Crypto Casinos vs money laundering. - page 16.

xSkylarx

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

A criminal that is wanted by the authority won't use his real identity on those crypto casino but instead they would use someone's info to pass the KYC verification. As long as the gambling platform don't detect any malicious activity on the user's account and completed the KYC verification, I don't think they will check deeply the source of its incoming deposits as well as withdrawals. The authorities can't just accuse them of money laundering if their user's database have no criminal records.

_act_

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Quote from: coin-investor on September 14, 2022, 02:18:37 AM

If casinos are being used and exploited for money laundering then the whole industry is in trouble the AMC will closely monitor the whole industry but until there are no proofs that it is widely used by money launderers, we can only speculate, casinos like Stake.com are very strict on using their platform for a deposit then withdraw only, and with their strict KYC to make sure that people marked by AMC as money launderers and scammers are not using casino platform to launder money.

That is just it, what is the essence of strict KYC. KYC alone would be discouraging people to use any KYC sites like casino for money laundering. What I have known about money laundering is that people use legit businesses with it. The money that was laundered would be added with legit business money. This is the reason that it is difficult to track money laundered at times, because rich people which may even be publicly known are laundering the money, but their legit business is hiding it.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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.

Not gonna happen TBH. This will going to shoo away their customers and potential customers. Most people in the gambling scene doesn't want their identity nor any of their backgrounds to be exposed, let alone checked as part of the KYC.
I we all noticed, with the recent implementations of the KYC, a lot of gamblers complain about these. One thing we don't like about is when we're background checked financially.

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

Nope, not a single casino give a damn about what's right and what's not, as long as they're compliance align with the law then they're all good. Regardless, of how dirty the money is. It's all business anyway, asking where the money came from is non of their business I guess.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 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?

If casinos are being used and exploited for money laundering then the whole industry is in trouble the AMC will closely monitor the whole industry but until there are no proofs that it is widely used by money launderers, we can only speculate, casinos like Stake.com are very strict on using their platform for a deposit then withdraw only, and with their strict KYC to make sure that people marked by AMC as money launderers and scammers are not using casino platform to launder money.

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Quote from: Yogee on September 13, 2022, 08:07:02 PM

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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 with the existence of KYC, it can provide sufficient information for gambling places to be able to know that the person has money not from money laundering, but this all depends on the policy of the gambling place.

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Most casino owners probably do not care who gambles in their platforms but they are bound to obey those who issue them licenses. It's all about business for them at the end of the day so they have a job to balance the interest of players and the regulators.

Usually when a gambling place applies a confirmation such as a cellphone number to ensure that the owner of the account is you, while if someone applies KYC, it is also possible that the gambling place has been monitored by the government and entered the list of gambling places that have operational legality.

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Quote from: Wexnident on September 13, 2022, 08:57:47 PM

KYC is definitely not enough. It's a security thing yes, but not in the form of immediate action. If the authorities don't exactly do anything e.g., perform a check specifically on that casino, then it wouldn't really matter even if the casino had thousands of KYC details in their system. I mean I think no one is dumb enough to include in their KYC details the fact that they were money laundering. Checking each individual even with KYC would require a ton of manpower and I don't think casinos which is a business would be willing to do so much for the government.

exactly, why would they submit real kyc data if they plan to launder. they'd better be just use cash to launder. i'm not that rich to have tried it but most of the informed crooked rich guys says its easier to launder in cash than in crypto. why should they go all the troubles using crypto casino when there is a safer way.

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Quote from: ryzaadit on September 13, 2022, 05:42:20 PM

But the case for "Money Laundry" most casino have a golden rules, each deposit need to have 1x turnover before they withdraw. So, the user need to completed first the turn over otherwise is gonna to get "KYC".

This isn't a problem at all, the money laundering process is about get huge wins on the site and then cash out those wins, that's easy when you have unlimited money Tongue

Quote from: AmoreJaz on September 13, 2022, 07:57:14 PM

we can't deny the fact that it is already happening in some casinos. these people find a good way how to wash their money. and they are enjoying the process also. because the possibility of winning is always there aside from getting their money clean. for some regulated casinos with license, they are also on the look out for these high rollers. but i don't think they will stop them if they haven't violated anything with their terms.

You hit the nail mate, the process is fun and every one wins.

If some one has to complain about this are the governments but they are too busy in petrol and war right now, so, this looks like a washing machine for the long term, lol. #SadButTrue

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KYC is definitely not enough. It's a security thing yes, but not in the form of immediate action. If the authorities don't exactly do anything e.g., perform a check specifically on that casino, then it wouldn't really matter even if the casino had thousands of KYC details in their system. I mean I think no one is dumb enough to include in their KYC details the fact that they were money laundering. Checking each individual even with KYC would require a ton of manpower and I don't think casinos which is a business would be willing to do so much for the government.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

I'd say they somewhat care about it because someone mentioned earlier about the deposits having rollovers and back then casinos don't have that kind of rule. Some of the rules that the casinos have in place right now might not be enough to stop money laundering but I still think they're putting in a bit of effort. Looking at it from the casino's side it's not their main priority since it's just one of the many issues that can be abused, and like you've said even though they discourage it they still get something out of it.

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Casino is the easy way of winning huge money in a short period of time.Money laundering was not a good way of money flow in the economy.Money laundering will spoil the economy like a shadow and create economic crisis in the certain period of time.Casino with the kyc was the welcome phenomenon as compared to the old way of casinos.Before the casino was used as the way to money laundering and people used it as a tool to laundering the money.Then they showed the money like the casino wins.Now the kyc on casino prevents the money laundering using casino.It was widespread concept to the casino now.

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I don't think the casino will look into it. Unless the authorities had already given them the ultimatum. If the user submitted the required KYC and the coins are clean, business goes on. The casinos themselves are often laundering by mixing the money with thier profit, I suspect the streamers hired to do the marketing for them are somehow involved without them knowing.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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.

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what casinos should do is to investigate the source of the deposits to fight against this illegal activity

That would be time consuming and additional expenses on their part. Some top exchanges are paying third parties like chainalysis for tracing.

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

Most casino owners probably do not care who gambles in their platforms but they are bound to obey those who issue them licenses. It's all about business for them at the end of the day so they have a job to balance the interest of players and the regulators.

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Quote from: harizen on September 13, 2022, 07:26:09 PM

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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.

That is violating the privacy of the users. That is something not comfortable for us.

The investigation should just be done if the account triggered the "alarm" or something along those lines.

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

I will put it this way:

Regulated ones = YES
Unregulated ones = NO
Shitty ones = FFA

For crypto-casinos to fully operate without a problem, they really need to follow anything related to legality.

we can't deny the fact that it is already happening in some casinos. these people find a good way how to wash their money. and they are enjoying the process also. because the possibility of winning is always there aside from getting their money clean. for some regulated casinos with license, they are also on the look out for these high rollers. but i don't think they will stop them if they haven't violated anything with their terms.

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Money laundering happens in all possible ways. If the casino finds something wrong, they're gonna freeze the fund and report it. Because, trusted platforms operate following certain guidelines. Overruling could end the casino with some problem. It is very hard to segregate whether it is proper money or laundered or stolen. When the withdrawal is huge, surely they're forced to do KYC in most casinos.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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.

That is violating the privacy of the users. That is something not comfortable for us.

The investigation should just be done if the account triggered the "alarm" or something along those lines.

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

I will put it this way:

Regulated ones = YES
Unregulated ones = NO
Shitty ones = FFA

For crypto-casinos to fully operate without a problem, they really need to follow anything related to legality.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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

In as much as they want clients to make use of their crypto casino site they also care about user interest and protect them against money laundering, and I m sure they are trying their best to make sure they deal away with money laundering which is why they could request additional Kyc and proof address to avoid money laundering. There have been many casino site they tag scamming people but for me i would say its their highly level security to fight against money laundering or any mal-activity which may likely occur from the site and they have their T&Cs.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 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?

I am not sure we can equate money laundering as the same as scammed money. Both are illegal, sure, but that still does not have anything to do with the other. If you get caught with scammed money then obviously that money will be seized. As far as money laundering goes, it might not be allowed to be seized by the casino unless they recieve an order from the police to seize the laundered money, but you will still get into trouble with the law.

I doubt any online or offline gambling casino, whether crypto based or fiat based, cares about enforcing the law. They do it because they have to. Of course they would rather make more profit and not give any of their players up if they had a choice.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 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?

Maybe before they can run there schemes thru the casino which didn't require yet a KYC. But unfortunately I think the law towards casinos and certain requirements tighten up that's why many fraudulent people struggle now to use casino as their platform to launder money as they require a KYC to their users and also especially they request a huge amount of money for withdrawal.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 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.

You have to prove that because you say to use the most that mean the majority of high rollers, if that is the case then the casino is in big trouble for having a weak system to detect money laundering among their high rollers

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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.

That's too much work for them if they have the full details of these high rollers who are suspected of the mastermind of scams and just trying to use casinos then just one alarm from authorities and they can easily hand over this information.

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

The fact that they are already doing KYC is already enough they are already compliant and they will cooperate or if one of the wallets that these high rollers gets an alarm for, let's admit high rollers are their lifeline they don't want to discourage them from playing on their casino, for fear of looking for other casinos.

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Quote from: Rruchi man on September 13, 2022, 05:46:52 PM

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

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?

Crypto casinos definitely care about Money Laundering as they are also casinos and are subject to enforce AML & KYC regulations to avoid penalties that can cripple their business. They may not make it too strict so as not to scare away some customers who may be wondering the importance of these details, but they must show a level of compliance to prevent being shut down by the people in charge of ensuring that AML & KYC RULES are enforced.

For sure they are doing their best on not on being caught if they arent really enforcing it that much but since these business do really make out some reports about financial flow or something in related then it is really

somewhat hard to make out some exemptions on whatever big transactions would be coming in but we do all make out some presumptions yet it is really hard to tell on what are the things that do happen
internally.
Whatever site or business it would be as long it is regulated or licensed then expect that everything would really be known by those governing bodies.

Topic: Crypto Casinos vs money laundering. - page 16. (Read 3508 times)