Banking policy getting stricter lately

[Asuspawer09]

If it came directly from the gambling website it might be a problem because it might get tag as suspicious if they were successfully trace, but if your not really doing direct transactions I dont think that it is possible to trace it from exchanges to your bank account something like that. the strict policy is probably because of the cryptocurrency getting popular around the world, I mean tons of article and a lot of country started to adopt of Bitcoin, countries started to have there own cryptocurrency reserve is surely a huge thing.

I have a freeze account as well, that didn't resolve, it was a centralized wallet, but not directly on the bank, my issues wasnt resolve at all and there are still some Bitcoin on my wallet and I just give on on it. I also have a friend, he's one of my friends that teaches me about Bitcoin. He withdrew a huge amount on his bank and he's account was freeze because of this huge money that is deposited on his account. I guess it is normal but for sure they are trying to trace where that money came from. We were still students at that time, so it was really not an amount that is going to be earn by a student.

Probably as long as you wouldn't deposit a huge amount, and dont send directly to your bank, it's going to be fine. If your account gets frozen anyway, you just make a call and explain everything, dont lie as long as you're not on some illegal things you're going to be fine, but the thing is, it's just going to be a huge headache.

[Renampun]

I've never experienced anything like that, even though my country is quite strict about gambling, so any casino-related transactions are blocked, but I play at online casinos and use solana for transactions, I make all transactions in one wallet before connecting to the exchange I use, and then withdraw to the exchange and then to my account, so far, there have been no issues at all, and the financial transaction reports and analysis center in my country has not suspected my bank account, even though last month they blocked many accounts suspected of gambling. so perhaps the system in my country isn't that strict about tracking crypto-related transactions, but if you transfer directly from an account suspected of being a casino, then that would definitely be a problem.

[CryptoHeadlineNews]

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?

Yes, it's true that the money kept in bank is actually yours, but immediately the money gets taken away from you by the bank, it automatically becomes in control of both the government and bank. Which is why they could freeze or confiscate your fund if alleged to be connected with fraud or any other illegal activity. So in such scenerio like this, if you have noticed that banks in your country seems to be against funds coming from a crypto casino.then it is best to avoid it and then start using an online payment gateway that accepts funds via casino and crypto. And then resend the money back straight into your bank account to avoid much interrogation next time. Because it is better to pay a dollar or more for double transaction fees, than lose your money to banks if they freeze it.

[Solosanz]

Wait, why do you act like you're afraid if the banks know the source linked to gambling?

If gambling is legal in your country and you didn't commit anything wrong, the money will be legal.

Banks become strict if they find a suspicious activity or inflow-outflow, if you've report all of your income and you pay taxes accordingly based on your income, banks won't flag your account.

[vanesha]

I have never experienced anything like that because I don't have savings and have never deposited cash into the bank, it's best to avoid transactions with large amounts, make transactions in a normal way if you make abnormal transactions you might get into trouble in the future, we don't know when that will come and the worst risk is being frozen

[LUCKMCFLY]

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.

I understand very well what you're saying Well, in the case of some countries where things work correctly, that can be applied. In the case of my country, things aren't like that; corruption is rampant, and that's something I evaluate, Perhaps things are different in Europe, in the USA, and in countries where the economy works In countries where corruption and politicians are corrupt, no type of organization is respectable, least of all banks.

[dunfida]

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?

Yes, it's true that the money kept in bank is actually yours, but immediately the money gets taken away from you by the bank, it automatically becomes in control of both the government and bank. Which is why they could freeze or confiscate your fund if alleged to be connected with fraud or any other illegal activity. So in such scenerio like this, if you have noticed that banks in your country seems to be against funds coming from a crypto casino.then it is best to avoid it and then start using an online payment gateway that accepts funds via casino and crypto. And then resend the money back straight into your bank account to avoid much interrogation next time. Because it is better to pay a dollar or more for double transaction fees, than lose your money to banks if they freeze it.

Technically the money in your account is yours but once it’s deposited into the bank it becomes part of the banking system and falls under their control and the government’s regulations that’s why banks can freeze or delay access to funds if there’s suspicion of illegal activity or if the transaction breaks their policies it doesn’t matter that the funds are legally yours because you’ve agreed to those terms the moment you opened the account.

That’s what frustrates many people the idea that you can’t always access your own money instantly banks act as custodians but also as regulators in a sense since they must follow anti money laundering and fraud prevention laws and when it comes to crypto related transactions many banks still treat them as high risk they’ll block deposits or withdrawals linked to crypto casinos or exchanges even if everything is legitimate. In that kind of situation using a payment gateway or e wallet that supports both casino and crypto transactions can make things smoother you can move your funds there first and then transfer them back to your bank later it might cost a bit in fees but it’s a safer route than risking a frozen account or a long investigation.

[TelolettOm]

In a country where gambling is illegal, regulations are indeed very strict. This applies not only to the transfer of funds into bank accounts, which are extremely strict and will be immediately frozen if any suspicious funds are received.

Even when it comes to local exchanges, sometimes funds originating from certain suspicious sites can be frozen immediately, requiring proof of the sender, the source of the funds, and the intended purpose. Only then will they decide whether to approve the transaction. If not, we'll have to process a refund, which can be quite a hassle.

[Questat]

In a country where gambling is illegal, regulations are indeed very strict. This applies not only to the transfer of funds into bank accounts, which are extremely strict and will be immediately frozen if any suspicious funds are received.

Even when it comes to local exchanges, sometimes funds originating from certain suspicious sites can be frozen immediately, requiring proof of the sender, the source of the funds, and the intended purpose. Only then will they decide whether to approve the transaction. If not, we'll have to process a refund, which can be quite a hassle.

You really have to be careful with that since gambling is illegal in your country. But I’m just curious, are you still gambling despite that? I mean, if the punishment isn’t jail time, I’m sure gamblers can always find a way like using VPNs or going to sites that still allow players from banned countries, especially those licensed under providers that aren’t too strict with implementation.

About account freezing, I’ve experienced that too even though gambling isn’t illegal here. Exchanges are heavily regulated, so when I transferred funds from a site that wasn’t registered, they flagged it as illegal. That ended up getting my account closed, and it was hard to argue with them, so I just let it go.

[suzanne5223]

I don't know how things work in your geographical region, but the implementation of source of funds is already adopted in some countries, and if the bank sees your account is funded through a gambling platform, I don't think that should be an issue if you're from the country where gambling is supported, since you have reach the gambling require age range. Besides, we have some countries where banks advertise a gambling platform on their mobile banking app, while some do some collaboration with a gambling platform for easy account deposit.

So, there's nothing for you to be panicked about if your country is not where gambling is restricted, just go with the flow, and provide the information they request or seek legal support. But you don't want to go through the process, why not choose to hold the fund in crypto?

[viljy]

It's amazing how banks are similar in different countries. They can block a law-abiding client's account for penny transactions and will require proof of the origin of the money. At the same time, without hindrance, the same bank transfers a million dollars that some old woman sent to the accounts of scammers. It is clear that the bank is the main link in the fraudulent chains. Everyone sees it, everyone knows it, but nothing can be proved. We can say that the fraudster is not the bank, but its employee, but then why do we need the bank's security service? Anyway, the result is the same.

In general, all this tightening of the rules is a performance, an imitation of the violent activities to combat dirty money. In fact, the bank is the last one that is interested in catching criminals who operate with dirty money. After all, the bank is interested in profit.

[ZeroVinsonN]

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 a security measure, they want to make sure that you are actually the owner of the money, this will usually happen when a huge amount of money is passed through that particular account, as long as you can prove that you have a source of income good enough for you to receive that much then you are good, even if they money came from gambling, it doesn't make much difference as long as you can prove it, the government doesn't want money laundering to be made easier through gambling excuses.

[junder]

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.

First, if gambling is a legal activity in your country, I don't think it's a problem if money comes in from gambling. So, even if they still question it or even track it, it's not a problem, in my opinion. As long as you haven't done anything wrong, don't worry.
Secondly, I think banks shouldn't need to interfere in the origin of the money in our accounts. Besides, I think it's beyond their responsibility, but dealing with the authorities might still make sense.
I myself rarely keep money in my account. Occasionally, a large amount comes in, and it doesn't last long because I withdraw it immediately. But having plans to save in my account is possible, but how could the bank question the origin of the money in my account?

[Die_empty]

First, if gambling is a legal activity in your country, I don't think it's a problem if money comes in from gambling. So, even if they still question it or even track it, it's not a problem, in my opinion. As long as you haven't done anything wrong, don't worry.
Secondly, I think banks shouldn't need to interfere in the origin of the money in our accounts. Besides, I think it's beyond their responsibility, but dealing with the authorities might still make sense.
I myself rarely keep money in my account. Occasionally, a large amount comes in, and it doesn't last long because I withdraw it immediately. But having plans to save in my account is possible, but how could the bank question the origin of the money in my account?

There shouldn't be any problem if gambling is legal and your profit from it is included in your tax statement. The government is sometimes interested in taxes, so it wants to ensure that people always pay their taxes.

Although I have not been asked, the banks could ask a customer about the source of his funds. This happens when there are policies that give them such powers. I know some people who have been invited by bank officials to explain the source of a huge deposit. They can report an account to the police if the account holder didn't give valid explanations. I don't think I would have issues with gambling wins in my bank account since I am a low-risk gambler,  except that I am lucky to win a jackpot.

[Natalim]

There shouldn't be any problem if gambling is legal and your profit from it is included in your tax statement. The government is sometimes interested in taxes, so it wants to ensure that people always pay their taxes.

Although I have not been asked, the banks could ask a customer about the source of his funds. This happens when there are policies that give them such powers. I know some people who have been invited by bank officials to explain the source of a huge deposit. They can report an account to the police if the account holder didn't give valid explanations. I don't think I would have issues with gambling wins in my bank account since I am a low-risk gambler,  except that I am lucky to win a jackpot.

Things get messy once the government steps in, especially if you’re hiding something. Even if you’re not, ignorance of the law won’t save you.

That’s why I avoid using my bank account for gambling, I’m not great at remitting taxes and don’t want trouble later. I just do P2P trades and cash out to GCash here (its php wallet app), then cross my fingers it won’t get flagged as gambling.

[irhact]

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.

They're doing all this to avoid scams because the high rate of scams are becoming too much and some banks are running at losses because they get to refund the victims back their money while the scammers are enjoining with the stolen money therefore I don't get angry when I get asked for all this verification because I understand that the banks are just doing their jobs to protect the funds of their customers. It's when they do all this but yet our money keeps getting lost that's when they failed and must provide the money when I come asking for it. It's not easy for the Banks to protect your money without taking steps like this as it provides them more data.

[freedomgo]

They're doing all this to avoid scams because the high rate of scams are becoming too much and some banks are running at losses because they get to refund the victims back their money while the scammers are enjoining with the stolen money .......

Is this even true? Are you sure there are banks that actually refund deposits when someone gets scammed? That sounds too generous to be real. Honestly, I haven’t heard of any bank doing that, so I’m curious where you got that info, or is it from your own experience?

[Julien_Olynpic]

Banking policies regarding gambling-related transfers are becoming increasingly strict, and in my opinion, they're gradually becoming more and more insane. They're gradually incorporating artificial intelligence into transaction analysis around the world. What will this lead to? It will lead to the increasing discrediting of non-cash means and the growing popularity of cash. Currently, many countries operate in a kind of totalitarian regime, restricting the circulation of cash. I predict that these restrictions will gradually be lifted. I think that, over time, we'll see free gambling.

[promise444c5]

Unless you’re in a country that tags  gambling as illegal then you might be in serious trouble. Other than that,  you just have to tell the truth, they probably know those money are coming from a gambling site , casino already.. spelling any lies or trying to could make things  a bit messy..
Know what your banks are really against to avoid future issues. Cooperate with them , they have your KYC so they hold your balls, if you try to play smart that could be worse. So far you’re not truly laundering   (laundering is what they are mainly after) any money then you should be fine

[davis196]

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.

If you are using crypto to gamble, why do you need a bank account for gambling purposes? If you sell your crypto for fiat, nobody is going to care that your crypto is coming from gambling. I don't know about any crypto-to-fiat traders, who avoid buying cryptocurrencies, that were obtained via online gambling.
I can assume that you are gambling on fiat based casinos/bookmakers, since you admit that you deposit gambling money every once in a while.
I don't know about the banking legislation and regulations in your country. I have never used money from my bank account to gamble, so I never had any problems with my bank. Maybe banking policies are indeed getting stricter all around the world, but I haven't experienced this so far.