Have some people used casinos to hide the origin of funds?

[Viscore]

This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.

There are many real issues that need to be reviewed regarding the application of KYC requirements to gambling, because the application of KYC can be exploited by casinos with bad reputations to collect a lot of user data. I think the solution to this problem must be an official site or list from the government that indexes officially registered casino gambling sites following regulatory requirements, so users no longer need to worry about providing KYC data at casinos that have been officially verified by the government.

We have to check the casino's license first. If we trust their license provider, then that's when we can register and trust them. Although the government can regulate a casino, there's still no assurance that our information, which is required during KYC, will not be leaked because there are both compliant and non-compliant casinos. Just like people, there are good and bad ones. However, the good thing is that because they are regulated, the government can easily check them and penalize them if they violate the law unlike those unlicense which are hard to find.

[Maus0728]

If you're asking people here if they've ever done it before, I don't think you'd never have any luck with whatever you're trying to look for because people aren't going to admit whatever they're doing because that's illegal, that's basically how people that have been doing money laundering so admitting so would definitely be a misstep for them, that's how it is OP. I think there's a lot of them but I don't think that there's not a lot of people here in the forum that does it though.

[Furious 7]

This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.

It's true what you said, maybe with some casinos that submit KYC the aim is to avoid things that are not wanted by gamblers and the casino owners themselves. There are also some casinos that don't apply for KYC, but every now and then when a gambler manages to get a big win, usually the casino will apply for KYC or even lock the account. But if the casino applies for KYC, in my opinion it is not wrong, because with KYC it will help us to avoid things that we don't want.

Casinos that submit KYC only for their own profit, in my opinion, is bad behavior, because even though they are already holding gambling, I think it is already quite profitable, with casinos that cheat gamblers by submitting KYC, is it possible that they want bigger profits? I don't know exactly what it is like, but what you say is true, we have to be smart and smart in choosing a casino that we will use. also if the casino applies for KYC and has a good reputation I think don't hesitate to fulfill it because maybe that is one of the things that gamblers should pay attention to.

[Litzki1990]

A government official whose monthly salary is assumed to be five hundred dollars and including government grant bonus should be 700 dollars every month but if his income is 3000 dollars to 4000 dollars every month then the matter will be discussed naturally. In order not to expose these issues of the government official, he tries to hide his extra money in different ways, it can be seen that he spends a part of the extra money in the casino. Everything has good and bad practical aspects. Some people take gambling as fun while there are some gamblers who use their black money for gambling. This kind of phenomenon is seen naturally in every country especially in the countries that have casinos.

[yahoo62278]

With casinos having a playthrough requirement on a deposit usually of a minimal 1x and a max of 5x the deposit, you'd be a fool to try and launder the money through a casino as you are probably going to lose more than you want trying to gamble it. Would probably be easier to use a mixer or pay a middleman somehow if there is someone you can find and trust with your money.

[coin-investor]

Casinos are fully aware of this, so they have it on their terms, and they make it a point to implement KYC on questionable accounts. However, casinos are the riskiest way to hide the origins since you can lose all your funds.
But why use casinos when there are mixers you can use to hide the origins of funds? The purpose of mixers is to anonymize transactions, the one that you're looking to hide the origin of your funds.

[Lida93]

This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.

There are many real issues that need to be reviewed regarding the application of KYC requirements to gambling, because the application of KYC can be exploited by casinos with bad reputations to collect a lot of user data. I think the solution to this problem must be an official site or list from the government that indexes officially registered casino gambling sites following regulatory requirements, so users no longer need to worry about providing KYC data at casinos that have been officially verified by the government.

We have to check the casino's license first. If we trust their license provider, then that's when we can register and trust them. Although the government can regulate a casino, there's still no assurance that our information, which is required during KYC, will not be leaked because there are both compliant and non-compliant casinos. Just like people, there are good and bad ones. However, the good thing is that because they are regulated, the government can easily check them and penalize them if they violate the law unlike those unlicense which are hard to find.

The only good thing about regulated casinos is that the government can easily clamp on them when they go against regulatory operations either on the customers or that with the government, and this makes us somehow safer using them against unlicensed and unregulated casinos. But on that aspect of having the assurance, that our data would never be leaked to the government should they demand for it is very questionable. Just one threat from the State is enough to have our data released to them.
As for people that wants to wash or shuffle money, casinos aren't a place for that, with the heavy regulations and monitoring by the authorities it won't take much before you're found. Casinos are not free as it were decades ago.

[aioc]

That seems like a terrible way to try and conceal where your funds came from. They’re specifically on the lookout and trying to stop stuff like this. However, this is a great way to get your account and funds locked on the site. I’m sure plenty of those complaining about not being able to withdraw their funds are guilty of this…

If I'm going to hide the origins of my funds and make it a transfer point, casinos are my last resort; they have very strict regulations, and I can lose the funds through playing. If it involves a huge amount of money, I will have to prove the origins of the funds if they question my transaction, so why not do it on platforms that specialize in hiding the origins of the funds, and that is a mixing platform?

[Adbitco]

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

Yes but this depends on the casino you are using, although web3 casino's doesn't impose restrictions you can only connect your wallet to make deposit then withdraw directly to same address except you want to make use of btc then you can create account even as that there is no restriction unlike the centralized casinos where you could be asked to pass various kyc level to be able to have access to percentage of money that is being won from their platform.

[Cookdata]

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.

This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).

I think you are saying money laundering and it happens not just in crypto, even in common business that you list expected, it happens there but because of anonymity of crypto, it was becoming harder for law enforcement to track down money laundering on crypto casino and for that reason, mandatory kyc was introduced for any casino that want to license and operate in a particular jurisdiction and they even made it compulsory for players that any fund deposit can't be withdraw from there casino until it meet a requirement of one wager before you will be allowed to withdraw, this way laundering will be difficult because you can lose everything while wagering a single game if care is not taken.

If for some reason people are using centralized exchanges and casino that requires kyc to launder money, they are just ignorant and foolish because you can't wash dirty money through a process that recognized you and the kind of person you are, it's going to lead to problem later or in the future.

[Viscore]

This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.

It's true what you said, maybe with some casinos that submit KYC the aim is to avoid things that are not wanted by gamblers and the casino owners themselves. There are also some casinos that don't apply for KYC, but every now and then when a gambler manages to get a big win, usually the casino will apply for KYC or even lock the account. But if the casino applies for KYC, in my opinion it is not wrong, because with KYC it will help us to avoid things that we don't want.

Casinos that submit KYC only for their own profit, in my opinion, is bad behavior, because even though they are already holding gambling, I think it is already quite profitable, with casinos that cheat gamblers by submitting KYC, is it possible that they want bigger profits? I don't know exactly what it is like, but what you say is true, we have to be smart and smart in choosing a casino that we will use. also if the casino applies for KYC and has a good reputation I think don't hesitate to fulfill it because maybe that is one of the things that gamblers should pay attention to.

There's only one thing that we have to keep in mind: if a casino is regulated, they are automatically mandated to require KYC verification from its users/gamblers. Understanding this, as gamblers, we should be ready to comply with the requirement anytime.

If we think we can win big money on a gambling site, it's wiser to start our KYC process from the very beginning. This way, we will know if we pass or fail, and if we pass, we can gamble peacefully, confident that we can cash out our winnings without a question, unless we are cheating.

[Saint-loup]

Yes I really wonder if it often happened. We know casinos track way more the funds on their platforms since unlike exchanges, winnings come from their hands and not from other customers. Because exchanges just let people place buying and selling orders with their funds while taking a fee on those orders while casinos (unless they are fully decentralized ofc) take bets from customers and play with(against actually) them by betting they will lose more than they will win, thanks to the house edge essentially.

[Yatsan]

Of course, money laundering has been existing for decades and gambling is one way they used to hide their money from authority and taxation. In such way they could avoid big taxes and fines with their money. They will just make it seem to be an amount they won from gambling activities and basically, taxes in such way is smaller than announcing where did they get that money and not to mention thourough investigation on their end which would cause them a bigger trouble.

Casinos are fully aware of this, so they have it on their terms, and they make it a point to implement KYC on questionable accounts. However, casinos are the riskiest way to hide the origins since you can lose all your funds.
But why use casinos when there are mixers you can use to hide the origins of funds? The purpose of mixers is to anonymize transactions, the one that you're looking to hide the origin of your funds.

If it is with web 3 then indeed this would work however, mixers aren't present with web 2 casino platforms and it just happened that not all people still are embracing this innovation. At the end of the day, restrictions preventing money laundering are created with of course instances such thing actually happened.

[Zoomic]

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.

This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).

If you care so much about your privacy, then you should consider sticking to a reputable crypto casino that does not require KYC, where you do not have to bother about your activities and transactions being made public. But with the ways lots of casinos are being regulated this days, it's kind of difficult finding a reputable casino that does not require KYC from it's customers.

Hiding the origin of funds from the casino operators seems more like a money laundering attempt to me and this is a criminal offense. Why would anyone be so concerned about his transactions at the casino being linked to him? I do not know if there are other useful reasons for hiding the origin of funds which I'll be glad to know of if there is any.

[Frankolala]

It was before that this use to happen and because casinos are aware of it, they have made everything about registering on the casino very strict and also they can lock an account of someone that is not use to deposit huge funds when such happens. It will be the worst thing for anyone to do now because is just like keeping your stolen funds with the police.

Mixers are used more for money laundering and if you don't want traces of your transactions coinjoin is the best option.

[Dr.Bitcoin_Strange]

Well, it is only a stolen fund, and a huge one at that, that people can try to reshuffle in order to hide the real origin of that money. I have not had any stolen money that I would want to hide its origin, so I have not done what you are asking, but definitely there are a lot of people who are doing this frequently without being caught. Despite the regulations on exchanges and casinos, not all laundering cases can be caught by the AML agencies. 

[Sandra_hakeem]

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.

I can't even imagine anyone doing something like that... It's stupid and risky to have alot of dirty coins converted into chips, just to convert them back and demand a withdrawal... It's Impossible to withdraw exactly what you deposited; so you'd have to wager atleast on 5 tickets I guess..
Just like you said, the governments are in affiliation with the casinos, checking through every account to avoid all this laundering loopholes.. so, you'd definitely be caught.

This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).

It's actually possible, but how fast can you get away with it without attracting the casino's scrutiny team? How? It's certain that the AML regulations cannot be overlooked, otherwise, the casino will be in trouble with the government.

[tread93]

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.

This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).

Yeah I mean that is one way that folks will do to, they will try to “clean” the money by making huge bets or one good way to do it is betting on both sides hefty wagers say on sports betting so that you have a sure win and also are guaranteed getting your money back and thus cleaning the money. But most folks trying to do this will just go directly to a chip mixer.

[Gozie51]

This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).

But with the way the regulation of crypto related investment is going both exchange and casinos can be requested to keep track of customers traces especially with centralized exchange and casinos. Sure cryptocurrency provides more and reliable security to people's funds and gives freedom to hodl and privacy but a country that regulates her crypto market can easily make traces to a customer through exchanges under their jurisdiction.

[piebeyb]

Well, it is only a stolen fund, and a huge one at that, that people can try to reshuffle in order to hide the real origin of that money. I have not had any stolen money that I would want to hide its origin, so I have not done what you are asking, but definitely there are a lot of people who are doing this frequently without being caught. Despite the regulations on exchanges and casinos, not all laundering cases can be caught by the AML agencies. 

Not a few people use gambling, in fact there are many cases of corruption in my country where they try to turn their money around in gambling to eliminate traces of the origin of their funds, even a lot of money laundering is also done in gambling, you are right that no matter how strict gambling is, not everyone can be caught, there are definitely those who can make money safely in gambling, but I think it is also full of risks in gambling and I don't know how they can make money in gambling whereas gambling nowadays is very strict so it is not that easy for people to launder money and remove traces of its origin. his funds, but bad people will definitely do everything possible to cover up the origin of their funds, not only in gambling, but also in other places.