It will be difficult to eliminate the money laundering problem because it still happens in other businesses, not just the gambling business. After all, the perpetrators of money laundering have been around for a long time and it is very difficult to find out who the perpetrators are. In addition, the money laundering business is a big business carried out by those who carry out illegal activities and can hide their activities from the government. And we have seen the development of casino crypto, which can grow rapidly in the last few years, making money laundering actors use the casino crypto business. And maybe they have successfully laundered money in a crypto or fiat casino.
Assuming I am well known in my community, I have a good business which everybody see to be legit, and I am well respected, but if I am involved in money laundering, who is going to know? No one. In my country, the politicians that do money laundering are done through a business man that is not even involved into politics. The money laundering are known while traced to the politician directly, not the business man, but in the process of checking what is going on, then the other person which is the business man would be known to be involved. If talking about money laundering, I am surprised that some people are still referring to gambling sites, which supposed not to be because money laundered rẹ in legit businesses.
Topic: Crypto Casinos vs money laundering. - page 7. (Read 3580 times)
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
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!!!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.
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.
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.
KYC somehow prevent some act of money laundering but money launderer are getting smarter each day creating possible means to work around the KYC that hurdle their laundering activity.
They're smarter each day because it's their money that's being held if they don't do action.What they do if they've been already flagged by a casino or any exchange, they'll use other's identity which they can easily buy cheaply. That's why they are unstoppable on what they do. But if they're unlucky and caught, they know what charges they shall face.
They can easily use someone else's identity to do KYC, and they can even pay someone else to do it on their account.
This makes the task of the regulator even more difficult and they should be able to find a way to find out how to catch the money launderers.
And if their account is suspected of money laundering, they can move to another account and I think they have set up some casinos for money laundering and maybe even have fully verified accounts.
True, money launderers will do everything and use anything within their arsenal of knowledge on bypassing any KYC implemented to stop money laundering. Actually, I even think that some casino are taking a profit of these money launderers and only blocking accounts that are small-timers but allowing those big-time money launderers. Besides, it is a Casino profit if a money launderer uses their platform and loses a lot of money. These fraudulent casino can erase their database or modified them clearing traces of these laundered money. Besides there are lots of cases where a fraudulent casino plays a huge part in money laundering.
Here areexamples of casino being involved in money laundering.
https://www.bbc.com/news/business-60193954
https://www.bloomberg.com/news/articles/2022-02-28/crown-resorts-sued-for-alleged-anti-money-laundering-breaches
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?
Money laundering is not limited to gambling, meaning that money laundering can take place through various channels.Money in laundering is totally illegal in any country. Only if we can stop this money laundering, we can strengthen the cryptocurrency.Various crypto casinos have KYC systems that are not as strict and prevent money laundering.There are many people who make various projects and scam huge amounts of money, come to the gambling section and gamble and leave with huge amounts of money.Again this is where I think money launders. 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?
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!!!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.
Casinos are trying their best to stop money laundry that is why there is KYC but this can not prevent money laundry as the big shots are the ones into money laundry and the casinos needs this big shots to play in their casino. So I think its kinda difficult for the casinos, government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino.
It's like the first place that they'll tracked when there's a case.The government would go back to the casino at the roots of it when a person has done it. And that's why they just have to check it if the user really has done it due to the casino policies and everyone has to comply.
Just as the casino does as well.
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.
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.
The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.
All they do is just follow the guidelines from the regulators, yes, no more no less because in reality, they don't want to give their clients some problems as losing their clients means losing their profit. That's why money launderers' loves to launder their dirty money in a casino because it's not strict. need to follow or else it would really be a huge problem into their business but of course there would really be some exemptions when it comes into this regards.
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.
Casinos are trying their best to stop money laundry that is why there is KYC
No amount or kevel of KYC will be able to hold down the misconduct of money laundering by people, if we are to give a closer approach, you'll discover that even the KYC casinos also falls a victim to money laundering themselves, if we consider the rate whereby people were being misled through the demand for KYC then you will believe that by no reason of anything should a centralized exchange got involved in money laundering and yet demanded for KYC.
government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino
There's nothing people cannot abuse, but I don't think money laundering is a common thing found in gambling than in fiat currency and banks
Casinos are trying their best to stop money laundry that is why there is KYC but this can not prevent money laundry as the big shots are the ones into money laundry and the casinos needs this big shots to play in their casino. So I think its kinda difficult for the casinos, government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino.
I don't think they are trying their best to stop money laundering. They are not any government institution and they would rather put their funds into marketing to gather players than to spend money tracking down those money launderers. The best they can do is to implement the required regulation by the government that implements KYC.
Ever heard of any player losing a huge amount of money and have their account blocked? I haven't heard anyone complaining about that but rather most account block cases are rather winning a huge amount of money and need to undergo KYC.
Casinos are trying their best to stop money laundry that is why there is KYC but this can not prevent money laundry as the big shots are the ones into money laundry and the casinos needs this big shots to play in their casino. So I think its kinda difficult for the casinos, government only have less time to checkmate the casinos and their customers. Government will only have time, if there is a money laundry case which is traced to that casino.
The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.
All they do is just follow the guidelines from the regulators, yes, no more no less because in reality, they don't want to give their clients some problems as losing their clients means losing their profit. That's why money launderers' loves to launder their dirty money in a casino because it's not strict. 
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?
I agree with you in theory.However because I have been cheated by centralized exchanges like Cex.io I think that the casinos should never do that,the maximum they can do is to ask for documents proving the identity of the person and they have the right to ask for the source of funds but if provided like I did to this exchange and I have still my money frozen shows that is best not to do that.
Beside that even if the casino ask for the source of funds,the scammer may have well mixed the coins in a mixer which makes impossible for normal casino operators to track where the money comes really from.
The casinos won't act as if they are a government agency implementing anti-fraud or anti-money laundering activities because that would mean hurting itself more than anything else. What they would do is to merely comply, no more no less. They won't do an extra mile because that could mean dirty money won't come in. And they don't really care whether the money is dirty or not for as long as it is coming in. But they also wouldn't go as far as tolerating very obvious money laundering because they're also bound to follow the law.
It will be difficult to eliminate the money laundering problem because it still happens in other businesses, not just the gambling business. After all, the perpetrators of money laundering have been around for a long time and it is very difficult to find out who the perpetrators are. In addition, the money laundering business is a big business carried out by those who carry out illegal activities and can hide their activities from the government. And we have seen the development of casino crypto, which can grow rapidly in the last few years, making money laundering actors use the casino crypto business. And maybe they have successfully laundered money in a crypto or fiat casino.
Assuming I am well known in my community, I have a good business which everybody see to be legit, and I am well respected, but if I am involved in money laundering, who is going to know? No one. In my country, the politicians that do money laundering are done through a business man that is not even involved into politics. The money laundering are known while traced to the politician directly, not the business man, but in the process of checking what is going on, then the other person which is the business man would be known to be involved. If talking about money laundering, I am surprised that some people are still referring to gambling sites, which supposed not to be because money laundered rẹ in legit businesses. hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.
Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.
sense that regulators will really be having that strict compliance in regarding with rules and regulations which is to be set into its players or depositors.
This doesnt limit out on gambling industry but also in other businesses as well which these things are just typical ones for government to do so.
Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.
Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.
sense that regulators will really be having that strict compliance in regarding with rules and regulations which is to be set into its players or depositors.
This doesnt limit out on gambling industry but also in other businesses as well which these things are just typical ones for government to do so.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Majority of Money laundering is taking place through Smurfs, Mules and Shell Corporations. Gambling is on the list, but it isn't used much. The digital economy have given space for the money laundering to be done in with ease. Even with KYC people were able to make the money legal. It is quite hard to limit people from money laundering and gambling is just a small percentile against the big volume of money being laundered all around.
Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
This may be a long way to go to prevent money laundering, which can happen in many businesses and we have seen that for a long time. The casino only carries out the duties assigned by the regulator to carry out checks for all its members. So when that's done, the casino can find out that there are still people who don't launder money and just play like everyone else.Gambling being a big market, there is misunderstanding that gambling is contributing big to money laundering compared to the rest of the ways followed.
And with gambling being seen in so many places, this is triggering people who work in government to fix it immediately because otherwise, money laundering cases will always happen and most of us will not know about it.
KYC somehow prevent some act of money laundering but money launderer are getting smarter each day creating possible means to work around the KYC that hurdle their laundering activity.
They're smarter each day because it's their money that's being held if they don't do action.What they do if they've been already flagged by a casino or any exchange, they'll use other's identity which they can easily buy cheaply. That's why they are unstoppable on what they do. But if they're unlucky and caught, they know what charges they shall face.
It's not always easy as you said above. that's so difficult to pass it. day to the day there will be more restriction.
What I have seen is these online casinos KYC rules are to protect from international money laundering. What about local money laundering? Did any of us here experienced stiff KYC from our local land-based casinos?
Yes. If you are carrying large amounts of cash and get casino chips, the floor staff will ID you. This serves two purposes: it tracks how many chips have been given to each guest, and it protects against any kind of money laundering or other criminal activity. If you are given chips and don’t present a valid ID, the casino will confiscate them. The floor staff also knows most of their high-roller guests by name. So, if you’re going to be playing in a live casino, make sure your ID is up to date and keep it with you.
Jump to: