government on you or withhold your winnings at most and you will not have any legal right to act and claim your winning.

There are absolutely no guarantees, this is why as much as possible, you try to avoid platforms with strict KYC. The problem is, most casinos not implementing strict KYCs are only good for a couple of months before they close, either because they are a scam site or that they are ordered to do so by the government. Mishandling of KYC documents is also a valid reason to raise, and we don't know anything whether our personal information is already being sold to a third-party or remains safe at the hands of the government. Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

You are very correct,  when scammers know that people are avoiding kyc, they will use it as a bait to attract people to their scam casino which doesn't last long. When they perfect their plans they will immediately exit the market and return with another domain to continue their scamming. The best practice is to be patient and find a reliable gambling site and stick with them.

Op said that gambling sites should investigate the sources of income of the gamblers. How will that even be possible? Even the kyc won't help because many people complete identity verification with fake or stolen identities.

[$crypto$]

We are still lucky because we have several casinos that do not implement strict KYC/AML so we don't need to verify. Besides, I think if we don't use big money to gamble and never do anything that could make the casino suspicious, we will be safe and well playing in that casino. Maybe the casino will apply the casino randomly and not based on how much money the gambler will use to play gambling and we should be prepared if it applies to us. Maybe we will move to another casino if the casino asks us for KYC because we don't want to do that verification. But some gamblers will be happy to do KYC because they already feel comfortable playing gambling at the casino.

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Obviously some crypto casino users don't want them to verify documents of course they prefer anonymous ones and we are always looking for those casinos, even though some popular casinos don't implement KYC/AML so we still feel it's quite safe to gamble.

[Wexnident]

~

There are absolutely no guarantees, this is why as much as possible, you try to avoid platforms with strict KYC. The problem is, most casinos not implementing strict KYCs are only good for a couple of months before they close, either because they are a scam site or that they are ordered to do so by the government. Mishandling of KYC documents is also a valid reason to raise, and we don't know anything whether our personal information is already being sold to a third-party or remains safe at the hands of the government. Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

In the end, it all circles down to how casinos (or any company in general) should better the system of KYC, to the point where the risks involved wouldn't really matter (I could say to completely remove it, but we all know that ain't going to happen). There really isn't going to be a fix here imo, or to the point where necessary documents for KYC are so strict that even if it was somehow leaked, no risk would be possible.

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Naturally, casinos know that implementation of KYC at registration would shy away most of their users, so they simply set it up so that after a certain point, they'd ask it (especially if you consider how most problems arise from people who gamble a lot, which is understandable imo).

[Mauser]

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

I wouldn't say that money laundering is anything special about the crypto casino community. Money laundering has been a part of the gambling industry for a long time. Already in the 1980s criminals used casinos to cash in illegal money and withdraw legit winnings that can be added to their bank accounts. Even today I see sketchy people sitting in front of the slot machines in our billiard bar all night. Slots are one of the best ways for them to launder money because they payout 95-97% of the money being paid in. And nobody can verify later if your winnings results from being lucky one evening, or from playing a long period of time and adding a lot of cash to the machines. I think that casinos are aware of the issues of money laundering and are trying to stop it. It sheds a bad light on the industry and isn't really needed for casinos to make their money. There are so many recreational gamblers that the casinos would be doing fine if there were no more criminals abusing the casino systems. Unfortunately there are no 100% secure ways to prevent money laundering. Even with KYC people can pay others to gamble with their money to attract less suspicion. 

[|MINER|]

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to  stop it and I also think it plays a great role in the investigation.

[Reatim]

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to  stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

[KTChampions]

~
No suggestions, I just wanted to point out that the following statement of yours is false:

The easiest way to launder money is to make two large bets (or several smaller ones) at different bookmakers on opposite events and go to the tax office with the winning ticket. 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.

You keep writing nonsense. That the police caught someone trying to launder money still counts as "caught in the act," right? Money laundering is also a crime and in an ideal world they are also preventable. You can answer a simple question for me: if the fraudster is not caught, then which option is better: 1.) he paid taxes on his criminal income. 2.) didn't pay taxes? I continue to consider the first case a lesser evil than the second. What do you think?

[AicecreaME]

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?

Actually, it's not really a win-win for the casino just because they generate profit from it. Because once the authorities find out that they are tolerating such illegal activity from their players, the government will eventually come after them that could cost halting of their operations and eventually, loss of profit. It will cost them so much, that is why there are many casinos that are including rule/s about AMLA and doing of mandatory KYC in their terms of service to make the players aware of what they are planning to sign up for.

They don't want dirty money because handling dirty money could mean trouble. After all, they are still a business that needs a go signal to continually operates. They can't bribe the central organizations most especially the government, do they? Unless of course they have strong connections to the higher ups. But if that's not the case, then they better abide the law to avoid possible chaos.

[Beparanf]

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to  stop it and I also think it plays a great role in the investigation.

Yep. They are trying to protect there own business against money laundering that’s why they are collecting data of those suspected user so that they can give it to the authority once they conduct investigation to avoid being accessory to the crime. The casino can actually stop the laundering by freezing the account of the suspected user that doing malicious transactions closed to be categorized as laundering.

[virasisog]

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to  stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

Money launderers will always prefer casinos that won't ask for KYC so they can't keep their identities when betting. KYC is one of the reasons for authorities to track them as well as their transactions so they will definitely choose not to use sites that would ask for KYC. Criminals could easily keep their laundered money and use it to gamble. There were just unlucky gamblers who got caught through their gambling activities but most criminals nowadays already know what to do.

[madnessteat]

~
No suggestions, I just wanted to point out that the following statement of yours is false:

The easiest way to launder money is to make two large bets (or several smaller ones) at different bookmakers on opposite events and go to the tax office with the winning ticket. 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.

You keep writing nonsense. That the police caught someone trying to launder money still counts as "caught in the act," right? Money laundering is also a crime and in an ideal world they are also preventable. You can answer a simple question for me: if the fraudster is not caught, then which option is better: 1.) he paid taxes on his criminal income. 2.) didn't pay taxes? I continue to consider the first case a lesser evil than the second. What do you think?

It seems to me that for the state the first option is more preferable because in this case it receives tax on winnings. But it is not quite clear to me whether it is profitable for the participant of such scheme.

I wonder if in the case of payment of tax on winnings is checked on what means the person played? After all, in the case of verification questions may arise from where the person has such a large amount to play in the casino and whether taxes were paid on this money.

[len01]

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to  stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

you are right. because the money laundering criminal syndicates are smarter to choose which gambling platform they will choose to hide the money laundering proceeds from.
and for KYC problems, almost 90% of gamblers choose crypto online gambling platforms for several reasons including not wanting anyone to know if they like gambling because there are several countries that prohibit gambling. there are some gambling sites that do not require KYC to gamble and they will prefer gambling platforms like that

[Gozie51]

And also, what is the guarantee that KYC documents won't be stolen and used for identity theft?

This is the fear of most people who don't like playing in kyc casinos because the guarantee is not there who needs the information of the client. It is understandable if this fear continues. In the past I have done a kyc for certain project but it ended up a scam and my information was already with them.

Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

For many Kyc is against the anonymous system of no disclosure of identity to third party.

[michellee]

We are still lucky because we have several casinos that do not implement strict KYC/AML so we don't need to verify. Besides, I think if we don't use big money to gamble and never do anything that could make the casino suspicious, we will be safe and well playing in that casino. Maybe the casino will apply the casino randomly and not based on how much money the gambler will use to play gambling and we should be prepared if it applies to us. Maybe we will move to another casino if the casino asks us for KYC because we don't want to do that verification. But some gamblers will be happy to do KYC because they already feel comfortable playing gambling at the casino.

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Obviously some crypto casino users don't want them to verify documents of course they prefer anonymous ones and we are always looking for those casinos, even though some popular casinos don't implement KYC/AML so we still feel it's quite safe to gamble.

As long as we only use small money to gamble, I don't think the casino will suspect our account and let us play and maybe withdraw some of our money. And maybe it won't catch their attention or sound their alarm because of a suspicious transaction or other abuse.

And hey, playing at trusted and popular casinos without doing KYC/AML is good. But maybe we can rarely get it again in the future when government regulations already require every casino to implement KYC.

[Invester]

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

Are we going to ignore that land based casinos are not even asking for its gamblers KYC? There are some casinos that need an ID before people can enter. But that's it, they don't photocopy the ID for for their copy. Most casinos I entered do not require ID. You can easily enter as long as you don't look like a criminal or beggar.