Topic: Crypto Casinos vs money laundering. - page 3. (Read 3580 times)

the only thing a casino would be concerned of money laundering is profit because it would allow more players to continue playing.

An established casino won't allow risks to be that high especially for their assets. Money laundering won't close a deal with a small amount. Given that it would be expected to be huge, casinos would somehow ring a bell to secure what might be a loss on their end. Agreement will not be drafted and close without edges on both ends. KYC would be wuestioned on the other hand by the 'customers' so casinos would need to find a better way to aid suspiscion but being fair at the same time.

But then again, the money launderers are not people who have just entered the money laundering business but must have had years of experience. So even if they are dealing with a casino that implements KYC, they will easily find another less restrictive casino so they can still run their business. This money laundering is like a business for them because they already have a place to use to launder money and maybe find a place to store their money safely. But crypto casinos are trying not to become a repository for money laundering proceeds and implementing KYC is one way to avoid that problem.

Couldn't agree more, money laundering is just their way to get their money clean from all the illegal activities they did behind the curtains, mostly, there is a big organization that we couldn't even imagine behind these things and those kinds of people you've mentioned are all connected and part of the big organization, if not, they are just under their payroll especially these high ranking police officers and government officials.

I think of course implementing KYC in casinos isn't sure to stop money laundering completely.
because money launderers will always have many ways and methods to launder their money.
money laundering practices not only go through crypto casinos, they will split their money and put it into trades, properties, stocks and much more.
they will do various things by putting their money into small pieces and converting their proceeds into other assets.
which in the end they make as if the proceeds of crime are their property from legitimate business activities.

I think at least a few casinos that implement KYC will prevent and maybe be a little difficult for the money launderers.
and will also provide small pieces of information for the relevant investigators to point to the money launderers.

Money laundering is never done by one person.  They have a group for money laundering and in that group many types of people are involved like government party influential people, big businessmen, many bankers, police etc. And they find different ways.  Even if it involves crypto.  Not so much associated with casinos

Indeed, casinos and gambling houses aren't their only options where to launder their money just to keep it safe from authorities who are trying to track them down. We can't mention it all here because it's just too many to mention. Every year they found new ways and they have the right people who thinks of it.

Cant really deny if we do really talk about having lots of money which you could really almost do everything where you could easily bypass out because you could really able to buy services and documents if you

wanted to and this world is really that highly appreciating and wants money where everything could really be that possible.People are really that just too focused on gambling field when it comes to money laundering

without tending to look into other angle which there are really other ways to launder money.You would really be expecting for government to go in every single one of them which they would
really be dealing up with those platforms or companies which are commonly attached on it.

There are so many ways to launder money, not only in a casino. A wise criminal will find the best way. Those who use a casino are I think have another purpose other than to launder money. Maybe they literally want to play a gambling? To have fun or to possibly increase the money that they deposit.

There are gambling sites which doesn't mandate a KYC and if the site blocks them upon withdrawal asking them to upload their KYC, I think they will use someone else identity. There are so many things that you can do if you have lots of money and you can easily get away with the crimes that you will be doing. This is the power of money.

Government officials involved with money launderers will try to pressure them by demanding compensation for covering up their illegal activities. If the money launderers own a casino, they can run it smoothly without fear of other officials. That is why the perpetrators of illegal activities always try to approach officials who can protect them in running their business. The money launderers also know how to please government officials and give all the officials wishes.

Indeed, the technologies to track these money launderers continue to be developed to stop their business operations. However, it still can't stop most of their business because they always get help from people who work in the government. Only by having clean officials willing to work hard to stop it can catch the money launderer. But this is not enough because it requires support from other government parties and unfortunately, many of these officials are in money laundering circles so it is very difficult to catch them.

Money launderers never wait based on a method.  They launder money in various ways.  And they are constantly getting smarter and coming up with different new ways, so gambling may be a way of money laundering but it doesn't work very well. They use other methods more than gambling sites to launder money

But to give the idea, even a normal person and not a criminal wants to use these mixers just for the sake of his privacy.

Yeah, they can't stop money laundering but they can stop it entering into their platform and that's why they're very strict in implementing such policies that includes the kyc.

Of course, technologies to track these money launderers are still improving throughout each year because these guys are also getting smarter each and every year. Experience help them to evolve and evade the new technologies. Other than that, casinos and authorities are already tired in chasing these guys because they knew that money launderers keeps on outsmarting them, they are just patiently waiting for some mistakes that will reveal these guys in what they are doing before making a move.

Casinos should do no such thing, both ethically nor legally. Having casinos investigate deposit sources is opening a can of worms.

It's the government's responsibility to stop criminal activity, ie money laundering, through the current regulatory infrastructure that already exists. The amount of information that the government already knows about your finances is palpable. It should not require casinos with foreign registration to begin keeping a database of KYC information, who are compelled to hand that information over to the government without any oversight. It certainly shouldn't require the casinos themselves to start opening inquiries, they're not investigators. I'm sure some of the more shady casinos would start to confiscate deposits using excuses related to internal investigations.

Doesn't even begin to cover jurisdiction concerns either. Which country's laws is a casino that's registered offshores required to comply with?

Therefore it means that even casinos can not stop money laundering because those who want to launder money may have to use mixers, except the amateurs among them. Criminals know how to disguise and can wait a long time to see through their evil plans. Maybe with time government will have to start banning mixers if they find them culpable.

With money, you can hire some expert to do this stuff easily, and also they can hide the money very well without getting caught. the government already knows this stuff that's why nowadays they are putting heavy regulations on Crypto Casinos as they did in Bitcoin mixers to prevent people from laundering their money and using it for illegal activities as well. With this new idea added to the lists of cops, I'm sure those who do this stuff are considering making a plan B or thinking of another way to hide their actual amount of money.

Money launderers always have a good relationship with various government officials and banks and they also have a good relationship with the government because of which they can launder billions of money out of the country in various ways. If the government does not support them, they are easily caught.  But in countries where crimes like money laundering are committed, the government or powerful people of the ruling party are definitely involved and they give shelter to all the problems.

Maybe the casino will allow large transactions from a gambler but of course, the casino will make sure that the transactions are clean from money laundering. If the gambler is not related to money laundering, they can withdraw the money without going through a vetting process. Undoubtedly, some entrepreneurs can make money from their businesses and use banks that will not bother them with such things. And they can also convert their assets into money when needed.

I think the government can have a hard time finding the source of their money because the money launderers are really good at hiding it. And if some government employees found out about the case, they would certainly be compensated for not speaking out and they could use them for the benefit of the money launderers.

Yes, I also thought that the money launderers could set up their own casinos to launder their money easily. They can also get permits from the local government to open casinos and attract government employees to work for them from behind the scenes. This will make it easier for them to launder their money because they already have relationships with government employees to protect their casinos. And other money launderers may also be using the casino to do the same, making even more of a clean government to investigate.

If someone tries hard to do money laundering then he will definitely succeed because it is normal that the person doing money laundering will have huge amount of money so in today's world many things can be done based on money any money launderer can create his own casino site and  He can control his own casino site as he wants and launder money through that site, but he has to work hard for it.

With KYC requirements to with draw big amounts of money and im also feeling doubt about that. I meant once you were able sending your money and then you will not able to withdraw it, it will become a problem for you. That's why mostly of hackers were using another tool like mixer or something else. I guess if mixer has played even more compared with the gambling sites. So many parties have no enough proof to prove if their statement was right now. I personally think this must not become a big problem for sure.
The fact that if these days people have so many ways to do that. They were having anon coin as alternative way too.

In this respect, KYC certainly the right direction. Anyone can't use the casino to launder as much money as they want. But those who join the casino are usually for the purpose of money laundering. They are thinking about how they can convert that money. That's why many prefer gambling or the casino site that don't require KYC.