Banking policy getting stricter lately

[stadus]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

[GreatArkansas]

Did you directly withdraw/deposit from your bank to your gambling platform?

I already experienced this 2 years ago. I was surprised and afraid at the same time because my bank account was locked, and days before I got a reply from their support, and that time they asked me about 2 transactions where those transactions came from. It was from a casino platform, but I first deposited it in a cryptocurrency exchange and traded it via P2P to get my Philippine Peso currency. I just said it was from trading - P2P. Sent screenshots of the transactions, and my account was unlocked and all good.

[Aanuoluwatofunmi]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

This has always been right from time, but what often happens in this regard is that they may not request for such until they have something to verify from you, for instance if you're trying to withdraw a huge amount of money and your account tier is not in the best position to do so

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

At least, even if we are into cryptocurrency, we should still have one or two other things we do in support of this, which I am my suggest to use the information in provision for what the banks may demand.

[Dunamisx]

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

First of all, this depends on the country you're and the regulations being in place in support  for crypto or against it, if you think you have this privilege of gambling in a country that legalize crypto, then all you may do is to print for your statement of account from the crypto transactions you made the similar way we tender of statement of bank account, we can download for our bitcoin transactions as well.

But if in your country all these are not being supported z then am sorry you may have to back up your business under government approved services and register for their licensing operations, so as to have what you can tender.

[Fivestar4everMVP]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

It's really easy, here in my country, the bank have always asked what our source of deposits to the account will be when ever we are opening a new account with the bank, this question is usually included in the account registration form and what I've always filled there is that I am a business man, so what that means is that every money coming into the account will be from my business and that's just it..

There's never been any issue with this though, account can get take any amount, though there are some amount which if deposited once, like a big money that has never entered that account before, the bank will invite you for questioning on how you came about that money, a simple expansion and possibly proof if they request one and you are free to go..
Over here, gambling is not a crime and we don't have problems with banks tracing our source of funds to gambling, atleast I myself has never had any issue with this and neither have I ever encountered any one having issues because they deposited money from gambling to the bank. Banks here even have direct means of depositing to different casinos through the banking app it self.

[Findingnemo]

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So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

Gambling winnings are most likely taxable event on every country so assuming you won big then you want to convert it into fiat then you have not much legal ways to avoid those taxes, you need to report it as gambling income and pay the tax money to use the remaining as you wish.

It is not new, this happens with most banks when they suspect more money is received from the usual deposits or different sources are used to deposit.

[Sanitough]

If that’s the case, don’t park your cash in the bank. There are plenty of payment apps you can open an account with, do KYC, and use for gambling that’s just reality for a lot of people. Banks are strict because they’re trying to stop money-laundering. In countries with high corruption their rules usually get tighter, so it’s no surprise they flag gambling-related activity.

I’m not telling anyone to break the law, just saying know the risks.

Check what’s legal in your country, read the TOS, and don’t be surprised if banks start asking questions.

[Eternad]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

What specific bank because I do experience this already even last year when I tried to withdraw and deposit huge funds as this this part of the amla.

I believe the general stricter rules is on banking is due to corruption cases in our country that involves huge funds deposits and withdrawal without any records.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

Don’t worry about this, our banking system will not gonna snip on your transaction unless you are under investigation or you show a questionable high value of withdrawal and deposit frequently without providing supporting evidence.

[maydna]

The banks will ask for your explanation related to the suspicious transaction you made. But they will accept it if they think that you don't break the law. You should not use your bank account to send money to your casino account.

The bank can know easily but they need you to explain the situation. So you should stay away from those matters and use your bank as usual. You can use crypto to gamble and local exchanges to send the money to your bank account.

That will prevent you from asking the bank about the transaction. The bank may ask you about the local exchanges but with the right answer, they will accept it.

[stadus]

Did you directly withdraw/deposit from your bank to your gambling platform?

I already experienced this 2 years ago. I was surprised and afraid at the same time because my bank account was locked, and days before I got a reply from their support, and that time they asked me about 2 transactions where those transactions came from. It was from a casino platform, but I first deposited it in a cryptocurrency exchange and traded it via P2P to get my Philippine Peso currency. I just said it was from trading - P2P. Sent screenshots of the transactions, and my account was unlocked and all good.

Not directly to the bank, but I already know the source of the funds and its purpose and it’s gambling. So even if the money passes through other payment channels, the real justification is still gambling if I’m being honest with them. It’s easy to say it’s from remittance, but what if they ask for supporting documents? How can I justify it when the nature of the transaction clearly isn’t remittance?

[_act_]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

Is your country not supporting gambling? If your country legalize gambling, that should not be a problem for you.

Another thing that you said is that the banks are requesting for proof of fund if someone deposited huge amount of money. You do not need to deposit huge amount of money to the bank all because you won huge amount of money from gambling. You can deposit it in your noncustodial wallet and be sending it to exchange little by little and withdraw it into fiat little by little. You do not need to withdraw it all at once.

[giammangiato]

The regulations change from country to country, furthermore you do not specify a figure that also affects the control figure.
If you exceed a certain threshold, government control is triggered, where you are required to give explanations, I add if you can use prepaid cards with different ibans, never use your main account when gambling, reducing the risk of account freezing and increasing the chances of withdrawal in case of large winnings, you could defer the proceeds and divide them into the various "mini accounts".

[swogerino]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

Where I live this has been going on for ages and I am not surprised anymore, when it first started I was mad at them when they asked me where do you got this 300 dollars from, they were from a mining machine, exhanged online the crypto for money. I have switched to another bank now where they don't ask where did the money came from, they just take their fees/commissions and move on. I like it and now a lot of other banks are becoming like them, it is great as the government put a law until 20000 EUR/USD no questions asked in a period of a year. So at least some space for us as long as we don't exceed the specified amount for a year and we are good to go.

[Botnake]

Banks update their terms all the time, so don’t be surprised when rules change. They follow international standards, and when other countries roll out stricter checks, ours usually follows sooner or later. Remember, anything that goes through a bank is traceable, and gambling-related transactions tend to attract more scrutiny.

My advice is, don’t try to hide transactions. If you try to mask money flows they’ll eventually trace it and ask for proof of funds. And if you treat crypto income as “just trading profit” without proper records, exchanges can be asked for logs and you’ll end up looking like you lied, that’s how small problems turn into real legal trouble.

[stompix]

Gambling winnings are most likely taxable event on every country so assuming you won big then you want to convert it into fiat then you have not much legal ways to avoid those taxes, you need to report it as gambling income and pay the tax money to use the remaining as you wish..

This is about deposits, not winning!!!
It's about banks asking you where do you have the money to gamble if the sums are not matching anything of the sums you're getting in as revenues.
As long as the card you're using to deposit on any casino or bookie is linked to the account you're getting your wage paid no bank is going to trouble you with these requests anywhere in the world, but when you're playing from an account you fill up yourself from a different bank, then suspicions start.

Plenty of countries are thinking of taking this one step further and limiting the amounts you can deposit to % of your monthly income.

[danherbias07]

This is why I am not using any banks right now. I stick with digital cash or just plain cash.

Anyway, back then, I was questioned about where my money was coming from by one of the crypto digital wallet applications here in our country, and I explained it all.
First, there were screenshots of the transactions and the transaction hash of where they came from. It's all legitimate, so I don't have to hide anything. The only problem back then was that I resigned from my day job, which is why it's difficult to explain.
Then, I also had a job on one of the popular freelancing jobs on the internet, and I also sent them all the transactions that were posted there.

I think the real problem here is that the banks are not yet flexible with different types of jobs. They cannot acknowledge some of it yet, although it does produce money, and we need to do our best to explain it thoroughly to them.

[Slow death]

Looks like our banking policy here is getting stricter. They’re now asking for source of funds and proof before any big deposit, which wasn’t really required before.

I told them my account is mainly for remittances, like my allowance and some personal funds. But honestly, since I gamble sometimes, there’s a chance the account might get funded with gambling money too. I’m not sure what’s gonna happen if they trace it or ask again.

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

The main point you need to know is whether using cryptocurrencies is legal in your country, whether it's legal, and whether casinos are allowed. For example, in my country, cryptocurrencies are legal; they're permitted by the government and the central bank. The government and the central bank also encourage people to buy cryptocurrencies. So this isn't a problem in my country.

Gambling is also legal in my country, and the government encourages gambling companies to set up shop in my country. So, people in my country can withdraw their winnings from crypto casinos to bank accounts in my country because it's permitted. So, you need to research your country. If it's not permitted, you'll have a headache.

[cxtreenal]

If the bank has any doubts about any transaction in the account, they may ask you. You can provide the real information and pay the tax directly through the bank and convert the remaining amount to fiat.
I think bank officials will not ask you about the source of your money. Tax officials may ask you about the source of your money because they have all your documents and if you are a regular tax payer then additional tax will be levied on your income.

[joeperry]

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

I haven't experienced this but I'm curious what will happen and what should I do so I'm ready if this happens. I don't usually deposit and withdraw through bank and I only play purely in cryptocurrency because something like this might happen. I've read that winnings are taxable which most of us are not favor on it. They are not there when we are losing and when we won, we need to pay them   Anyway, I'm still on the losing side and I am not depositing or playing big amount so I'm pretty sure even if they track my source of income, it just came from tradings and some side hustles.

I usually stay in pure crypto platforms to avoid this kind of things.

[Emjay24]

So for those who already experienced this, how did you explain or justify your deposits? Did the bank accept it or did they freeze your account? Curious how others handled this situation.

My country is even worse, of you send funds to an exchange directly your account is frozen because the central bank doesn't allow commercial banks do so anymore apart from some few regulated platforms which we still largely view as a trap.

The best shot is always going indirectly, I make use of an exchange to buy the coins, if I don't have already then send to my phantom wallet and from there to the casino. I use the  reverse process for withdrawal of profits and use P2P to receive the funds in my bank account without issues.