Banking policy getting stricter lately

[Localhostspeed]

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

I have bank account, I have used it to make large deposit and large withdrawals and these banks are not one or two, I have many of them and each serve me better because of their network and trust. What OP should have done in this situation should show them proof of funds, just make a screenshot of from the withdrawal tab and show them and you will be free from any further questions, if you can do Kyc with a casino, proof of funds should be nothing.

If there is no gambling restriction in that country, there is no reasons to panic. What some casino does when people make request for withdrawal, they have recognized payments processor that help them to make the payment and this payment gateway or platforms are mostly recognized by banks. If there is an incoming transactions from those tech payments to bank, they know better that the funds is actually from gambling and not what will cause any problem.

[Satofan44]

It's amazing how banks are similar in different countries.

There is nothing amazing about it. They practically offer very similar services and abide by the same laws with some minor variations.

They can block a law-abiding client's account for penny transactions and will require proof of the origin of the money.

From the perspective of the bank, they can't be sure whether a client is law-abiding or not. You as the client may be able to be certain that you are law-abiding, but they can't.

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.

If banks provide people with a lot of freedom to do whatever they want with their money, things like the example that you have given will happen. People complain and say this is a failure of the banks. On the other hand if they act very restrictive which as a consequence has a minimization of such fraudulent transfer, people complain again and say that this is not just because it is your money. You need to make up your mind, you can't have it both ways. Some modernized banks may provide warnings in their UI stating that they may not be able to recover your money if you sent it to the wrong person/account. This is more then enough. If you still continue, then the failure and responsibility is yours and not the banks. Banks should not act like parents in some messed up nanny-state. Learn how money works, learn what scams are and learn how to become a responsible individual.

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.

Why should a bank care about money laundering? They don't. It is the government and the laws that forces the banks to "pretend to care". If those laws were removed, banks would welcome any kind of funds.

[bangjoe]

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.

As long as gambling is legal in your country, earning money from gambling should not be a problem, but if it is prohibited, you may need to transfer your money to an exchange, or create some activities on web3 after which you can cash out your money using p2p or exchange to your bank account. If they question you, you can respond that it is the result of your work in web3, or from bounties, airdrops, or trading you have done. There are many reasons you can use if money from gambling is not permitted. I did this a few months ago.

[aioc]

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 is why I don't have a bank account anymore: they are investigating every movement of your funds, hiding behind standard protocol, and this is what makes Cryptocurrency the best option to fund our casino account.
If you want a drastic stop using banks or closely monitor your transactions to make sure no questionable transactions will be monitored, and stick to Cryptocurrency, everyone’s going crypto right now.

[Numeral]

This is why I don't have a bank account anymore: they are investigating every movement of your funds, hiding behind standard protocol, and this is what makes Cryptocurrency the best option to fund our casino account.
If you want a drastic stop using banks or closely monitor your transactions to make sure no questionable transactions will be monitored, and stick to Cryptocurrency, everyone’s going crypto right now.

It is very difficult to completely abandon banking services. At the very least, it is convenient to pay with bank cards, and not every online store accepts payment in cryptocurrency. The cards offered by CEX are also bank cards, because no one except banks has the right to issue payment cards. CEX simply issues cards through an organization that has a banking license. Unfortunately, I cannot say that everyone is switching to cryptocurrency right now. It seems to me that things are still the same as they were. But maybe some people are switching to cash. And if banks continue to pressure their customers, more and more people will leave them. People may switch to cryptocurrency for investment purposes, but for payments, this is only in exceptional cases, except perhaps for gambling.

[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.

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?

That's one of the reasons too why crypto casinos are experiencing a great expansion because when playing there, you can make your withdrawal in crypto and convert just a small amount to Fiat and leave the rest of the money in crypto without much question. Some countries has much strick rules as regards to this issue.

[gunhell16]

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.

Dude, what you should do when you win at a crypto casino is when you're about to withdraw, don't directly transfer to your exchange or bank account. It's better to send
it first to a non-custodial wallet like MetaMask, Phantom, or Trust Wallet so you won't have problems.

Because others do this, because you'll really have problems if you don't, and your bank account might even get frozen if it happens,
you know how banks are too sensitive and strict.

[Smartprofit]

Personally, I try to separate my gambling-related financial flows from those going through my commercial bank. I always use cryptocurrency (BTC, LTC, or USDT) to fund my online casino account. 🏛️ I don't use fiat currencies.

In my country, any suspicious transaction can easily result in a freeze on my bank card. Moreover, in certain situations, a person can be completely cut off from the cashless payment system (meaning their accounts at all banks can be frozen). In practice, lifting these restrictions is very difficult. 🤷

My country's central bank recently issued a statement acknowledging that the freezing of many citizens' accounts has become widespread and out of control. This has become a widespread problem. As a result, honest and innocent people suffer. Therefore, the authorities acknowledge the problem. However, in practice, imposing a ban is much easier than lifting it. Therefore, I try to be very careful. 😗 I've already gotten used to using non-cash money.  I wouldn't want to switch to using cash exclusively. It's inconvenient.🫤

[Satofan44]

As long as gambling is legal in your country, earning money from gambling should not be a problem, but if it is prohibited, you may need to transfer your money to an exchange, or create some activities on web3 after which you can cash out your money using p2p or exchange to your bank account. If they question you, you can respond that it is the result of your work in web3, or from bounties, airdrops, or trading you have done. There are many reasons you can use if money from gambling is not permitted. I did this a few months ago.

This is not true. The legality of gambling and the regulations and rules that bank determine themselves are not related to each other. Many banks may refuse to deal with certain types of gambling wins even if gambling is legal in the country. Banks have discretion to treat their clients how they want. They may even permit gambling but specifically disallow it for some clients because of their transaction history.

This is why I don't have a bank account anymore: they are investigating every movement of your funds, hiding behind standard protocol, and this is what makes Cryptocurrency the best option to fund our casino account.
If you want a drastic stop using banks or closely monitor your transactions to make sure no questionable transactions will be monitored, and stick to Cryptocurrency, everyone’s going crypto right now.

Don't blame the banks, blame your politicians. On average every person here is going to be voting for a specific party, some may even have a favorite party of which they are an active member of. The irony is that the very same party is the one that is complicit in causing the problems that the people complain about.

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.

Dude, what you should do when you win at a crypto casino is when you're about to withdraw, don't directly transfer to your exchange or bank account. It's better to send
it first to a non-custodial wallet like MetaMask, Phantom, or Trust Wallet so you won't have problems.

What do crypto casinos have to do with banking policy?  

[JeffBrad12]

Just divide your big deposit into some parts. That's the same thing applied in my country where i need to fulfill a form that explain the source of my fund and destination of my transaction. Afaik they might not ask you your funding source if you're sending it in some batches as it can still be categorized as minor txs cuz not involved big chunk of money. 

[Botnake]

Just divide your big deposit into some parts. That's the same thing applied in my country where i need to fulfill a form that explain the source of my fund and destination of my transaction. Afaik they might not ask you your funding source if you're sending it in some batches as it can still be categorized as minor txs cuz not involved big chunk of money. 

That’s still trying to cheat a smart institution, and they’ll figure it out eventually. You’ll end up being investigated. So instead of doing that, better to just avoid using your bank directly when you gamble online. Or at least don’t make transactions that connect your bank straight to gambling sites. Make a bridge for that if you really can’t avoid using your bank to transfer money.

I know it sounds complicated, but that’s how it is now. If we value our privacy, we need to do a lot of workarounds just to keep things safe.

[dunfida]

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?

That's one of the reasons too why crypto casinos are experiencing a great expansion because when playing there, you can make your withdrawal in crypto and convert just a small amount to Fiat and leave the rest of the money in crypto without much question. Some countries has much strick rules as regards to this issue.

In most countries the banking system is designed to operate under very strict financial-monitoring regulations and anti-money-laundering laws that require banks to verify both the source and the legitimacy of funds moving through accounts that’s why even when your money is legal the moment it exceeds what you declared as your annual income or normal activity the bank’s automated systems will flag it for review and sometimes freeze it until you can provide proof the banks aren’t necessarily trying to make life hard but they are compelled by law to report any activity that seems inconsistent with your original profile.

When you think about it that’s exactly where many people start feeling that banks have become tools of surveillance every deposit is logged every withdrawal is tracked and privacy basically disappears once the number is big enough to trigger an alert that’s why the idea of decentralized money like crypto feels liberating for a lot of people crypto casinos or exchanges give a sense of autonomy you can deposit and withdraw without the traditional financial gatekeepers breathing down your neck and you decide when or if you want to convert to fiat.

[mikel_012]

Just divide your big deposit into some parts. That's the same thing applied in my country where i need to fulfill a form that explain the source of my fund and destination of my transaction. Afaik they might not ask you your funding source if you're sending it in some batches as it can still be categorized as minor txs cuz not involved big chunk of money. 

Depends on the country. In my country Brazil you can not just split your big transfers in smaller ones because they check everything like the total you moved in a day. And with AI I think this will become easier for their systems to track you. If you need to explain why you sent 5 transfers of $2000 instead of 1 transfer of $10k you will have trouble because they will think you are doing something ilegal.

That’s still trying to cheat a smart institution, and they’ll figure it out eventually. You’ll end up being investigated. So instead of doing that, better to just avoid using your bank directly when you gamble online. Or at least don’t make transactions that connect your bank straight to gambling sites. Make a bridge for that if you really can’t avoid using your bank to transfer money.

I know it sounds complicated, but that’s how it is now. If we value our privacy, we need to do a lot of workarounds just to keep things safe.

That's right. The IRS in the USA and other countries are very smart. Don't try to cheat your tax because the tax man does not forgive.

[Jawhead999]

That’s still trying to cheat a smart institution, and they’ll figure it out eventually. You’ll end up being investigated. So instead of doing that, better to just avoid using your bank directly when you gamble online. Or at least don’t make transactions that connect your bank straight to gambling sites. Make a bridge for that if you really can’t avoid using your bank to transfer money.

I know it sounds complicated, but that’s how it is now. If we value our privacy, we need to do a lot of workarounds just to keep things safe.

Yep, at least they can send the coins to centralized exchanges, so they might think your money were come from trading or investment.

It's not complicated, but it's about how high people want to give extra effort, I have never link my bank account direct to the casino and withdraw my money. So far I'm safe, @OP should try to follow this advice and let's see what the bankers do to him.

[uneng]

Dude, what you should do when you win at a crypto casino is when you're about to withdraw, don't directly transfer to your exchange or bank account. It's better to send
it first to a non-custodial wallet like MetaMask, Phantom, or Trust Wallet so you won't have problems.

Because others do this, because you'll really have problems if you don't, and your bank account might even get frozen if it happens,
you know how banks are too sensitive and strict.

I agree with you. And in case you want to cashout funds to banking account, send the funds first to an exchange, and from the exchange you can finally cashout to your bank. Regulators are less likely to create issues with exchanges compared to the issues they create towards casinos. In every cases, big sums of money always awake the interest and attract attention from local authorities, despite the source of the money, so that is something everyone should be aware about before transacting money across the internet.

That is one of the reasons why Bitcoin was created in first place, although people seem to forget about it nowadays.

[Awaklara]

Just divide your big deposit into some parts. That's the same thing applied in my country where i need to fulfill a form that explain the source of my fund and destination of my transaction. Afaik they might not ask you your funding source if you're sending it in some batches as it can still be categorized as minor txs cuz not involved big chunk of money. 

What I experienced is that when depositing a certain amount of money, the bank never asked me about the source of the funds. But when withdrawing a certain amount, they would ask about the purpose of the withdrawal, especially for large withdrawals. I also conduct gambling transactions with my bank account. If tracked, they would definitely know as well. But so far, I haven’t had any problems with it.

[Warkop]

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 is why I don't have a bank account anymore: they are investigating every movement of your funds, hiding behind standard protocol, and this is what makes Cryptocurrency the best option to fund our casino account.
If you want a drastic stop using banks or closely monitor your transactions to make sure no questionable transactions will be monitored, and stick to Cryptocurrency, everyone’s going crypto right now.

It is indeed very difficult to be in a country that is very strict in supervision like this, usually banks are under pressure from the government to monitor the number of customer transactions and suspicious things for gambling transactions, as far as I know banks do not care about their customers' transactions because it is the privacy of each customer so using private banking will be much better than using government banking, everything will be checked in suspicious customer transactions.