Where Will It Go If The Money Comes From Illegal Source

[adpinbr]

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

[Lida93]

Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.

Is it legal for casinos to keep the money?

This discussion is based on a question of our bro seoincorporation

Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?

Let's have an open conversation on this

Isn't it the authority that initiates or makes the call for a suspected account to be investigated for illegality or money laundry?

If it's the authority then it's unarguably that the money during and after investigation will be in the custody of the authority which will now take ownership at the end if investigation shows it's a launderers' account. In as much as the law is concerned in all societies any property gotten through criminal means automatically becomes a property of the state when the offender is found guilty after investigations. So in this case it is going to be so with casinos, the money goes to the authority not the casino, except maybe, there's a certain per cent given out to the casino from the total money based  on MOU between the authority and casino.

I think it's the casino that has a way of determining of possible money laundering. Then they will coordinate to the authorities for the investigation and any other process that needs to be taken. The authorities will also While the casino will request for more documents such as the source of the money, etc. which needed to confirm if the money is from illegal or not.

The casinos could have their way of determining on that but also I think from what you said  both the casinos and the authority can issue the call for investigation. Am convinced that for a casino to be under the regulation of the authority then the authority could make an audit to it's accounts on the movements of money in and out, and certain accounts out of suspicion could be called out for immediately KYC and investigation if there are irregularities to the documents presented by the account owner's. But be it as it may, there is every tendency that all confiscated money by the casino must go to the authority.

[Davidvictorson]

This is a good input but along the line there is something I want to also asked this question to know as well..
Let say for instance, I am from Nigeria and I have account with one of the casino's probably my account was ban for completing kyc and they noticed that since I can't complete it and they money is suspected to as laundering knowing too well that its personal funds, how would their authority knows that the money is not from illegal source or legal source knowing too well I am from another country or jurisdictions. Will they have to contact our authorities?

I do not fully understand your question however if you are asking if the money suspected to be laundered through their casino and an investigation is done and it is discovered that it is indeed laundered money, in this case the authorities would seize the money. That is you have forfeited them. Secondly if there is need to have you arrested your IP address can easily be traced and if they need to bring  you in through international corporations with local security forces for prosecution, they will.

[Yatsan]

They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.

This is what I thought of it as well but for sure not all providers would do the same thing; some will keep it and use it for personal purposes; let's be real. It would be hard for us to traack on the actual process. Eitherway, it would be a hard time if you're one to be suspected of such thing because funds will be held and that your access into gambling sites as well if one is connected with the other. I've never known instaance wherein such thing actually happened.

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

This is what I am concerned of. The idea of them just owning the money which got restricted, is totally unfair. Make it a habit to read the Tos of platforms you are making transactions with. Also, the negative tendency of not being able to defend oneself's betting account and prove legitimacy of the funds.

[moneystery]

the reason they confiscated the money was because of anti-money laundering regulations, so it's not them who will confiscate the money, but the regulator. because actually the casino doesn't care about where the user's money comes from, because what they need is for users to play on their platform, and that's all, they don't want to know where the money comes from. however, they need to know the source of the money because they are bound by regulations, so inevitably they will ask gamblers about it to comply with regulations, and when there is something wrong with it they will report it to the regulator.

[ethereumhunter]

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

Maybe that's right but maybe they also don't reports to the authority if they knows where the funds comes from. They will keeps that for themselves and use it for their own benefits. We don't know and not sure about that unless we asks that to the casino owner so they will gives the right answers. Besides that, even if they found the suspicious funds, they will not tells public and maybe will only tells to the authority about what they got. But if casino obey the rules, they will tells the authority about money laundry happens to their place, and that will makes the authority investigate the source of the funds and with the helps from casino, they can catch those who use casino for money laundry. Maybe if that case is finish, the authority will makes clarifications to public and explain what's they got.

[Saint-loup]

They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.

You are talking about fiat money and duly licensed casinos or you're talking about cryptos and offshore casinos? If you are talking about cryptos, have you eventually some examples of such cases to share with us?  Because this is the first time I've heard of that to be honest. People shouldn't be naive, casinos report such cases only if they are really serious and there are solid proofs about laundering or criminal activities from the suspected accounts. They keep the funds of the accounts for them otherwise.

[Casdinyard]

Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.

Is it legal for casinos to keep the money?

This discussion is based on a question of our bro seoincorporation

Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?

Let's have an open conversation on this

If the government keeps the money you stole from the rich people, does it count as money laundering? or does it count as crime evidence?

The same thing applies here. The fact of the matter is, at least for most fiat casinos, a lot of them wouldn't screen you or ask where your money has went, up to a certain threshold at least, in some casinos it's 10k bucks, but soon as you go over that amount, the casino is legally allowed to background check your ass, and ask you where you got the money, one wrong answer and you're looking at jail time.

As in the case for the money, most casinos who found their users guilty of money laundering are definitely able to confiscate their money against the perpetrator's will, but at the same time it's not like they are allowed to spend it either without court jurisdiction, since that came from crime they are obliged by the law to keep the money as is, with no tampering, as it will be used as part of investigation.

So there's your answer, they get to hostage your money but they don't get to spend it, at the very least.

[AmoreJaz]

They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.

You are talking about fiat money and duly licensed casinos or you're talking about cryptos and offshore casinos? If you are talking about cryptos, have you eventually some examples of such cases to share with us?  Because this is the first time I've heard of that to be honest. People shouldn't be naive, casinos report such cases only if they are really serious and there are solid proofs about laundering or criminal activities from the suspected accounts. They keep the funds of the accounts for them otherwise.

As of now, we haven't heard any story of that sort here. At least coming from the forum gamblers. I believe such situation rarely happens because most casinos don't trigger the investigation unless, there is a complaint and the authorities start digging the account of the suspected person. That's when they will be obliged to submit the info of their player. Otherwise, they won't initiate giving it to authorities.

[Oilacris]

Everything is really that stated on their terms and conditions but there might be instances that not everything being disclosed such as this kind of
situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.

[South Park]

Everything is really that stated on their terms and conditions but there might be instances that not everything being disclosed such as this kind of
situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.

But assuming they kept that amount for themselves, how can you know this was the case? Obviously that would be incorrect and even illegal, but you will have no way to know this is what they did, after all in all the TOS I have read I do not remember ever seeing this even mentioned once, so it is likely many casino owners may see in those confiscated coins as yet another way to get money from their customers, and even if they eventually gave that money to the authorities, those coins may be used for other purposes during that time and allow them to earn extra cash this way.

[Zanab247]

The money will go to authority account because if they keep such illegal money in their account, and the gambler that use the money went to court to sue the casino, it will make the casino owner to lose big money for the case in court.

The money will not be use by the casino owner, and even though they want to use such illegal money, they will think the consequences that will involve when the authority find out that they kept such money without informing them to take action.

But why must gamblers use illegal money to gamble, when they know that is fully stated in their terms and conditions in the casino, and if any gambler fall victim to such act it will be report to the authority to take legal action.

[vs2014]

It is natural that online gambling companies will require KYC to prevent any kind of money laundering and they will take this step to confirm the legitimacy of the funds in your wallet. But i think it's fine not to search for personal information in very small cases..

However, there are some cases where a person may feel like betting anonymously. and this can be risky and illegal depending on the jurisdiction you live in, or the gambling site you visit. Betting anonymously or undercover may violate the law and have potentially serious legal consequences. Even though KYC verification might prove troublesome to a few, it stands as a crucial measure in upholding the honesty and security of online gaming forums, shielding players from the snares of money laundering malpractices

That's true. And due to that reason, it is important to get ready to handle such issues if it happen to you in future and it need to clear from yourself while you are going to deposit a lot of fund in casinos. But I really don't support the fact how casinos keep your money to them when you are fail to prove your source of income or give them the data they asked for. I don't know if there are such kind of rules and regulations given by government or not. But casinos does that and there are many cases already come to light. That's why Its better to join these or select them whom allow you to play without trouble

[Ever-young]

Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.

Is it legal for casinos to keep the money?

This discussion is based on a question of our bro seoincorporation

Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?

Let's have an open conversation on this

In my own opinion, I will keep the money because to have money now is very hard, so anyway the money comes from, I will keep and use it to give to the less privilege or to those I know that needs helps and our government or none of the authorities are helping, I will give to them, I will just make sure I spend the money wisely but not to myself alone, I will make sure others also benefit from it too, I can't take the money to the authorities because they will also take half or might even share it among themselves meanwhile they don't know how the money was gotten from, maybe illegally or legally, they don't care and you want me to give to them, I can't.

[Wapfika]

In my own opinion, I will keep the money because to have money now is very hard, so anyway the money comes from, I will keep and use it to give to the less privilege or to those I know that needs helps and our government or none of the authorities are helping, I will give to them, I will just make sure I spend the money wisely but not to myself alone, I will make sure others also benefit from it too, I can't take the money to the authorities because they will also take half or might even share it among themselves meanwhile they don't know how the money was gotten from, maybe illegally or legally, they don't care and you want me to give to them, I can't.

If is not asking what you will do to the seize money but rather he is asking for an open discussion about what will casino do from the money that seize due to illegal sources in which have different answer depending on how the casino management deal with this kind of money.

Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.

Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.

[Jawhead999]

Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.

Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.

It don't have to be land based casino to comply with the regulation, if digital business can evade from regulation, SBF won't going to jail since FTX is just an online exchange. Sites that support or are illegal niches sometime get questioned by the web hosting, if you can't meet all of their request, they can shutdown your sites.

Well, there's a possibility they can use that money to add their bankroll because all the transactions are off-chain, just like SBF use his customers' money for investment.

[LUCKMCFLY]

In my country there are many apps that are fake, and that become scams, because basically what they can do is that they distribute the money between users and those users then deposit it to a USDT or any crypto account and from there they legalize it , and at that time is when the apps that are scams stop working for people, then that is the way to launder money for some apps that are scams or the so-called robots that are very fashionable, so this is how they They manage to legalize money that may be dirty or illegal, one of the platforms I am talking about is how those that are in some countries and are called TopFilm Global, BTR, Solesbot, are platforms that will be totally scam.

[Juse14]

It is natural that online gambling companies will require KYC to prevent any kind of money laundering and they will take this step to confirm the legitimacy of the funds in your wallet. But i think it's fine not to search for personal information in very small cases..

However, there are some cases where a person may feel like betting anonymously. and this can be risky and illegal depending on the jurisdiction you live in, or the gambling site you visit. Betting anonymously or undercover may violate the law and have potentially serious legal consequences. Even though KYC verification might prove troublesome to a few, it stands as a crucial measure in upholding the honesty and security of online gaming forums, shielding players from the snares of money laundering malpractices

That's true. And due to that reason, it is important to get ready to handle such issues if it happen to you in future and it need to clear from yourself while you are going to deposit a lot of fund in casinos. But I really don't support the fact how casinos keep your money to them when you are fail to prove your source of income or give them the data they asked for. I don't know if there are such kind of rules and regulations given by government or not. But casinos does that and there are many cases already come to light. That's why Its better to join these or select them whom allow you to play without trouble

In playing at a casino, it is always quite essential that one ensures the casino has clear and fair policies on verification and depositing of funds. Many reputable online casinos have Know Your Customer (KYC) procedures that are intended to curb money laundering and other illegal activities but these should be implemented in a way that does not hurt honest players.

As a player, you must also be ready to comply with such verification requirements by submitting the required documents which may include proof of identity plus proof of address and sometimes even proof of source of funds. Being aware of this policy from the casino beforehand can prevent any unpleasant surprises for you.

Another important consideration would be to go through reviews and feedback from other players before selecting a casino. Positive reviews are a hallmark of reputable casinos that talk about smooth verification and withdrawal processes. If you ever encounter any issues, opting for a casino with proactive customer support can go a long way in assisting you.

[Bananington]

Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.

Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.

Casino's are bound by the policies of the government on illegal funds. If a casino demands KYC and they find an amount of money to be illegal they will promptly return it back to the government because they know that holding that amount of money or trying to use it to do business can put them into problems in the future that may threaten their business completely.  Online casinos are now excluded because the laws that are binding to physical casinos are also binding to casinos that run online.

[Agbamoni]

Obviously, the money is going back to the casino it is legal for them to keep it. I know it might sound selfish but the instruction on the privacy and policy or should i say terms and conditions were for users to avoid any trace of illegal activity happening in the platform. And if users failed to comply with them then they will lose their funds while the account will be closed.

Although these days i rarely see a situation where casinos block an account because since the adoption of KYC. It is being easy to access user's database to search any form of criminal record before approving the user.