Crypto Casinos vs money laundering. - page 10.

Stalker22

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Quote from: KTChampions on September 17, 2022, 09:01:10 AM

You keep writing nonsense.

Thank you for that. I think you are lovely too, in your own way.

Quote from: KTChampions on September 17, 2022, 09:01:10 AM

That the police caught someone trying to launder money still counts as "caught in the act," right? Money laundering is also a crime and in an ideal world they are also preventable. You can answer a simple question for me: if the fraudster is not caught, then which option is better: 1.) he paid taxes on his criminal income. 2.) didn't pay taxes? I continue to consider the first case a lesser evil than the second. What do you think?

If you could show me an example of a criminal paying taxes on his income from criminal activity, I would greatly appreciate it.

Quote from: madnessteat on September 17, 2022, 09:32:38 AM

I wonder if in the case of payment of tax on winnings is checked on what means the person played? After all, in the case of verification questions may arise from where the person has such a large amount to play in the casino and whether taxes were paid on this money.

Exactly.

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Quote from: SirLancelot on September 17, 2022, 03:03:44 PM

I don't think authorities will shutdown a service easily but they will first check it if the service is following a protocol to avoid the money launders.

They can close it in an instant if there's a proper basis and court order. But for that first offense, they'll just give them a penalty and the establish has to pay for it.
They'll do an investigation and when it's proven, they'll have an assessment and basis on what action must be taken. The authorities won't just come and go without any evidence provided to these establishments without proper research and basis.

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Quote from: decodx on September 17, 2022, 01:25:48 PM

Quote from: Invester on September 17, 2022, 12:28:48 PM

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

I'm not siding with the casinos on this, but that's probably what the regulators and authorities are asking them to do. Similar to how banks ask you for a statement about the source of funds when you want to deposit or withdraw a large sum of money. Only thing that I find unfair about casinos is that they do not ask for this information when making deposits or when registering, but when withdrawing money after winning. So basically, people that move large sums of money into the casino are not being asked to do this, but people that just won a moderate amount of money are.

This is somehow a difficult boundary to draw a line with- you are dealing with an online casino who abides with their respective laws in their country vs respecting the privacy of the person on your gambling website. Personally, there are lots of people who consider KYC as a make or break function in their choice of gambling due to the volume and amount of bets they do in a gambling website.

Though implementing more features and security may determine if a person is laundering money, this could be destructive in the gambling owner's perspective in attracting more users to its database.

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Quote from: Apocollapse on September 15, 2022, 11:06:47 AM

Quote from: virasisog on September 15, 2022, 10:31:28 AM

Money launderers are wise enough not to choose casinos that require KYC. They prefer to keep their identities safe and private. Also, the source of fund doesn't really matter to some casino sites. They wouldn't mind checking on it one by one. Money launderers will also do everything so the authorities won't track their funds. They are even wiser now.

Although I know there's few trusted no KYC casino in this forum and they don't have any rules about money laundering, VPN usage etc, but I still hard to believe if they're not care anything about high illicit sources. As we know Tonardo.cash already got shutdown and they're a centralized mixer, there's a chance the no KYC casino might got shutdown too since they're helping fraudster. That's why I don't think they will take easy against fraudsters.

Is there truly a casino like the ones you describe? A no KYC can be normal, that's because we promote decentralization here when we talk about cryptos and blockchain but if they don't care about money launderers then I think that's not normal anymore and maybe they are one of those who launder money? Or they are being given by a share for them to allow the money launderers. While there are some who only cares about their business and they know that if they became too strict, their income can also get lessened.

I don't think authorities will shutdown a service easily but they will first check it if the service is following a protocol to avoid the money launders.

_act_

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Quote from: decodx on September 17, 2022, 01:25:48 PM

I'm not siding with the casinos on this, but that's probably what the regulators and authorities are asking them to do. Similar to how banks ask you for a statement about the source of funds when you want to deposit or withdraw a large sum of money. Only thing that I find unfair about casinos is that they do not ask for this information when making deposits or when registering, but when withdrawing money after winning. So basically, people that move large sums of money into the casino are not being asked to do this, but people that just won a moderate amount of money are.

You are not wrong, KYC is necessary, especially on big and well know gambling sites that the regulators can easily know about, regulators have control over the gambling sites, so they (the gamble sites) have to comply and make KYC mandatory on their site.

I hate that about Casinos too, all of them that I have used before do not request for KYC during registion, but they will ask for it during withdrawal, these as been a means many of them are using to seize the fund of gamblers that has already won on their site.

I have preferred to just first complete the KYC first before I start to use the gambling site which I think is better. I have been doing it like this even before I started to use crypto gambling sites and no issue at all because I would have already gotten verified before using the site.

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Quote from: Invester on September 17, 2022, 12:28:48 PM

KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

I'm not siding with the casinos on this, but that's probably what the regulators and authorities are asking them to do. Similar to how banks ask you for a statement about the source of funds when you want to deposit or withdraw a large sum of money. Only thing that I find unfair about casinos is that they do not ask for this information when making deposits or when registering, but when withdrawing money after winning. So basically, people that move large sums of money into the casino are not being asked to do this, but people that just won a moderate amount of money are.

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KYC is not enough for crypto casinos? Crypto casinos should check all its players source of funds?

Are we going to ignore that land based casinos are not even asking for its gamblers KYC? There are some casinos that need an ID before people can enter. But that's it, they don't photocopy the ID for for their copy. Most casinos I entered do not require ID. You can easily enter as long as you don't look like a criminal or beggar.

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Quote from: $crypto$ on September 16, 2022, 11:56:19 PM

Quote from: michellee on September 16, 2022, 11:15:26 PM

We are still lucky because we have several casinos that do not implement strict KYC/AML so we don't need to verify. Besides, I think if we don't use big money to gamble and never do anything that could make the casino suspicious, we will be safe and well playing in that casino. Maybe the casino will apply the casino randomly and not based on how much money the gambler will use to play gambling and we should be prepared if it applies to us. Maybe we will move to another casino if the casino asks us for KYC because we don't want to do that verification. But some gamblers will be happy to do KYC because they already feel comfortable playing gambling at the casino.

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Obviously some crypto casino users don't want them to verify documents of course they prefer anonymous ones and we are always looking for those casinos, even though some popular casinos don't implement KYC/AML so we still feel it's quite safe to gamble.

As long as we only use small money to gamble, I don't think the casino will suspect our account and let us play and maybe withdraw some of our money. And maybe it won't catch their attention or sound their alarm because of a suspicious transaction or other abuse.

And hey, playing at trusted and popular casinos without doing KYC/AML is good. But maybe we can rarely get it again in the future when government regulations already require every casino to implement KYC.

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Quote from: Sithara007 on September 16, 2022, 10:42:47 PM

And also, what is the guarantee that KYC documents won't be stolen and used for identity theft?

This is the fear of most people who don't like playing in kyc casinos because the guarantee is not there who needs the information of the client. It is understandable if this fear continues. In the past I have done a kyc for certain project but it ended up a scam and my information was already with them.

Quote from: dothebeats on September 16, 2022, 11:07:46 PM

Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

For many Kyc is against the anonymous system of no disclosure of identity to third party.

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Quote from: Reatim on September 17, 2022, 03:04:37 AM

Quote from: |MINER| on September 17, 2022, 02:48:42 AM

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

you are right. because the money laundering criminal syndicates are smarter to choose which gambling platform they will choose to hide the money laundering proceeds from.
and for KYC problems, almost 90% of gamblers choose crypto online gambling platforms for several reasons including not wanting anyone to know if they like gambling because there are several countries that prohibit gambling. there are some gambling sites that do not require KYC to gamble and they will prefer gambling platforms like that

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Quote from: KTChampions on September 17, 2022, 09:01:10 AM

Quote from: Stalker22 on September 16, 2022, 06:04:12 PM

~
No suggestions, I just wanted to point out that the following statement of yours is false:

Quote from: KTChampions on September 14, 2022, 02:07:14 PM

The easiest way to launder money is to make two large bets (or several smaller ones) at different bookmakers on opposite events and go to the tax office with the winning ticket. In principle, I don’t see anything wrong with this, because if the police couldn’t catch the criminal while committing a crime, then there’s nothing to be done, and if he pays taxes, then that’s good.

You keep writing nonsense. That the police caught someone trying to launder money still counts as "caught in the act," right? Money laundering is also a crime and in an ideal world they are also preventable. You can answer a simple question for me: if the fraudster is not caught, then which option is better: 1.) he paid taxes on his criminal income. 2.) didn't pay taxes? I continue to consider the first case a lesser evil than the second. What do you think?

It seems to me that for the state the first option is more preferable because in this case it receives tax on winnings. But it is not quite clear to me whether it is profitable for the participant of such scheme.

I wonder if in the case of payment of tax on winnings is checked on what means the person played? After all, in the case of verification questions may arise from where the person has such a large amount to play in the casino and whether taxes were paid on this money.

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Quote from: Reatim on September 17, 2022, 03:04:37 AM

Quote from: |MINER| on September 17, 2022, 02:48:42 AM

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

Money launderers will always prefer casinos that won't ask for KYC so they can't keep their identities when betting. KYC is one of the reasons for authorities to track them as well as their transactions so they will definitely choose not to use sites that would ask for KYC. Criminals could easily keep their laundered money and use it to gamble. There were just unlucky gamblers who got caught through their gambling activities but most criminals nowadays already know what to do.

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Quote from: |MINER| on September 17, 2022, 02:48:42 AM

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to stop it and I also think it plays a great role in the investigation.

Yep. They are trying to protect there own business against money laundering that’s why they are collecting data of those suspected user so that they can give it to the authority once they conduct investigation to avoid being accessory to the crime. The casino can actually stop the laundering by freezing the account of the suspected user that doing malicious transactions closed to be categorized as laundering.

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Quote from: seoincorporation on September 13, 2022, 03:56:20 PM

Let's be honest, money laundering is the best thing that can happen to a casino and there is where most of high rollers comes from. I have seen some rollers in the past that runs some huge scams and then go to the casinos to play with the scammed money and with that justify where they get the money from after hitting some huge wins.

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering, what casinos should do is to investigate the source of the deposits to fight against this illegal activity, but that will not happen because is a win-win game from them.

So, what do you say, does crypto casinos really care about money laundering?

Actually, it's not really a win-win for the casino just because they generate profit from it. Because once the authorities find out that they are tolerating such illegal activity from their players, the government will eventually come after them that could cost halting of their operations and eventually, loss of profit. It will cost them so much, that is why there are many casinos that are including rule/s about AMLA and doing of mandatory KYC in their terms of service to make the players aware of what they are planning to sign up for.

They don't want dirty money because handling dirty money could mean trouble. After all, they are still a business that needs a go signal to continually operates. They can't bribe the central organizations most especially the government, do they? Unless of course they have strong connections to the higher ups. But if that's not the case, then they better abide the law to avoid possible chaos.

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Quote from: Stalker22 on September 16, 2022, 06:04:12 PM

~
No suggestions, I just wanted to point out that the following statement of yours is false:

Quote from: KTChampions on September 14, 2022, 02:07:14 PM

The easiest way to launder money is to make two large bets (or several smaller ones) at different bookmakers on opposite events and go to the tax office with the winning ticket. In principle, I don’t see anything wrong with this, because if the police couldn’t catch the criminal while committing a crime, then there’s nothing to be done, and if he pays taxes, then that’s good.

You keep writing nonsense. That the police caught someone trying to launder money still counts as "caught in the act," right? Money laundering is also a crime and in an ideal world they are also preventable. You can answer a simple question for me: if the fraudster is not caught, then which option is better: 1.) he paid taxes on his criminal income. 2.) didn't pay taxes? I continue to consider the first case a lesser evil than the second. What do you think?

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Quote from: |MINER| on September 17, 2022, 02:48:42 AM

I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to stop it and I also think it plays a great role in the investigation.

you cannot just Imply KYC in crypto gambling because you knew that people here mostly wanted privacy and hates providing KYC when they gamble and also depends in how much are the amount being launder because criminal and syndicate nowadays knows how to use gambling platform as form of laundering .,

|MINER|

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I don't think casinos, gambling websites couldn't stop money laundering what they can actually do is with the kyc data it can help when the investigation agency is approached for investigation. However, gambling websites have become one of the biggest part of money laundering by evading the investigators, but I think good reputable casinos require this kyc data to stop it and I also think it plays a great role in the investigation.

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Quote from: seoincorporation on September 13, 2022, 03:56:20 PM

So, what do you say, does crypto casinos really care about money laundering?

I wouldn't say that money laundering is anything special about the crypto casino community. Money laundering has been a part of the gambling industry for a long time. Already in the 1980s criminals used casinos to cash in illegal money and withdraw legit winnings that can be added to their bank accounts. Even today I see sketchy people sitting in front of the slot machines in our billiard bar all night. Slots are one of the best ways for them to launder money because they payout 95-97% of the money being paid in. And nobody can verify later if your winnings results from being lucky one evening, or from playing a long period of time and adding a lot of cash to the machines. I think that casinos are aware of the issues of money laundering and are trying to stop it. It sheds a bad light on the industry and isn't really needed for casinos to make their money. There are so many recreational gamblers that the casinos would be doing fine if there were no more criminals abusing the casino systems. Unfortunately there are no 100% secure ways to prevent money laundering. Even with KYC people can pay others to gamble with their money to attract less suspicion.

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Quote from: dothebeats on September 16, 2022, 11:07:46 PM

Quote from: Sithara007 on September 16, 2022, 10:42:47 PM

~

There are absolutely no guarantees, this is why as much as possible, you try to avoid platforms with strict KYC. The problem is, most casinos not implementing strict KYCs are only good for a couple of months before they close, either because they are a scam site or that they are ordered to do so by the government. Mishandling of KYC documents is also a valid reason to raise, and we don't know anything whether our personal information is already being sold to a third-party or remains safe at the hands of the government. Whatever it is, KYC remains to be the necessary thing to follow, but we're too conflicted in actually doing it because of a lot of bad things that is associated with completing the said requirement on most casinos.

In the end, it all circles down to how casinos (or any company in general) should better the system of KYC, to the point where the risks involved wouldn't really matter (I could say to completely remove it, but we all know that ain't going to happen). There really isn't going to be a fix here imo, or to the point where necessary documents for KYC are so strict that even if it was somehow leaked, no risk would be possible.

Quote from: $crypto$ on September 16, 2022, 11:56:19 PM

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Naturally, casinos know that implementation of KYC at registration would shy away most of their users, so they simply set it up so that after a certain point, they'd ask it (especially if you consider how most problems arise from people who gamble a lot, which is understandable imo).

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Quote from: michellee on September 16, 2022, 11:15:26 PM

We are still lucky because we have several casinos that do not implement strict KYC/AML so we don't need to verify. Besides, I think if we don't use big money to gamble and never do anything that could make the casino suspicious, we will be safe and well playing in that casino. Maybe the casino will apply the casino randomly and not based on how much money the gambler will use to play gambling and we should be prepared if it applies to us. Maybe we will move to another casino if the casino asks us for KYC because we don't want to do that verification. But some gamblers will be happy to do KYC because they already feel comfortable playing gambling at the casino.

We're still happy with some casinos that don't implement KYC/AML maybe because the money we use is small so this won't be suspicious or investigated by the casino. Whatever we do at the casino makes us smoother in any case it means nothing. suspicion on our account unless other abuse.

Obviously some crypto casino users don't want them to verify documents of course they prefer anonymous ones and we are always looking for those casinos, even though some popular casinos don't implement KYC/AML so we still feel it's quite safe to gamble.

Topic: Crypto Casinos vs money laundering. - page 10. (Read 3580 times)