Crypto Casinos vs money laundering. - page 6.

Japinat

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Quote from: Jemzx00 on October 16, 2022, 10:50:23 AM

To be honest, I don't think there's much problem if you'll try other gambling platform as long as you think that those are reputable enough. I've been with multiple gambling platform and tried to gamble on some of them however I never tried to do any KYC to avoid any future conflict. Still, staying on just a few casinos is one of the best choices rather than sticking with multiple casinos.

Knowing the consequences of your actions is very important, with KYC information, you can easily be traced by the authorities or your data can be sold on the black market if the casino is not reputable, so at least know the risk. Actually, there are plenty of reputable casinos that do not require a KYC, not totally they won't but only when you pass the criteria, but for small-time gamblers, there should be no problem as we are only dealing with small amounts of money.

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Quote from: Boristhecat on October 16, 2022, 07:57:12 AM

Quote from: Jawhead999 on October 16, 2022, 01:10:20 AM

Actually no one force you to play on new casinos Grin

why we need to play on new casinos when we already know the trusted and reputable casinos that operated until now? it's similar like centralized exchanges. I didn't want to touch any new casinos even though they have an interesting promotion or high bonus because any sites can offer to good to be true, but only few sites are reputable and don't lying to their customers.

I still stick with my old casinos and I never regret with my decision until now.

Same. The casino is a very high-risk topic (not in the sense of gambling, but in the sense of the player-casino relationship), so if I find a suitable casino where everything suits me and there are no problems, then I will never even try other projects. Even if there are some temporary promotions, it is unlikely that this will make me take risks and just strain for the sake of insignificant (compared to the comfort of playing in a trusted casino) bonuses.

To be honest, I don't think there's much problem if you'll try other gambling platform as long as you think that those are reputable enough. I've been with multiple gambling platform and tried to gamble on some of them however I never tried to do any KYC to avoid any future conflict. Still, staying on just a few casinos is one of the best choices rather than sticking with multiple casinos.

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Quote from: Jawhead999 on October 16, 2022, 01:10:20 AM

Actually no one force you to play on new casinos Grin

why we need to play on new casinos when we already know the trusted and reputable casinos that operated until now? it's similar like centralized exchanges. I didn't want to touch any new casinos even though they have an interesting promotion or high bonus because any sites can offer to good to be true, but only few sites are reputable and don't lying to their customers.

I still stick with my old casinos and I never regret with my decision until now.

Same. The casino is a very high-risk topic (not in the sense of gambling, but in the sense of the player-casino relationship), so if I find a suitable casino where everything suits me and there are no problems, then I will never even try other projects. Even if there are some temporary promotions, it is unlikely that this will make me take risks and just strain for the sake of insignificant (compared to the comfort of playing in a trusted casino) bonuses.

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Quote from: mdzahed134 on October 16, 2022, 06:26:12 AM

~snip~I have no experienced in physical casinos, but i heard from my a few friends who's played physical casinos, where if you want to bet with big amount of money then casino teams will ask KYC & others documents. So, it’s depend on the countries, local physical casinos is also strict in my country.

For countries that legalize gambling, of course, KYC for big bets must be done, but it also depends on each casino's regulations. Big bets on gambling will involve a lot of money and several parties so it can't be compared to small gambling or other small bets. this may enter at VVIP level and get special perks.
Because gambling in some countries is legal, the use of KYC rules will also minimize money laundering which of course will exist if not strictly regulated, many take advantage of loopholes in gambling to do money laundering. such as in online casinos used by many criminals, but some of them were caught and charged with money laundering.

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Quote from: mdzahed134 on October 16, 2022, 06:26:12 AM

Quote from: Invester on September 23, 2022, 03:41:27 AM

Quote from: kawetsriyanto on September 22, 2022, 07:19:41 PM

Quote from: Invester on September 17, 2022, 01:28:48 PM

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

I disagree about checking the source of funds. It is a private area. How can a crypto casino evaluate and learn someone's source of funds? It violates people's rights. I simply avoid joining the casino if they force me to show my source of funds. It is too much!!!

Quote from: Invester on September 17, 2022, 01:28:48 PM

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.

What casinos you are talking about? Online casinos or physical casinos?
If land-based casinos don't require visitors for KYC, do you think it should be applied to online-based casinos as well?
In my opinion, each casino may have different regulations, we can't expect them to have the same rules about KYC.

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

I have no experienced in physical casinos, but i heard from my a few friends who's played physical casinos, where if you want to bet with big amount of money then casino teams will ask KYC & others documents. So, it’s depend on the countries, local physical casinos is also strict in my country.

Country to country the regulations will vary. According to gambling money laundering regulation from the gambling commission, anything above €2000 needs to have manual verification. This is the rule, but countries make changes according to their need. Maybe with cryptocurrency accepted platforms too this is applicable, but users won't show interest to use the respective platform if something likewise is made mandatory.

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Quote from: LUCKMCFLY on October 15, 2022, 11:28:30 PM

Quote from: Cling18 on September 28, 2022, 11:22:11 AM

Quote from: Daltonik on September 28, 2022, 10:48:50 AM

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

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos, there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

Many gamblers might hate KYC but if they will only know its positive impact on their security as well as the protection of the casino against money laundering, they will appreciate its importance. Launderers are using casino sites as an escape from their crime so casinos are also trying to be careful.

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

You have good points, but I won't be among the people that will buy the cheap reputation that casinos are making some people believe. There are fraudulent casinos that will collect your KYC, but they are still cheating/scamming people. While there are some of them that would involve in money laundering as they have their links but would be pretending they are running a legit business.

It is easy for casinos to cheat because they have the system, but difficult for a player to cheat/launder money if deposits are sent back to their originating account.

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Quote from: Invester on September 23, 2022, 03:41:27 AM

Quote from: kawetsriyanto on September 22, 2022, 07:19:41 PM

Quote from: Invester on September 17, 2022, 01:28:48 PM

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

I disagree about checking the source of funds. It is a private area. How can a crypto casino evaluate and learn someone's source of funds? It violates people's rights. I simply avoid joining the casino if they force me to show my source of funds. It is too much!!!

Quote from: Invester on September 17, 2022, 01:28:48 PM

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.

What casinos you are talking about? Online casinos or physical casinos?
If land-based casinos don't require visitors for KYC, do you think it should be applied to online-based casinos as well?
In my opinion, each casino may have different regulations, we can't expect them to have the same rules about KYC.

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

I have no experienced in physical casinos, but i heard from my a few friends who's played physical casinos, where if you want to bet with big amount of money then casino teams will ask KYC & others documents. So, it’s depend on the countries, local physical casinos is also strict in my country.

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Quote from: LUCKMCFLY on October 15, 2022, 11:28:30 PM

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

Actually no one force you to play on new casinos Grin

why we need to play on new casinos when we already know the trusted and reputable casinos that operated until now? it's similar like centralized exchanges. I didn't want to touch any new casinos even though they have an interesting promotion or high bonus because any sites can offer to good to be true, but only few sites are reputable and don't lying to their customers.

I still stick with my old casinos and I never regret with my decision until now.

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Quote from: Cling18 on September 28, 2022, 11:22:11 AM

Quote from: Daltonik on September 28, 2022, 10:48:50 AM

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

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos, there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

Many gamblers might hate KYC but if they will only know its positive impact on their security as well as the protection of the casino against money laundering, they will appreciate its importance. Launderers are using casino sites as an escape from their crime so casinos are also trying to be careful.

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

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Quote from: Daltonik on September 28, 2022, 10:48:50 AM

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

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

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos, there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

Many gamblers might hate KYC but if they will only know its positive impact on their security as well as the protection of the casino against money laundering, they will appreciate its importance. Launderers are using casino sites as an escape from their crime so casinos are also trying to be careful.

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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?

Yes, of course, the KYC requirement on the part of online casinos is not sufficient to counter money laundering, but also in many casinos there is a requirement for a large win to provide documents confirming the legality of the origin of funds on your deposit.

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Quote from: lionheart78 on September 23, 2022, 04:57:32 PM

Quote from: Boristhecat on September 23, 2022, 12:49:57 PM

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

I don't think so, casino is ideal for money laundering, there are legal Casinos that were charged of being accomplished of money laundering. You can check @serjent05's reply giving an example of casino that was charged with money laundering. I also think it is the best place besides exchanges to wash the history of cryptocurrency.

I looked at his examples, but why do you consider them good cases if in the end those who laundered the money were caught? And as for his examples regarding the fact that the casino is defrauding petty money launderers ... is that also good? It seems to me that all this suggests that the casino is a very dangerous place for money laundering. And tell me, which position looks better "I have a lot of money because I win it at the casino" or "I have a lot of money because I'm in business" or even "I have a lot of money because I'm a popular streamer"? I think the casino option looks the worst.

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Quote from: Rengga Jati on September 22, 2022, 06:38:56 PM

Quote from: Oilacris on September 22, 2022, 06:21:38 PM

Money laundering is common and if they've decided to let others pass then they do know the risk once they've being caught thats why it wouldnt really be that rampant
or just simply on rare occasions on some point.

That's right if they still want to run smoothly without any obstacles from the authorized parties, usually, they must follow what is directed by the parties, and of course, we all understand what it is.
Regarding money laundering, for them as long as they get a lot of profit and their business continues to run in a threat, this is like a symbiosis of mutualism. And usually, they will protect each other so it will be very difficult to prove even if we can understand if there is money laundering. Especially if the business of the business is a strong party, never mind, we as the community only understand the situation.

I agree into that symbiosis of mutualism which is totally that on point and since this is business then it would be understandable that there would really be those kind of exemption but of course on a

controlled manner on which government or regulators wont notice it out.Its impossible that they would really be that too strict when it comes to that since they do know on the possible benefit.
As users which we are the ones who are mainly been affected on this one then it would be understandable that there would be some verification specially into those
people who do make out huge deposits.

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Quote from: Invester on September 23, 2022, 03:41:27 AM

I also accept it that KYC is possibly needed on online casinos in order to help fight money laundering. But for someone to say that casinos should check all its players source of funds is too private and you also said it is too much.

It helped but it can easily get bypassed by the money launderer worst case scenario is when a casino is also involved in laundering money and KYC is just for a show. I think the best application of KYC is to combat cheaters and fraudster that exploits the casino via multiple accounting.

Quote from: Invester on September 23, 2022, 03:41:27 AM

In your own experiences in a physical casino, did they asked for a KYC? Asking for an ID without taking a copy of it is not KYC. It appears that international money laundering is a very big issue but local money laundering is not that kind of a big deal. It varies from places to places but I just shared my opinion that it is not strict on physical casinos.

Physical Casino never asked for KYC as far as I can remember. They only look for an ID if the person looks like a minor else, if they look like an adult, anyone can enter and play.

Quote from: Boristhecat on September 23, 2022, 12:49:57 PM

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

I don't think so, casino is ideal for money laundering, there are legal Casinos that were charged of being accomplished of money laundering. You can check @serjent05's reply giving an example of casino that was charged with money laundering. I also think it is the best place besides exchanges to wash the history of cryptocurrency.

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Quote from: fzkto on September 23, 2022, 06:02:11 AM

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

It seems to me that the casino is far from being an ideal place for money laundering. If this is an illegal casino, then the money that the player "laundered" there actually remains dirty. If this is a legal casino, then in accordance with the AML procedures and the applied KYC, the player's transaction history remains open to the tax office and the police, so it makes no sense for him to use such a legal casino. Maybe it works for small amounts that no one pays attention to, but with large amounts of money it is definitely not an option.

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Quote from: yazher on September 23, 2022, 06:36:57 AM

Quote from: fzkto on September 23, 2022, 06:02:11 AM

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

That's why it's really hard to entrust our identity to these platforms because of the risks that we need to consider when we submitted our personal data. When it comes to money laundering, there are lots of reasons why people are doing it and it's really not a good thing when you are accused of doing it while just playing because your personal data has been switched by the casino owners. You gonna spend some days in jail while waiting for your trial which does not really guarantee that you were guilty. This is one of the reasons why it is really hard to take the risk of sending them your data.

I think it's dangerous to submit personal data on any internet site at all. Even on verified websites. I don't know how many database leaks there have been at different casinos, but I've had enough of the leak that happened at Binance. By the way I'm more than sure that more exchanges than casinos are involved in money laundering. Casinos are more likely to be suitable for small time scammers.

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Quote from: Bitinity on September 23, 2022, 06:25:00 AM

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

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

They do care imo, proven by the fact that most casino has AML policy although in the reality we do not really how effective is this policy against Money Laundering or how far casino cares about money laundering. However I do believe licensed/regulated casinos cares about money laundering because if they ignore it, it can be something bad for their gambling business.

Yes I agree, casinos also protects their name especially if that would be against the law. Here in my country , government is very strict with AML . Even when you are just withdrawing money if you will be beyond the limit per day , you will receive a call from the bank and you will be one to get red flags, casinos have their own attorney of course and they knew this thing.

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Quote from: fzkto on September 23, 2022, 06:02:11 AM

I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

That's why it's really hard to entrust our identity to these platforms because of the risks that we need to consider when we submitted our personal data. When it comes to money laundering, there are lots of reasons why people are doing it and it's really not a good thing when you are accused of doing it while just playing because your personal data has been switched by the casino owners. You gonna spend some days in jail while waiting for your trial which does not really guarantee that you were guilty. This is one of the reasons why it is really hard to take the risk of sending them your data.

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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?

They do care imo, proven by the fact that most casino has AML policy although in the reality we do not really how effective is this policy against Money Laundering or how far casino cares about money laundering. However I do believe licensed/regulated casinos cares about money laundering because if they ignore it, it can be something bad for their gambling business.

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I am sure that many online casinos are laundering dirty money and some are even set up to legalise profits. It seems to me that verification and KYC will not save a gambler in case of legal problems if the casino was laundering money and the gambler is under suspicion. In that case the personal data would immediately be given to the police. By the way, along with money laundering, casinos can also collect personal data.

Topic: Crypto Casinos vs money laundering. - page 6. (Read 3503 times)