Banking policy getting stricter lately

[Taskford]

Isn't that how banks have always operated. If you deposit an amount that is far above what is usual or consistent in your account, there is a high chance that they will freeze the money and ask for source of funds. As long as the source is legitimate, you should get that sorted out as soon as possible.

I think all banks have almost similar rules; they have the right to freeze, block, and investigate your bank account. Large transactions that are considered suspicious will draw attention and will certainly be further identified. This also happens in my country, where they don't even confirm first. They simply freeze accounts based on estimates and suspicious transactions. As a result, there are other impacts; some people with healthy accounts who have not conducted any bad transactions also get blocked. Users must reactivate their accounts and visit the bank. I think this is a poor approach, and it disrupts many other economic activities.

it happens because government impose strict regulation towards banks due to possible AML concerns.

Although I really understand what they are trying to do but for sure that those situation will not end up even if they became more stricter towards gambling transactions.

To bad that some bank do those things but so far I didn't get any issue with my local banks towards my gambling transactions. But I think they are only watching those large transaction and they just allow those people have small transactions in those institutions.

[Zigabel]

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.

This has been a security question which doubles up as a measure that i have known since the time i started operating a bank account. If you have a good explanation to the source of income, i believe there will be no challenge with your account and they will mostly not see the need to block or freeze your account. For regions or countries where gambling is legal, this will not be a problem to prove that your source of such huge funds was a win form the casino, they understand that people can actually be that lucky at the casinos that should and will not be a problem for them to resolve for you whenever they eventually find out that is the source of the income, but if it is in a country where gambling is illegal, then you are goin to have some serious issues with that, i have not really had an experience with this concern though but to the best of my knowledge this is the most i know.

[Ivystar5]

It's becoming very tough this days how banks and infact every media now request so much from us, you have to proof everything before you can use your own money very uncomfortable to me which is why I would for every reason want to only spend in crypto or bitcoin precisely if possible than having to deal with this too much questions from banks and all that stuffs.

Right now I haven't experienced it but I'm sure it will definitely happen one of the days I will win big in a casino or local  sport bookies, really frustrating, how I am submitting too much for every little thing I do on the internet especially banks.

[joniboini]

I haven't felt anything different with my bank accounts, but exchanges do feel like they're getting stricter. Just recently, they keep asking me to update my KYC if something changed, and even after I clicked nothing changed, the notif keeps showing up. It might be a bug, but it feels very deliberate. If things got to the point where a tx under $100 gets KYC'ed, I might look for other options asap.

[TayRogers]

Yes, this has been happening a lot lately. Banks are tightening up on large or frequent deposits, especially with all the new compliance and anti–money laundering checks. I went through a similar experience a few months ago. They requested proof of income and the source of my recent transfers. I just told them the truth, that most of my funds were from remittances and freelance work, and I sent a few screenshots as proof. As long as the amounts make sense with your usual activity, they usually don’t dig deeper. But still, I play games and so on, so I still try to keep in touch with such info. And here is the page https://newzealandbanks.co.nz/best-bank-for-backpackers-in-new-zealand/ where I found out about banks and where I can open an account for different purposes, and reading all that was useful for me.

[AbuBhakar]

Yes, this has been happening a lot lately. Banks are tightening up on large or frequent deposits, especially with all the new compliance and anti–money laundering checks. I went through a similar experience a few months ago. They requested proof of income and the source of my recent transfers.
I just told them the truth, that most of my funds were from remittances and freelance work, and I sent a few screenshots as proof. As long as the amounts make sense with your usual activity, they usually don’t dig deeper.

Actually, the bank will not dig your transactions if you don’t show any sign that you are violating the law. All the supporting documents on deposit and withdrawal is just a recording for compliance to AML while banks itself will not purge their own customers without any valid proof.

Authorities is the one that will dig deeper on your records while banks will just handle your documents to them.

But as long as you will provide a valid supporting documents, you will never have a problem.

[terrific]

They are going to accept any alibis as long as it supports their records and the papers that you've sent them.
That's why don't get it wrong when your funds even just a bit or 1% of it from gambling because that's the usual red flag which gives them a reason for what they're doing in asking for more documents.
Or pretty much worse is to close your accounts but don't worry because they'll let go of your funds and will allow you to withdraw it.
But, that might be the last time for you to use them.

[yixichloro2xx]

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.

This has been a security question which doubles up as a measure that i have known since the time i started operating a bank account. If you have a good explanation to the source of income, i believe there will be no challenge with your account and they will mostly not see the need to block or freeze your account. For regions or countries where gambling is legal, this will not be a problem to prove that your source of such huge funds was a win form the casino, they understand that people can actually be that lucky at the casinos that should and will not be a problem for them to resolve for you whenever they eventually find out that is the source of the income, but if it is in a country where gambling is illegal, then you are goin to have some serious issues with that, i have not really had an experience with this concern though but to the best of my knowledge this is the most i know.

Yes that is really true, most of the banks just want to see the proof that your money come from a legit source. But if gambling is legal in your country and you can tell them that the Money made is form a casino win, then they won't bother you. But if it is in a country we're gambling is not allowed then things won't look funny at all. They might even freeze your account, caution you and that's not what nobody wants to deal with.

[Orpichukwu]

I haven't felt anything different with my bank accounts, but exchanges do feel like they're getting stricter. Just recently, they keep asking me to update my KYC if something changed, and even after I clicked nothing changed, the notif keeps showing up. It might be a bug, but it feels very deliberate. If things got to the point where a tx under $100 gets KYC'ed, I might look for other options asap.

If the notification keeps on coming each time you revisit the exchange and log in, then it's no longer a bug, and you don't need to wait until you make any deposit and they have to hold it pending and force you to complete the KYC. The best thing to do is contact support to know the purpose of that notification if you have already passed verification before.

[sunsilk]

Yes, this has been happening a lot lately. Banks are tightening up on large or frequent deposits, especially with all the new compliance and anti–money laundering checks. I went through a similar experience a few months ago. They requested proof of income and the source of my recent transfers.
I just told them the truth, that most of my funds were from remittances and freelance work, and I sent a few screenshots as proof. As long as the amounts make sense with your usual activity, they usually don’t dig deeper.

As long as there can be a proof of income to support the transfers, they won't be suspicious about it.

But if your only major source is from gambling, then that could make the situation even worse. To provide those docs and screenshots where you've earned the money, it will make them silent afteward.

With right reasoning and real proof of it, that removes their suspicions to their customers. I went through similar checks and told them where it actually came. The good thing is I've got separate accounts from my other works and businesses and as well as for gambling ins and outs.

[cande86]

It's becoming very tough this days how banks and infact every media now request so much from us, you have to proof everything before you can use your own money very uncomfortable to me which is why I would for every reason want to only spend in crypto or bitcoin precisely if possible than having to deal with this too much questions from banks and all that stuffs.

Right now I haven't experienced it but I'm sure it will definitely happen one of the days I will win big in a casino or local  sport bookies, really frustrating, how I am submitting too much for every little thing I do on the internet especially banks.

oh yes, in fact, the banks and institutions are making everything difficult and this is what is happening around the world, it is something that is happening everywhere.
Clearly people find other ways to earn money and this also leads them into scams of all kinds.

[LUCKMCFLY]

And I've learned that I shouldn't mix anything that has to do with credit cards, bank accounts with casinos I had a bad experience with my credit card and the bank In fact, they almost took it away from me because they said I was making deposits to casinos and that I wasn't even allowed to buy cryptocurrencies So, it's better not to mix these.

[Satofan44]

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.

Welcome to the developed world.

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.

Everything is fine if you are complying with the rules of your bank and are able to provide proofs for anything that they might ask you. If gambling is not something that your bank supports then the story relating to my bank won't help you. You need to confirm this with your advisor.

And I've learned that I shouldn't mix anything that has to do with credit cards, bank accounts with casinos I had a bad experience with my credit card and the bank In fact, they almost took it away from me because they said I was making deposits to casinos and that I wasn't even allowed to buy cryptocurrencies So, it's better not to mix these.

This is not true for every bank and thus such statements should not be made in general. Plenty of regulated banks will allow you to deal with cryptocurrencies. What applies to you may not apply to him.

[skarais]

And I've learned that I shouldn't mix anything that has to do with credit cards, bank accounts with casinos I had a bad experience with my credit card and the bank In fact, they almost took it away from me because they said I was making deposits to casinos and that I wasn't even allowed to buy cryptocurrencies So, it's better not to mix these.

Mixing things up is certainly not a good idea, but since crypto casinos have been growing rapidly in the gambling industry, some gamblers have been turning to crypto casinos and leaving fiat casinos behind. Crypto casinos provide a safer option than fiat casinos for gamblers, especially if the gambling status in their country is not legal. This does not mean that the gambler's financial transactions are untraceable, but because of anonymity, the transactions become somewhat obscure.

By the way, has your country not legalized crypto investment and trading yet?

[CryptoHeadlineNews]

Mixing things up is certainly not a good idea, but since crypto casinos have been growing rapidly in the gambling industry, some gamblers have been turning to crypto casinos and leaving fiat casinos behind. Crypto casinos provide a safer option than fiat casinos for gamblers, especially if the gambling status in their country is not legal. This does not mean that the gambler's financial transactions are untraceable, but because of anonymity, the transactions become somewhat obscure.

By the way, has your country not legalized crypto investment and trading yet?

But in a scenerio like this whereby you noticed your bank is having issues when been linked to a gambling casino, for me I think it would have been far more better if you transfer funds to a crypto exchange that offers p2p or rather accept direct fiat deposit on its exchange, and then convert the crypto into BTC or Stable coins before transferring it to be deposited into your casino account, to avoid any trace of linkage. Because it is only when a gambler uses a direct credit or debit card deposit into the casino from his bank, that it can be traced to be connected to gambling.

[LUCKMCFLY]

This is not true for every bank and thus such statements should not be made in general. Plenty of regulated banks will allow you to deal with cryptocurrencies. What applies to you may not apply to him.

You're right, but on a personal level, from that moment on I learned that I shouldn't mix anything that is crypto or with casino money from the bank. These are delicate things that at some point, as long as there is a record, could be used against us. Sometimes it's better to be safe than sorry.

[Satofan44]

This is not true for every bank and thus such statements should not be made in general. Plenty of regulated banks will allow you to deal with cryptocurrencies. What applies to you may not apply to him.

You're right, but on a personal level, from that moment on I learned that I shouldn't mix anything that is crypto or with casino money from the bank. These are delicate things that at some point, as long as there is a record, could be used against us. Sometimes it's better to be safe than sorry.

No, unless you meant to say something else. If the bank policy changes at some point you will not be punished for your past actions (in this case it can not be used against you). Only if you persist in behavior that is now discourage or not allowed would you get in trouble. This is why it is important to always read the updates to the terms and conditions or simply ask your bank employee. The most common reasons for something happening is:

• 1. Terms are updated and the user is ignorant or does not care to read them.
• 2. Terms are updated but the user knowingly persists in disallowed activities.
• 3. It was never allowed to begin with.

Pretty much in every case the user is at fault. The only case where the bank would be at fault is if they did not inform the user adequately and then punished him for persisting in behavior that he did not know was not allowed. As I said, when in doubt always ask.

[LUCKMCFLY]

By the way, has your country not legalized crypto investment and trading yet?

Right now the government's problem is that the US doesn't invade, which I don't see as bad, however , what they are regulating is mining activity , I wouldn't get involved in crypto investments right now without the government knowing about it, I do it without the government knowing, the government here is extremely bad, so bad that if they can take anything you do, they will take it away from you.

[Oluwa-btc]

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.

Of a truth,I don't blame Banks much for this, it's their job to ensure customer security and  prevent fraud,money laundering and several other illegal transactions.Banks get to request more frequent updates not just when you open the account,but regularly.With more online and mobile banking fraud and scams are stinging that's why banks are getting stricter lately.

[giammangiato]

Of a truth,I don't blame Banks much for this, it's their job to ensure customer security and  prevent fraud,money laundering and several other illegal transactions.Banks get to request more frequent updates not just when you open the account,but regularly.With more online and mobile banking fraud and scams are stinging that's why banks are getting stricter lately.

I also think that ultimately they do their job, but it is also true that if you want to withdraw your money you have imposed limits, I can understand if you have to credit money, it is legitimate to know where it comes from to avoid fraud and money laundering, but if you want to simply take your money because you have to give too many explanations? THEY ARE MINE and you bank have to thank that I make you keep MY money and I also pay you to keep it, so why can't I take it as and when I want?