Crypto Casinos vs money laundering. - page 8.

traderethereum

hero member

Activity: 2870

Merit: 574

Quote from: _act_ on September 20, 2022, 02:40:55 AM

Quote from: traderethereum on September 20, 2022, 01:46:13 AM

Strict KYC won't stop them from continuing to launder money and I think some casinos might be a place to do that money laundering.
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.

Without gambling sites, money laundering would always exist is what I can say. Money are even easily laundered through the bank with ease.

If gambling sites do not exist, money laundering will search for other businesses and I am sure they will find it easily as they have a way to get it.
If the launder wants to use the bank, they will search for the bank from outside the country and not local banks to stay away from the tracking of the government.

Quote from: _act_ on September 20, 2022, 02:40:55 AM

Quote from: traderethereum on September 20, 2022, 01:46:13 AM

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.

Gambling sites are wise, if you have no money yet on a casino, there would not be a suspect. The suspicion starts from a deposit in a way the money deposited would be seized.

Not just from a deposit but the casino can be suspicious if someone wants to withdraw a big amount of money.
That is why the casino will check every active account of the members to know more.
Maybe KYC is something they will ask their members if their suspicion becomes bigger.

decodx

hero member

Activity: 1428

Merit: 931

🇺🇦 Glory to Ukraine!

Quote from: Invester on September 19, 2022, 01:51:19 AM

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.

kamvreto

legendary

Activity: 1946

Merit: 1157

Undeads.com - P2E Runner Game

Quote from: romero121 on September 20, 2022, 05:04:34 AM

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.

Actually there are many other ways and not just in gambling. Gambling sites are just a cover for easy money laundering. Some scammers who do money laundering pay online gambling site owners to falsify their data and can transact easily.
KYC will not be valid forever, KYC can be manipulated very easily to make it look genuine and make money legal.
Gambling has indeed become a big market, a market that is always visited by people from all over the world by making several bets and using gambling games. contributions to money laundering are not always on online gambling sites. it's just a new loophole and of course it's been monitored by authorized officers.

batang_bitcoin

hero member

Activity: 2996

Merit: 600

Eloncoin.org - Mars, here we come!

Quote from: molsewid on September 19, 2022, 04:00:15 PM

Quote from: batang_bitcoin on September 19, 2022, 02:19:58 PM

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.

Indeed, in fact I receive a call and a text from a launderer earlier today, apparently my friend is a victim and they are pushing him very hard just for them to get more money, scammers are getting smarter now, they know how to use technology and manipulate people as well. Kyc is the best way and one of the way to avoid it but then as what we have said they are getting smarter, now they can now buy personal details from brokers to use in different website and to get some referrals bonus as well.

Sadly, these scammers and launderers have been extending their network and for a website that we sign up, we don't know if the admin of it is selling the database to them.
It's hard to trust these days and you'll get those random calls from these people asking you with anything from the scheme that they're running and would just suck the money out from your pocket. So, it's a combination of launderers and scammers.

romero121

legendary

Activity: 3192

Merit: 1213

Enterapp Pre-Sale Live

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.

Nrcewker

copper member

Activity: 2156

Merit: 536

Promotional Campaign Manager|Telegram @NrcewkerBTC

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?

To prevent this , casinos have introduced KYC, and some hate this stating that Bitcoins are for anonymity. So when a casino says to KYC, many Bitcoin holders frown upon it.
Now they also come in front and stands against money laundering. I mean what will now the casinos do.
Casinos are now trying their best to prevent these types of laundering as far as they can. Rest anything can be possible.
Our duty to not break any rules at a casino and play there with honest.

_act_

hero member

Activity: 868

Merit: 1094

Quote from: traderethereum on September 20, 2022, 01:46:13 AM

Strict KYC won't stop them from continuing to launder money and I think some casinos might be a place to do that money laundering.
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.

Without gambling sites, money laundering would always exist is what I can say. Money are even easily laundered through the bank with ease.

Quote from: traderethereum on September 20, 2022, 01:46:13 AM

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.

Gambling sites are wise, if you have no money yet on a casino, there would not be a suspect. The suspicion starts from a deposit in a way the money deposited would be seized.

traderethereum

hero member

Activity: 2870

Merit: 574

Quote from: batang_bitcoin on September 19, 2022, 02:19:58 PM

Quote from: BitcoinPanther on September 19, 2022, 01:58:28 PM

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.

Strict KYC won't stop them from continuing to launder money and I think some casinos might be a place to do that money laundering.
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.

AicecreaME

sr. member

Activity: 2324

Merit: 454

Quote from: STT on September 19, 2022, 05:45:32 PM

Laundering and scam or phishing would be two different things. It can take a decade to provide an otherwise legitimate operation is connected to laundering or some kind of illegal activity. Its not really something that can be pinned on gambling because it is a cash intensive activity but its not exclusively so, there are many different industries that might process most of their cash flow in plain currency. The simpliest example I can remember hearing of was an account manager in local government, they claimed cashback from normal purchases from a supermarket and then gambled that side avenue of cash as it wasnt immediately apparent. Its not a very elaborate scheme, its just down to the people with oversight like accountants involved to keep track of.

These three are indeed different things. Money laundering is one of the many issues that the government loathes because this is where corruption stems. Most financial platforms really avoid this and make sure to do necessary actions to prevent this from happening such as asking the clients or players to undergo KYC to verify their identity and to check their source of income as well. This is necessary on the end of the casino so that they could countercheck the deposited amounts and if those amounts are justifiable with the declared source of income of the client.

One of the possible ways people can try to put their funds to is through crypto, which is why there are sentiments that maybe crypto casinos has been the safe haven of those laundering money, avoiding taxes, and those that came from illegal source. If the casinos are doing everything they can to prevent AMLA, then they have nothing to be worried about. The only thing that has been pinpointing in this issue is that if some casinos tolerate such illegal activity which can cost them (the casino) their reputation and ability to operate as well.

STT

legendary

Activity: 3878

Merit: 1411

Leading Crypto Sports Betting & Casino Platform

Laundering and scam or phishing would be two different things. It can take a decade to provide an otherwise legitimate operation is connected to laundering or some kind of illegal activity. Its not really something that can be pinned on gambling because it is a cash intensive activity but its not exclusively so, there are many different industries that might process most of their cash flow in plain currency. The simpliest example I can remember hearing of was an account manager in local government, they claimed cashback from normal purchases from a supermarket and then gambled that side avenue of cash as it wasnt immediately apparent. Its not a very elaborate scheme, its just down to the people with oversight like accountants involved to keep track of.

molsewid

hero member

Activity: 2170

Merit: 530

Quote from: batang_bitcoin on September 19, 2022, 02:19:58 PM

Quote from: BitcoinPanther on September 19, 2022, 01:58:28 PM

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.

Indeed, in fact I receive a call and a text from a launderer earlier today, apparently my friend is a victim and they are pushing him very hard just for them to get more money, scammers are getting smarter now, they know how to use technology and manipulate people as well. Kyc is the best way and one of the way to avoid it but then as what we have said they are getting smarter, now they can now buy personal details from brokers to use in different website and to get some referrals bonus as well.

batang_bitcoin

hero member

Activity: 2996

Merit: 600

Eloncoin.org - Mars, here we come!

Quote from: BitcoinPanther on September 19, 2022, 01:58:28 PM

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.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

Quote from: gunhell16 on September 19, 2022, 03:44:27 AM

I'm just asking you OP, I don't mean anything. You said you saw high rollers, right?
How did you say these high rollers were running some big scams, and you even knew that they played casino games to gamble with their hard-earned money? How did you know about this thing?

I may not be the OP but I don't mind answering your question. If you google gambling crimes then put tags on money laundering, you can find news about CEO or founder of some scam company and its gambling activity. It is an easy search actually, just some typing and a click of a mouse and many information will be listed on your search screen.

Quote from: gunhell16 on September 19, 2022, 03:44:27 AM

Second, it is also true that KYC is not enough to prevent money laundering in cryptocurrency, I think it will not be lost in the crypto business industry. Because it is anonymous, things like this will probably happen again and again for sure, But I hope it can be controlled somehow.

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.

Stakefast

full member

Activity: 786

Merit: 100

BLOCKXS.COM

It’s a fact, most highrollers are indeed scammers running Ponzi scams or rugging tokens.

Alisha-k

member

Activity: 840

Merit: 23

Crypto Casinos are out for business. The big bag boys get the best vip threats from this casinos not minding where the bags are coming from. KYC most times are formalities or if it's been held serious its for low deposits but their vip clients are threated specially paying less attention to how this funds are gotten all the consider is big business deals. Many will say the follow government rules to me the rules only affect the poor

gunhell16

sr. member

Activity: 1666

Merit: 453

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'm just asking you OP, I don't mean anything. You said you saw high rollers, right?
How did you say these high rollers were running some big scams, and you even knew that they played casino games to gamble with their hard-earned money? How did you know about this thing?

Second, it is also true that KYC is not enough to prevent money laundering in cryptocurrency, I think it will not be lost in the crypto business industry. Because it is anonymous, things like this will probably happen again and again for sure, But I hope it can be controlled somehow.

blockman

hero member

Activity: 2912

Merit: 627

Vave.com - Crypto Casino

Quote from: samcrypto on September 18, 2022, 07:28:12 PM

Quote from: blockman on September 18, 2022, 06:28:13 PM

Quote from: serjent05 on September 17, 2022, 06:55:20 PM

It is instant after the decree is issued but it will take some time depending on the severity of the crime. Authority cannot shutdown a service easily unless proven guilty of the accused crime. It takes process and often times when the attorney of the service provider is well versed with the system the process takes months to years before the decision is made.

Yes, that's what I'm saying and that's why there's a due process and proper procedure before they do that. It is out of law if they force closure without due process.
These businesses and establishments know also the law about it and that's why if there are authorities that have done it to them, they can sue them and put it properly in the court.

Having that pending case can already ruin the reputation of the site, either they ask for compensation if they won the case or totally close the business to save their reputation as a developer and make another business again that will follow the law this time.

A pending case really gives that anxiety not just to the company but also to the players. But as long as it's not the verdict then, there's no need to think of it as a problem at all.

Quote from: samcrypto on September 18, 2022, 07:28:12 PM

Money laundering is a big issue, gambling activities are already red flag to the government and that’s why many are strictly implementing the KYC system, or else they will face problem later on if the government intervene with their system.

Do not generalize this. Because if it's already a red flag to the government then we see no Vegas, we see no Macao and other gambling operators that are making business on a country.

Invester

sr. member

Activity: 646

Merit: 252

PNNV.COM Live bitcoin price monitor

Quote from: BitcoinPanther on September 18, 2022, 04:53:08 PM

Quote from: 348Judah on September 18, 2022, 02:12:56 PM

Quote from: decodx on September 17, 2022, 02:25:48 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'm not siding with the casinos on this, but that's probably what the regulators and authorities are asking them to do. Similar to how banks ask you for a statement about the source of funds when you want to deposit or withdraw a large sum of money. Only thing that I find unfair about casinos is that they do not ask for this information when making deposits or when registering, but when withdrawing money after winning. So basically, people that move large sums of money into the casino are not being asked to do this, but people that just won a moderate amount of money are.

When has the casinos turn to AML agency or government personell that has the institutions of banks KYC in there mandates, as a matter of fact an average seriously minded casino should not demand for KYC because it will chase gamblers away from them, are they government, if we needed KYC then the ones experienced from banks were enough and not in gambling again, it enough, crypto gamblings are not the initiators of money laundering, this is what has been in place right from history of time,

But a smart casino will definitely follow the government requirement of KYC implementation. It is better to lose some players than being shutdown totally by the government authority. As a Casino that wanted to have a smooth operation and labeled as legal company by the authority, they need to follow the authority rules. We are not in an anarchy so the casino need to follow rules and regulation so that they can operate with peace of mind.

Casinos have no choice but to follow their government requirements especially KYC. And right, the same with the banks asking for KYC to avoid money laundering. These meant that all deposits that are not normal to their clients monthly and yearly income can cause a red alert on the casino or bank.

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?

AicecreaME

sr. member

Activity: 2324

Merit: 454

Quote from: samcrypto on September 18, 2022, 07:28:12 PM

Quote from: blockman on September 18, 2022, 06:28:13 PM

Quote from: serjent05 on September 17, 2022, 06:55:20 PM

It is instant after the decree is issued but it will take some time depending on the severity of the crime. Authority cannot shutdown a service easily unless proven guilty of the accused crime. It takes process and often times when the attorney of the service provider is well versed with the system the process takes months to years before the decision is made.

Yes, that's what I'm saying and that's why there's a due process and proper procedure before they do that. It is out of law if they force closure without due process.
These businesses and establishments know also the law about it and that's why if there are authorities that have done it to them, they can sue them and put it properly in the court.

Having that pending case can already ruin the reputation of the site, either they ask for compensation if they won the case or totally close the business to save their reputation as a developer and make another business again that will follow the law this time. Money laundering is a big issue, gambling activities are already red flag to the government and that’s why many are strictly implementing the KYC system, or else they will face problem later on if the government intervene with their system.

I agree with this.

Serious cases such as being involved in money laundering is a huge red flag for a casino and even in different financial platforms because the government loathes such act since it is against the law and it is one of the main sources of corruption. If a casino is known to be tolerating incoming funds or deposits from their players that the source is unknown for or is already known illegal, they will really face several charges that can break their reputation and even put into halt their business operations.

The casino owners should know that they should abide by the law and not just when it's convenient to them. After all, the law can make or break their business. They might lose their license and they might even face several cases that has different levels of punishment and fine. This is the reason why most casinos now ask for KYC to avoid this kind of inconvenience on their part because their source of income will be at stake if it is proven that money laundering in being done in their website or application.

samcrypto

sr. member

Activity: 2002

Merit: 314

Vave.com - Crypto Casino

Quote from: blockman on September 18, 2022, 06:28:13 PM

Quote from: serjent05 on September 17, 2022, 06:55:20 PM

It is instant after the decree is issued but it will take some time depending on the severity of the crime. Authority cannot shutdown a service easily unless proven guilty of the accused crime. It takes process and often times when the attorney of the service provider is well versed with the system the process takes months to years before the decision is made.

Yes, that's what I'm saying and that's why there's a due process and proper procedure before they do that. It is out of law if they force closure without due process.
These businesses and establishments know also the law about it and that's why if there are authorities that have done it to them, they can sue them and put it properly in the court.

Having that pending case can already ruin the reputation of the site, either they ask for compensation if they won the case or totally close the business to save their reputation as a developer and make another business again that will follow the law this time. Money laundering is a big issue, gambling activities are already red flag to the government and that’s why many are strictly implementing the KYC system, or else they will face problem later on if the government intervene with their system.

Topic: Crypto Casinos vs money laundering. - page 8. (Read 3503 times)