Banking policy getting stricter lately

[Justbillywitt]

If gambling is not illegal in your country go ahead and tell them it was won from gambling activities, and your account won't freeze. You can only be scared to tell them the source is from gambling related activities if you are sure that gambling is prohibited in your country. If gambling is illegal in your country and you tell them the money is from gambling, your account will definitely get frozen.

[PrivacyG]

Banking will become more and more intrusive in the months and particularly years to come.  All around the world too, not only in a single country or two.  In my country from eastern Europe they are becoming more suspicious of their own customers.  It does feel like they almost do not want customers any more.  Being used to Bitcoin and managing my own finance and doing my own Banking, I do not even see a point in owning a bank account any more except for a few reasons.  If some body wants their salary to be transferred instead of handed in cash or so.

Try to stay in the Cryptocurrency bubble.  It is mainly incompatible with the Banking bubble any way.  Avoiding Banks is the best thing you can do for your self.  Why continue fearing every deposit or withdrawal if you have an alternative.  If you need Fiat, there are better Peer to Peer alternatives that do not ask for your source of income, source of funds or what ever other absurdity.

[alegotardo]

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.

Here in Brazil, this has been a routine for a long time... small banks and others companies that handle money must follow the "Central Bank's" rules to prevent of money laundering at online gambling. So, if a bank notice frequent transactions coming from bets online, it has the authority to trace the withdrawal and even request to you to proof the origin of money, even if the amount is not large. A this become more stringent if you realize the money from casinos outside the country, because there are additional taxes that must be paid or more procedures that raise a red flag on any bank.

But... do you know what is the best for you? I dont know how accessible it is to create accounts with different banks to you, but if possible try create a digital wallet like Skrill, Neteller or others... just to move funds related to gambling. If you have any problems or funds are frozen, it will be easier to explain and won't compromise all your money.

Ultimately, the problem is not with the banks, but with the governments that force them to control all of this.

[Hispo]

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 would be helpful if you made clear what country are you from and what bank you currently use to withdraw your gambling money, because banking policies are completely different from one country to other. Here in my country opening an account in any bank is relatively easy and they do not ask what ones is going to do with it, though, the bank reserve the right to freeze funds of they see some adnormal movement of money which does not have anything to do with previous transfers.

In my opinion, you should tell your bank you also gamble and it would be possible you deposit some money from a casino in the case you hit a good multiplier. Though, if you tell them that, they could limit your access to credit and loans, because (as a rule of thumb) banks do not like unnecessary risks associated with gamblers. 

[Koadharber]

Banking will become more and more intrusive in the months and particularly years to come.  All around the world too, not only in a single country or two.  In my country from eastern Europe they are becoming more suspicious of their own customers.  It does feel like they almost do not want customers any more.  Being used to Bitcoin and managing my own finance and doing my own Banking, I do not even see a point in owning a bank account any more except for a few reasons.  If some body wants their salary to be transferred instead of handed in cash or so.

Try to stay in the Cryptocurrency bubble.  It is mainly incompatible with the Banking bubble any way.  Avoiding Banks is the best thing you can do for your self.  Why continue fearing every deposit or withdrawal if you have an alternative.  If you need Fiat, there are better Peer to Peer alternatives that do not ask for your source of income, source of funds or what ever other absurdity.

Banks are slowly turning into surveillance centers rather than financial institutions they used to be all about trust and service but now every transaction is questioned every withdrawal reviewed and every deposit flagged for “compliance” reasons the irony is that the people who rely on banks the most are the ones constantly being treated like potential criminals. In contrast, crypto offers something very different freedom transparency and self custody you don’t need permission to move your funds or explain why you’re moving them and that independence is exactly what makes it incompatible with the current banking system the more regulations tighten the more crypto becomes appealing to those who value privacy and control.

Of course banks still serve some purposes like salary payments or handling large fiat transactions but for everyday management crypto already provides better tools p2p systems and stablecoins can easily replace most traditional bank functions without the intrusive questions or unnecessary limits.

[Beparanf]

If gambling is not illegal in your country go ahead and tell them it was won from gambling activities, and your account won't freeze. You can only be scared to tell them the source is from gambling related activities if you are sure that gambling is prohibited in your country. If gambling is illegal in your country and you tell them the money is from gambling, your account will definitely get frozen.

Some bank in my country(same country with OP) have a terms that funds on gambling and crypto is not allowed even if gambling is not illegal in my country.

For some reason, some bank don’t want a deposit from gambling especially crypto gambling probably due to the potential risk for the source of funds since some crypto casino is not regulated by our own license provider PAGCOR.

Declaring your asset from gambling might result to freeze or closure of your account on some banks since they different terms.

[Tmoonz]

If gambling is not illegal in your country go ahead and tell them it was won from gambling activities, and your account won't freeze. You can only be scared to tell them the source is from gambling related activities if you are sure that gambling is prohibited in your country. If gambling is illegal in your country and you tell them the money is from gambling, your account will definitely get frozen.

If actually gambling is legalized in the country the least they will require will be a documented prove of the transactions and there is nothing to be scared, it will only become problematic when gambling is not legalized in the country and lying about it and as well as not being able to provide the relevant proves of transactions will still result to account frozen , is really gonna be a horrible experience for him especially when must have made plans of how this money is going to be used.

[Dr.Bitcoin_Strange]

In my country, before opening a bank account, you need to fill all the required information which includes your major source of income (occupation) and your estimated annual income. The kind of situation where your account will have issue is when it receives the amount that is above the annual income which you indicated while creating the account, the bank will then call to ask the source of the money and here that gambling is allowed, if you show a proof of how you won the money from a casino, your account will be upgraded and unlocked but they will ask you for some further verification. It happened to me before but after the account got upgraded, within 24hrs my account was unlocked.

[2Pizza410000BTC]

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.

Yes, the banking system is becoming very strict these days. I also opened an account in a local bank a few years ago and started depositing money there little by little. A few days ago, when I went to deposit some money in the bank, the bank asked me various questions. They told me how I earned this money and what I do now. They wanted to know the source of my income, later I said that my source of income is my business. Although I did not deposit my gambling money in the bank, they still asked me various questions about my money. From there, I understand that the bank has become very strict these days.

[o48o]

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.

Out of interest, what you mean by digital cash? All cash is digital except physical cash. In here, shops are slowly refusing to take over 200€ cash payments, because of AML laws, so it would be insanely hard to rely just on physical cash, if you wanted to buy something bigger.

But if you aren't using banks, how are you paying your bills? I don't know any electricity company that would allow crypto payments. In fact i don't see that as option for any utility bill. Unless you are talking about crypto debit cards, which are issued and controlled by companies that are following regulations just like banks. And they are actually using fiat money, they just swap your cryptos to it, before they pay.

But yeah, the "problem", isn't with banks here. All financial institutes are following regulations, and casinos are financial institutes too.

[|MINER|]

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 gambling illegal in your country? And if gambling is illegal in your country, it would be foolish to deposit money directly from a gambling site to your bank account. Banks will be able to easily detect that the money has been transferred from blacklisted accounts to your account.

However, if you still want to withdraw money from a gambling site, you will have to do it indirectly, such as first making a deposit at a centralized exchanger and then from there, through P2P trading, you can transfer the dollars withdrawn from the gambling site to your bank. Even then, here too, you will have to provide some fake information, such as that you are freelancing, although it would not be right to do so.

[Natalim]

In my country, before opening a bank account, you need to fill all the required information which includes your major source of income (occupation) and your estimated annual income. The kind of situation where your account will have issue is when it receives the amount that is above the annual income which you indicated while creating the account, the bank will then call to ask the source of the money and here that gambling is allowed, if you show a proof of how you won the money from a casino, your account will be upgraded and unlocked but they will ask you for some further verification. It happened to me before but after the account got upgraded, within 24hrs my account was unlocked.

There’s really no privacy left when it comes to money in banks. They always want to know where your funds come from and where they’re going. That’s why it’s no longer wise to rely too much on banks, and maybe that’s also why crypto casinos exist so people can play without using the traditional banking system.

I just don’t get why some still fully trust banks these days. They’re basically being used for surveillance, and once a big amount enters your account, they’ll start asking questions. If you can’t justify your answers properly, they might even take legal action. Who would want that to happen?

[cryptoaddictchie]

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.

I think most countries are like that. Not sure but in our country once a big deposit landed your bank, you already been suspicious for them like hitting an unusual deposits on your bank. Typically those questions will be asked. It happened to me before but the money doesnt came from gambling but trading instead. I believe its just the same as long as big figures hit the bank account.

Well if thats happened then and you arent able to give their asking for then theres a tendency to lock or freeze that asset or worse ask you to close the account.

[DaNNy001]

I don't know the problem they have with this, why would someones transactions be questioned...I don't think it's in their place to do that until they have found proof of an illegal activity with that bank account then their decisions and questions can be justified but asides that this makes no sense...personally I haven't gone through such an issue before, I just think it's because that users withdraw big amounts of money from their gambling accounts

[Agbamoni]

My advice is that you find a neutral wallet that you can use for deposit and withrawal in your gambling account. Let it a serve as bridge between your local bank app and the online casino. This will help reduce the risk of falling into situations like this.

Mobile wallets from microfinance banks are typical example of the banks I am saying. They often support easily deposit to casino and most of them has some casino features there.

[fruktik]

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.

In my country, the rules for depositing funds into bank cards are also becoming stricter. Not long ago, there were cases where even small transfers were frozen until all the circumstances were clarified. A few weeks ago, everything was fine in this regard, but they decided to revise the transaction policy. As you said, you shouldn't trifle with this and it's best to explain everything in writing if bank employees request it. They can even block your card permanently.

[Pandu Geddon]

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.

The bank will definitely monitor the transfer of large amounts of funds, whether deposits or withdrawals. I am not sure what proof the bank requires to verify that the deposited funds are our own and not derived from any criminal activity. Supervision related to large amounts of money circulating in a country may be tightened.
However, it is indeed frustrating if the process cannot be completed quickly. It should still be fine, as long as the bank does not prohibit deposits directly from casinos.

[AmoreJaz]

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.

The bank will definitely monitor the transfer of large amounts of funds, whether deposits or withdrawals. I am not sure what proof the bank requires to verify that the deposited funds are our own and not derived from any criminal activity. Supervision related to large amounts of money circulating in a country may be tightened.
However, it is indeed frustrating if the process cannot be completed quickly. It should still be fine, as long as the bank does not prohibit deposits directly from casinos.

It can be your payslip as they need to know your source of funds. Or if you have your business, they may ask for your income tax return, at least get the idea where you are getting those money from.  Because if it doesn't equate with what you are depositing, they may do some further investigation. Because you might be doing the laundering of money by using their financial institution. So they want to be clean on those transactions. But some financial institutions won't ask where you got your money, and I believe they are known to launderers. So they actually know where to deposit their money or what country is lenient on this aspect.

[Nahl]

For big deposit indeed the banks from some countries will asking to their costumers about the sources of funds because if there is something suspicious probably the deposit will be postponed until we can proven that our sources of funds is not from illegal acts and i think this is normal policy because the banks don't want their service will be used for money laundering

If you were live in the country who legalize gambling and if your sources of funds is from gambling or online casino i think the bank will be allowed you to deposit with big amount of money but indeed the process about this step is not instantly and usually the bank will asking us to wait for days before they can verified your account

[Ojinga]

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.

I do not know your country but in my country it’s not that same and I think the only thing we’re still not advised to include while trading is crypto related words and to the best of my knowledge, I do not think my country is really harsh with these casinos because if they were, I shouldn’t not be seeing the high rising numbers of physical based bet shops.

As long as your money is not black money, you have nothing to be worried about, and secondly, you shouldn’t be bothered if the casino is registered, and if they ask for prove of funds, you should simply give them except you’re willing to forfeit the money then you should act otherwise .

Goodluck.