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

[vs2014]

It's not as fun as it used to be and now there are so many rules and regulations to follow that gambling in peace is not possible. As gambling is banned in my country so i want to gamble secretly. So kyc is a big barrier so it is better if there is no requirement to use kyc in crypto market. But in the past almost all gambling platforms were independent and you could gamble as much as you wanted without kyc hassles. Now many platforms make trouble when you win big money and give withdrawal.

[Agbamoni]

It's not as fun as it used to be and now there are so many rules and regulations to follow that gambling in peace is not possible. As gambling is banned in my country so i want to gamble secretly. So kyc is a big barrier so it is better if there is no requirement to use kyc in crypto market. But in the past almost all gambling platforms were independent and you could gamble as much as you wanted without kyc hassles. Now many platforms make trouble when you win big money and give withdrawal.

Even those that think gambling for fun is an option there are no remedy to it. In these days it is you are gambling for money or you're not gambling at all. In some casino when you have gamble and make lots of money there are some restrictions that you will be having in your betting or funding account.

You can't be able to gamble in some casino without passing through KYC and if your successful in it just know that there are some restrictions you will be eligible to

[darkangel11]

There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds,

Is that bad?
The governments are conditioning people to believe that making money hard to trace is a crime. That you're doing something wrong by staying anonymous.
The truth is, the act of stealing money, scamming people is a crime. Moving that money around anonymously is not. We all have the right to protect our wealth. To hide what we have if that's what we decide.
I'm sure some scammers use casinos to hide their profit, but many people just want to stay anonymous. How many scammers are there in a population? Maybe it's 1% maybe 2% but we are all having our rights taken away because of that small group.

[Orpichukwu]

You can't be able to gamble in some casino without passing through KYC and if your successful in it just know that there are some restrictions you will be eligible to

Restrictions like withdrawal limits and being ineligible for some kind of bonus offer make anyone who is afraid of KYC not even make an attempt at gambling in a KYC-enabled casino, as you never can predict when you will make a big win or anything that might trigger the casino to ask for KYC verification documents when the person might least expect it, which if found to be playing in a restricted country, will result in the account being suspended and funds confiscated.

[Fortify]

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).

These laws existed in pretty much every developed and stable countries long before cryptocurrency came along - you can look back at how poker rooms were shut down in America before 2009 because they were unlicensed. People using crypto were "under the radar" for a while or living in more of a grey zone buffer that was hard to track. Now you'll see that most money flows through exchanges and those exchanges are providing information to the regulators. Of course anywhere you have large amounts of money flowing through, you'll find criminals who want to wash their dirty money and physical casinos were notorious for this. However unless these criminals are getting paid in cryptocurrency it's not as easy as traditional money laundering.

[Silberman]

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).

It is obvious those kind of things have happened on the past and are they are the very reason why exchanges and casinos are being forced to be way more forceful on the application of KYC policies, however criminals are very smart, so I have no doubts that even now they are using casinos and exchanges in this way without attracting too much attention to themselves, so they are not caught and they can avoid to have to answer questions about the origin of their funds.

[hedgeh0g]

I have no evidence, but I think that such casinos definitely exist, maybe they were even invented for this purpose from the very beginning. The Internet is full of stories in which not the best people do such things. I hope there are organizations that understand this and prevent these illegal actions, although at the same time I understand that this is not very easy to do. Also, the process may be hampered by the fact that one of the regulatory authorities may be corrupt. In short, I wanted this phenomenon not to happen at all, but in real life this happens. At least we should know the names of some of them so that we can stop playing there immediately.

Actually, it's not hard to launder funds in a casino if it's not coming from an online transaction. For online transactions, there's a trace, and an investigation can easily be done. However, criminals are smart too; they know how to not get caught with their illegal activities. Nowadays, not all casinos require KYC, so if you have $1 million that you want to launder, you can spread it across different casinos, maybe 50 to 100 casinos, and that wouldn't be noticed since it was just a small amount when spread at that numbers.

Of course, it’s terrible that such things still happen and a clear, strong, logical system has not been invented that would allow us to get rid of this. I personally play in casinos with KYC, because I have nothing to hide and I have nothing to beat, but at the same time, I understand that there are players who also have honest money, but they value their privacy and do not want to upload their documents once again, which also has logic and meaning. But such players must understand that at the same level there are those who also do not upload their documents deliberately in order to hide the origin of their money.

[swogerino]

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

[Coin_trader]

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 is false, the moment you deposit funds on centralized services such as casino and exchange will automatically gives you the risk of exposing your identity since the authority can request for your account records because each wallet address is unique to each user that gives us the distinction of wallet ownership.

Mixer is the only way to hide the source of funds if user just want privacy. Centralized services is already prone to revealing your identity due to AML policy imposed to this services by their license provider.

[l3pox]

short term answer for the OP question is: yes, probably yes.
these are probably some quite cool and interesting stories

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

I haven't heard this before but makes a lot of sense, not hard to see it happening, for sure

[Don Pedro Dinero]

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

Do they give you an invoice only for what you withdraw and not for what you deposit? I mean, I go in, I cash in $10,000 in chips, I bet (and lose) $1,000 and they give me an invoice as if I won $9,000? I don't buy it. If they give you an invoice they have to give it to you for all the money movement, for the net. Although I have never asked for an invoice in casinos, but there is something wrong with the story.

[dansus021]

Have some people used casinos to hide the origin of funds? This is not a nowadays cases but hide money on casino is regular case it happen like many times.

Casino involved with big money and thats really is lets say you win a slot game or lottery based games that involves ton of money heck gambling it self is game involving with money.

This might the reason why there is program Anti Money Laundry and Know Your costumer to prevent case like this happen

[iv4n]

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

Nice story. I guess this shows that people who wish to launder money will find a way to do it, KYC & AML will not stop them. Maybe this can slow them down, but nowadays it's easy to bypass these rules... especially for people from the other side of the law.

Casinos have always been used for money laundering, but I don't think we should be fooled about this, after all, most money is laundered through various companies, phantom companies, and of course, it all goes through banks.

[redsun114]

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.

As he said, casinos and exchanges before are not strict enough than compared to now. What they were doing before was only a business and there is nothing that is personal involved. I think they also know these tactics before and they just let those people do their thing because it makes their service in demand and that means more income from them.

However, this is a great way to get your account and funds locked on the site.

But if only they knew it and were scared of it, I don't think they would ever commit such an act. And besides, there are still crypto mixing sites that they can use to safely end the link of their coins.

I’m sure plenty of those complaining about not being able to withdraw their funds are guilty of this…

That is for sure, right after the beginning of AML and KYC policies. There are still other reasons on why someone can have their funds locked by the casino or exchange and one of it is they might be doing some exploits.

[Antotena]

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'm not sure there is much casino left that are not KYC free and even with that, the ones that may not ask for KYC are not daft to allow you use their Casino to clean dirty money, they are not mixers that will want to associate with any taint Bitcoin because mixed balance of output will only jeopardize their remaining balance and it will definitely be investigated. For that, they will definitely ask you to gamble atleast a game before you make the withdrawal out successfully.

A sensible person wouldn't try this except if you have some kind of connection with the casino that you are known as a business associate in crime where they allow you play but the game wouldn't be fair, they favour you so that you can win and allowed to withdraw or you are stuck in there system. If you don't understand gambling or an expert, you will lose that money right before your eyes because you don't know the next outcome of the game you will be playing.

[nimogsm]

It's not as fun as it used to be and now there are so many rules and regulations to follow that gambling in peace is not possible. As gambling is banned in my country so i want to gamble secretly. So kyc is a big barrier so it is better if there is no requirement to use kyc in crypto market. But in the past almost all gambling platforms were independent and you could gamble as much as you wanted without kyc hassles. Now many platforms make trouble when you win big money and give withdrawal.

this is why there is a market for fake documents and it is thriving (not a call to action) I often see in chats an offer to purchase a complete package of documents for an exchange or any other site where this is required. And this is risky and there are more disadvantages from this since the funds may be are blocked or the real owner of the documents will take his account back, so if registration is prohibited in some region, then you should not break the law.

[l3pox]

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

Nice story. I guess this shows that people who wish to launder money will find a way to do it, KYC & AML will not stop them. Maybe this can slow them down, but nowadays it's easy to bypass these rules... especially for people from the other side of the law.

Casinos have always been used for money laundering, but I don't think we should be fooled about this, after all, most money is laundered through various companies, phantom companies, and of course, it all goes through banks.

casinos will end up being a bit more covered than mixers
people can use them as mixers but since they have a different "raison de etre" they can get less coverage
I wonder if there was ever a big operation regarding online casinos and money laundering

[Porfirii]

-snip-

Or just use a mixer or conjoin for it. This is the best but I prefer conjoin which is not centralized like others.

-snip- So yes people still do it through casinos since they already did long ago like this story.

Nice story. I guess this shows that people who wish to launder money will find a way to do it, KYC & AML will not stop them. Maybe this can slow them down, but nowadays it's easy to bypass these rules... especially for people from the other side of the law.

Casinos have always been used for money laundering, but I don't think we should be fooled about this, after all, most money is laundered through various companies, phantom companies, and of course, it all goes through banks.

I would like to link these two (three) posts because I find it interesting that 1) most money laundering goes through banks as iv4n said, so I imagine that criminals know how to do these things with traditional methods and they don't really need to innovate with new methods online or with crypto, and 2) as long as every time you deposit your coins in a centralised casino you are relying on a third party anyway, what's the deal in using them to hide the origin of funds? Perhaps some people use/used casinos that way, but it doesn't seem to be the most suitable method.

[Hispo]

Pretty sure it is not so common as it used to be before Bitcoin and the cryptocurrency ecosystem was taken seriously by banks and hedge funds. Back in the day, when KYC did not apply as severely on exchanges as it does today. Still, today it is possible to hide to some degree the origins of one's money, but it is more difficult and it is not worth it, as it could be translated on our funds being frozen/seized and never returned to us. I would not even be surprised if someone who tried to mix their money using an exchange got stopped at some local airport and questioned about several things.
The tendency is clear against privacy and privacy enhanced project, that is why Binance was pushed towards delisting Monero, to decrease liquidity of the asset.

[Dr.Bitcoin_Strange]

I don’t want this to be some sort of argument but personally I have this feeling that, before the government intervention, some of these casinos were already aware of some of these criminal activities and I could remember a discussion some time ago with some guys in my neighborhood and one of them was proposing that some of these casinos are aware of the fact that their casinos were used to launder money but since there was nothing the government could do about it then, and maybe they could also have a bite from the money, they kept mute and looking into his points, there were some sort of truth in them.

But for the sake of doubt, let’s say they’re not aware, but yes that the casinos were used as a channel to launder money but I don’t think it’s that very easy this days.

Well, yeah, I think it could also be true that they definitely may be aware that such activities have been going on, but because they were not regulated, they don't care about the activities. On a second thought, I was also discussing with a friend the case of casinos being used for money laundering. My friend said that casinos cannot actually tell when laundered money is being deposited into their casino unless they are told by the anti-money laundering agency. It's those agencies that are in charge of monitoring every suspected case of money laundering. Just as you have said, it could be true that they may or may not be aware of it too.