Topic: Crypto Casinos vs money laundering. - page 15. (Read 3580 times)
Most casinos that only focus on crypto have little to do with money laundering. You make a deposit with crypto and then you have it paid out again in crypto. That has nothing to do with money laundering. It is of course a completely different story if you play at a casino, deposit there with crypto and then want to cash out on your bank loan. Then you could suffer from money laundering, but it could also simply be legal money. I have read that when you make a deposit via crypto, you are then obliged to also make a payout via crypto. That would immediately solve all problems and you can no longer launder money.
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.
Imagine if someone stole your car and then the next day showed up on the car market selling it. The police would be like, "Well, we could not catch him while he was stealing your car, and now he is free to sell it at the market." That cannot be right, because legally speaking, you are still the rightful owner of that car.
The same principle applies to money, because money obtained illegally belongs to the original owner(s) and not to criminals.
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.
The money being used to gamble is hard to trace and determine if it's from money laundering activities but enforcing KYC will be a big help. They could freeze the account with suspicious activities but not all laundered money will be traceable. Some casinos don't mind checking their gambler's source of funds as long as they're earning.
If KYC is for enforcing AML rules, it's certain that the casinos have their own secretive methods of how they direct their suspicions to this behavior (though sometimes they catch the wrong people). And yes casinos care about money laundering cases in any way to keep the company operating.
When the casino ask KYC to the user that has been flagged due to suspicious activity, most of the time his funds will be frozen. During the user already send the KYC to the casino, there's a chance if the casino that partnered with blockchain analysis is investigating where the source come from etc.
But until now I never heard any fraudster or money launder get exposed during playing crypto casinos.
But until now I never heard any fraudster or money launder get exposed during playing crypto casinos.
So, what do you say, does crypto casinos really care about money laundering?
Crypto casino they know is deposit and withdrawal, furthermore, place bets, they don't care about money laundering or money Corruption, KYC is another story in money laundering mechanism, KYC is for security and avoid suspicion, fraud and multiple accounts in crypto casino sites.In the money laundering & crypto casino mechanism, users usually carry out money laundering actions by buying crypto from the proceeds of corruption, after which they will 'bet' on crypto casinos as needed on the casino site.
Money laundering mode in crypto casinos for such purposes, in my opinion to avoid kissing law enforcement officials, they can buy crypto and make deposits to casinos without intermediary bank parties, they can do with other methods and keep the funds in crypto casinos for a while before converting them into legal money.
For now, as far as I know the crypto casinos, never know and don't want to know where the money bet by their customers comes from, bottom line: users have money betting done, win they profit, lose they lose, just two options nothing more in crypto casino.
Well, KYC requirements can scale to a level where you have to supply the information that shows the source of your gambling deposits. I think Stake has done it in the best way possible... with Level 1 & 2 just covering the basics like email address and ID card etc.. and then at level 3 and 4 .. it requires you to supply the source of your funds.
So for the average gambler, you can just require an email address and ID documents... but when you step up into "highroller" levels, they can ask for "source of funds" information. The organized syndicates can even fake those documents, so nothing is really bulletproof. (You can hire 1000 small time gamblers to launder money for you.. there are loads of unemployed people that are desperate for income)
So for the average gambler, you can just require an email address and ID documents... but when you step up into "highroller" levels, they can ask for "source of funds" information. The organized syndicates can even fake those documents, so nothing is really bulletproof. (You can hire 1000 small time gamblers to launder money for you.. there are loads of unemployed people that are desperate for income)
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I think crypto casinos can be a place to launder money from illegal activities because casinos won't know who the gamblers are playing at their casinos unless the casinos implement KYC on their members. But even if the casinos implement KYC, they will surely get past it easily because their network can provide information that will make their account verified. That's why some big casinos immediately implement KYC for their members to prevent this from happening because this can make the casino get punished by the authorities.
~snip~
Currently, there is more than one way to launder money and I think there are safer ways than spending money in a casino waiting until you get lucky and win a large sum. This scheme may work only if the casino owner is not in business with you, but I don't think he is interested to lose his business because of a possible regulatory inspection.
....... 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?
So, what do you say, does crypto casinos really care about money laundering?
Investigating is not their job anymore, they are casinos that are operating for a profit, so if they have gamblers that are not on the list from the authority, they'll gladly allow them to gamble. Some casinos are just using the words "money laundering" just to scam gamblers.
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.
Scammers are good they have a way to deceive authorities to was their money and casino is one of them but casinos can do so much, they just do what the regulators ask them to do and they will be compliant because of their license and they want to continue to operate, but they will not go to the extend of investigating the source of funds of every client that are playing on their platform, they will just do what they are asked to do if they will do that they will lose valuable VIP that sustains their platform
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So, what do you say, does crypto casinos really care about money laundering?
They have their own issue they are balancing everything they have the regulators to please and they have their VIPs that they should not irritate, I don't think they will go to the extent of being investigators.Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering
KYC isn't a 100% prevention tool but at least it gives the authorities impression that these casinos are complying.
But why should the crypto casinos be strict in KYC implementation when brick and mortar casinos don't even require KYC from clients?
From those bricks and mortar casinos, you can know the identity of people that are playing with you, nearly all of them are from where you are residing, unlike online casinos, if no KYC, no identity at all, which means that you are dealing with anonymous person. 
So, what do you say, does crypto casinos really care about money laundering?
The problem of money laundering is not a recent phenomenon and has always been associated with both land and online gambling, especially those based on crypto which are closely related to money laundering and are no exception for all exchanges.
I believe that the manager or owner of a crypto-based online casino has ways and scenarios related to money laundering. they also have rules and regulations related to money laundering matters, they will quickly identify any suspicious activity.
so, clearly important for them because every licensed casino will comply and follow the rules, so that they avoid the entanglement of legal sanctions that can damage the credibility and good reputation they have.
They probably don't. What they care about is that they make money. But since they are legally registered and licensed from the authorities, they've got no choice but to comply with policies and regulations. They're bound to. Majority are implementing KYC even if this would only discourage certain gamblers. But the implementation is clearly loose in order to keep the money flowing in. But why should the crypto casinos be strict in KYC implementation when brick and mortar casinos don't even require KYC from clients?
So, what do you say, does crypto casinos really care about money laundering?
I think yes, unless they don't want to get caught by the AML agencies or something similar that will pursue both the launderers and the casino. I think those who want to launder nowadays will find more convenient in an offline setting compare to the online stuff considering it will just take small effort to track down criminals - Tornado Cash incident to name a few and recent. Casinos that care are likely those casinos that want to stay in the game for a longer timeframe and has the vision and mission to profit and to entertain their players will really do, just my two cents.
To be honest casino will not able to determine where the money came from. that's unlike exchange site but in my opinion if i do believe of mostly of money that came from the crime were always going to the mixer rather than casino. I meant this needs more analyzation.
In my opinion the platform will not care about that. Sending money to the platform is also a win and lose decision caused by sometime the account can be banned or frozen and then money that already deposited became useless.
In my opinion the platform will not care about that. Sending money to the platform is also a win and lose decision caused by sometime the account can be banned or frozen and then money that already deposited became useless.
You can launder money everywhere and I would not say that the casino is the most convenient place (high taxes and high suspicions). The most effective way to launder money is to buy/open a business (preferably where there is a lot of cash flow). The main thing is that this business should at least have zero profitability - you just have to add a little dirty money to the business income and at the end you will receive completely clean money. Compared to a casino, this is an ideal option, since in business you can regularly make a profit, while a person who regularly wins at a casino is suspicious.
So goes to terrorism financing too, they require very tedious investigation. Yet terrorism continue to exist, so money laundering continues to exist too. Because a money launderer is using a website, gambling on the website, that does not mean the website would know, even the money launderers are having bank accounts successfully, and successfully using it with money laundering. But it is against one of the ToS of centralized platforms that involves money, if anything like that is noticed, the money would be seized just like I said before. 
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?
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?
You can launder money everywhere and I would not say that the casino is the most convenient place (high taxes and high suspicions). The most effective way to launder money is to buy/open a business (preferably where there is a lot of cash flow). The main thing is that this business should at least have zero profitability - you just have to add a little dirty money to the business income and at the end you will receive completely clean money. Compared to a casino, this is an ideal option, since in business you can regularly make a profit, while a person who regularly wins at a casino is suspicious.
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