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

[Oluwa-btc]

Of course, many do this because they don't want to give the slightest satisfaction to any government, there is also money involved with (real) and heinous crimes.

But anyway, everyone has the right to privacy and it's a duty to use crypto like Bitcoin, Litecoin, Dash etc for this reason (many, like bitcoin, are easily tracked).

This is a very high rate of money laundering and it's very bad of one to try such, I use to wonder sometimes how some get huge amounts of money and the when you dig to know the source of it, they rather tell you they got it from one gambling activities or the other and you'll be so happy for such wins of the person not knowing it's coming from somewhere.

You can imagine the level of corruption and money laundering, when they do so they hide it in the name of the casinos so no one can Trae the origin of the money and that's why sometimes such accounts of the person is blocked from having transai cause they must have witnessed an unusual funds in the person account.
For me I can't think of such, left alone doing it, so it's better we are involve in things that are legal and void of such illegal Acts.

[nimogsm]

I never knew that someone can use casino to hide the origin of fund. Although if not for a bad intention of a case of stolen fund or hacked fund I don't see any reason why someone would want to go through that process why there are just simply ways to send fund and trade through P2P and cashout your bulks. But any way whatever has disadvantages also have advantage meaning it can be used to keep fund safe from hackers or people who might be tracing someones fund so with this process the destination will be cut short along the way. Thereby bridging the tace.

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

[Hispo]

.... Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Perhaps in your country, because in mine those offices or places for people to exchange cryptocurrency for cash are non-existent, mostly because the fer people have to the government of this country to seizing their assets and holding them without a legal reason.
Instead of offices which exchange crypto for cash, we still have physical casinos, which allow people to gamble their chips without a clear and well defined limit.
So, from my appreciation, it is more likely for someone in this country to use physical/brick and mortar casinos to conceal the origin of their money rather than going straight to cryptocurrency casinos, which will almost certainly ask them for identity documents.
Those offices you talk about must at least ask for a minimum of documentation, otherwise they would end up with coins gotten from hacking and theft.

[Lanatsa]

I never knew that someone can use casino to hide the origin of fund. Although if not for a bad intention of a case of stolen fund or hacked fund I don't see any reason why someone would want to go through that process why there are just simply ways to send fund and trade through P2P and cashout your bulks. But any way whatever has disadvantages also have advantage meaning it can be used to keep fund safe from hackers or people who might be tracing someones fund so with this process the destination will be cut short along the way. Thereby bridging the tace.

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

And thats why scams and frauds are really that still rampant just because there's no way that it could be contained or would really be isolated if we do speak about on where funds could possibly came from.
There would really be various ways or methods on which those coins that are tainted would be washed out and will really be ending up on being clean. We do know about casinos that these are platforms which are
regulated business by the government on which they are really that getting in line in speaking about laws and prohibitions in regard about money laundering on which we know that this is really that rampant.
This is why on the moment that they've seen someone who do make out some huge deposits then they would really be locking and asking for some income or source of funds verification of a certain user.

Come to think also that it isnt really just that talking about verification but also that 2x wager requirement of said deposit. This is why as a certain person who do tend to make use casinos
to wash those tainted coins then you would really be that skeptical into this part. There's no way that you could make yourself that assure that you could get out even with that
2x deposit wager requirement.

[Hirose UK]

.... Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Perhaps in your country, because in mine those offices or places for people to exchange cryptocurrency for cash are non-existent, mostly because the fer people have to the government of this country to seizing their assets and holding them without a legal reason.
Instead of offices which exchange crypto for cash, we still have physical casinos, which allow people to gamble their chips without a clear and well defined limit.
So, from my appreciation, it is more likely for someone in this country to use physical/brick and mortar casinos to conceal the origin of their money rather than going straight to cryptocurrency casinos, which will almost certainly ask them for identity documents.
Those offices you talk about must at least ask for a minimum of documentation, otherwise they would end up with coins gotten from hacking and theft.

Regarding crypto, I think almost every country will have its own regulations in its use, even some countries may have been able to accept it as an investment asset but there are also those who cannot accept it for various reasons.
If in context like this, I would think much more that hiding assets for specific purpose and utilizing gambling sites has indeed occurred a lot and it will be kind of money laundering and basically they do this to be able to eliminate the history of the origin of the funds obtained.
Previously, identity verification such as KYC had not been widely established by several gambling sites and the chances of something like this happening were much easier, but now I sure something like that is much more difficult because of several KYC regulations.
From what @nimogsm said maybe it could actually happen there but we wouldn't know what is actually done in how such an exchange works, there might also be requests for various documents as you have mentioned.

[Questat]

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).
~snip

It could be traced if they launder the money through a casino. There's a reason casinos are regulated, as the government wants to monitor transactions to  see the flow of money. If someone really wanted to launder or hide the origin of their funds, they could use a mixer, which isn't entirely illegal but is unregulated. However, there's a risk in doing that, as mixers aren't legal, and the possibility of getting scammed is high. If that happens, recovering the money is almost impossible.

[Jawhead999]

It's really a bad idea, even the casino didn't ask your KYC, but the owner can give the information to authority if they want.

It could be traced if they launder the money through a casino. There's a reason casinos are regulated, as the government wants to monitor transactions to  see the flow of money. If someone really wanted to launder or hide the origin of their funds, they could use a mixer, which isn't entirely illegal but is unregulated. However, there's a risk in doing that, as mixers aren't legal, and the possibility of getting scammed is high. If that happens, recovering the money is almost impossible.

If you think mixers aren't illegal, so do casino. Money "laundering" is actually illegal because you're use it for bad thing, while hiding origin of funds didn't essentially mean to laundry money, it's to protect your privacy.

Not legal doesn't mean the chance to get scammed is high, some "legal" sites like centralized exchanges can scam you by freeze your funds with some ridiculous excuses.

[michellee]

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Those who want to hide the origin of funds in casino can be caught easily by the casino. Casino can requesting them to do KYC for more especially if casino suspect for their fund flow. If casino know that they want to hide something from them, casino can do many things including closing their account.

Maybe gamblers are aware of that so they will think more to do that thing. But that will not stop people like them to search for the other place to hide the origin of fund. They think they can still hide their fund or what they do in other place but not in casino.

After all, casino will not let people to do suspicious thing in their place. They will watch all of their members to prevents the bad things happen to their business.

[Blitzboy]

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And thats why scams and frauds are really that still rampant just because there's no way that it could be contained or would really be isolated if we do speak about on where funds could possibly came from.
There would really be various ways or methods on which those coins that are tainted would be washed out and will really be ending up on being clean. We do know about casinos that these are platforms which are
regulated business by the government on which they are really that getting in line in speaking about laws and prohibitions in regard about money laundering on which we know that this is really that rampant.
This is why on the moment that they've seen someone who do make out some huge deposits then they would really be locking and asking for some income or source of funds verification of a certain user.

Come to think also that it isnt really just that talking about verification but also that 2x wager requirement of said deposit. This is why as a certain person who do tend to make use casinos
to wash those tainted coins then you would really be that skeptical into this part. There's no way that you could make yourself that assure that you could get out even with that
2x deposit wager requirement.

Through casinos, money laundering. Indeed, it is a challenge. Folks, some of the smartest brains are working on this right now. Blockchain analytics are available and regulatory agencies are collapsing. We can monitor those "tainted" coins never before possible. Now regarding that two times wager requirement. It isn't that straightforward. Casinos are not merely sitting back and allowing anyone to wash cash. They have sophisticated systems set up. Indeed, there are gaps; but, we are closing them. Technology's on our side, and we're not going to let these bad guys win

Yes, be dubious. That's smart. Let us also honour where credit is due, though. We are forward. We are constructing a more robust and safe financial system.

[TribalBob]

I never do that because I gamble with my own money, not other people's money, sometimes I can't understand those who use crypto and gambling to hide funds, whatever their purpose is, if it's just to avoid taxes I think it's a common thing for everyone to do, but if it's company money, ummm, that means they are bad people

[len01]

This is the reason why KYC is still a pro and con. I mean actually the casino asks customers to do KYC just to maintain the casino's reputation and avoid cases of criminal funds. But there are some people who still disagree with the KYC system on the grounds that they don't want to sacrifice personal data just to have fun at the casino even though the customer's funds are clean. And these customers who disagree with the KYC rules do not mean that they are using criminal funds but there are indeed a small number of gamblers who come from countries that prohibit gambling. So those who come from these countries will definitely not agree with the KYC. And in this case, I never do that because I feel like gambling using clean funds without hesitation to do KYC to comply with casino rules.

[Forsyth Jones]

If you think mixers aren't illegal, so do casino. Money "laundering" is actually illegal because you're use it for bad thing, while hiding origin of funds didn't essentially mean to laundry money, it's to protect your privacy.

Not legal doesn't mean the chance to get scammed is high, some "legal" sites like centralized exchanges can scam you by freeze your funds with some ridiculous excuses.

I think that terms like "money laundering" are a pejorative term invented by the states themselves to define whether the origin of resources is legal or illegal, when in fact the state is the biggest thief of all, money is money, nothing changes the nature of money. The state is a stranger in any relationship of peaceful exchanges between individuals, it should not dictate the rules since it's not capable of preventing certain crimes such as those arising from robberies, hacks, etc. KYC is just a useless rule imposed by states with the bogus purpose of monitoring financial crimes, but in reality it's to have control over the money from trade between companies and individuals.