Do you think casinos can stop demanding KYC? - page 5.

danherbias07

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Quote from: Kelward on June 17, 2024, 12:02:33 PM

I firmly believe that KYC has come to stay in the gambling industry, every reputable casino and bet companies will demand for it, so that people and governments will not point accusing fingers at them for aiding money laundering. Many gamblers will prefer anonymity in their gambling but because criminals are using gambling accounts to facilitate money laundering, every genuine gambler needs to understand that it has become necessary for them to submit KYC to help mentain the sanity of the gambling industry. Now criminals have fewer options to launder money, so despite the odds of submitting KYC, it serves a greater good.

Thankfully, someone understands what is happening and they cannot be a non-KYC gambling site because what you said could happen anytime.
Government where their business is located can take advantage of the fact that they cannot provide a simple KYC of their customers and it could lead to money laundering because there's nothing provided.
Now just that, it's also for the security of their patrons as many who wins big cannot even get out to withdraw it. This means those who did KYC are the only ones who could get in and out without stand hassle.
Long term, I think KYC is good for both ends unless we are hiding something.

wtsimis

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It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.

bangjoe

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Quote from: Doan9269 on June 17, 2024, 12:24:38 PM

The earlier the better we realized that the casinos cannot stop demanding for KYC because its through this means that they got to know the true identity of their users and know how any other person may try to hack or take over another users account through impersonation, but when they were unable to pass the KYC procedures, it makes it difficult for them to take over the account and the system detect for any bridge or attempt in providing false information's.

Impersonation will occur but it is very rare and even less likely for impersonation in creating an account or registering an account, which is worse than that is money laundering and or money that is deposited is money generated from theft or corruption or whatever it is and is in the search for criminals, so the potential is very large to be used in facilitating fraud.

KYC cannot be stopped if you look at the worst possibilities that occur if you do not apply KYC to each user, this is just a step to anticipate a crime that might be used by fraudulent people.

Mr.suevie

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Quote from: GxSTxV on June 17, 2024, 11:39:54 AM

That's not possible for casinos to stop the KYC process in the future for various reasons, not just because the government is asking for the players documents, also the casino itself needs to know your identity most of the time to detect the cheaters and ban them forever, otherwise such people would easily open a new account using another device or VPN. Other reason might be due to bonus or promotion abusers, if the casino started a good promotion or bonus, many gamblers would also take advantage by opening new accounts to claim the bonus multiple times.

Answering to your question here, No casinos will only demend more documents from gamblers and not the opposite, however, you have the choice to gamble with decentralized casinos always without the need to submit your documents or even go through KYC process.

Well I think your point is a very valid one and where I can relate to this more is for those arbitrage bettors, I think the casino needs KYC to actually fish out such gamblers because I believe not all casino agree with gamblers that play such type of games and with the aid of KYC maybe they can trace out those users and actually restrict their accounts.

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Quote from: mbakruroh on June 17, 2024, 01:07:11 PM

Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

Casino platforms still require KYC, this is related to local bank transactions. KYC is not a legal standing, but to be able to make withdrawals to local banks. All casino platforms can make deposits from different banks or those belonging to other people, but cannot make withdrawals to banks in names different from those registered on the account. Maybe this concept does not apply to all platforms, because there are casino platforms that can make deposits and withdrawals with crypto.

Money laundering can be done in many ways today. And it is difficult for the government to detect this. So KYC is not the only correct reason for money laundering.

Neither it would really be on that payment method kind of requirement or simply they've been trying out to abide some terms and conditions with their license on which this is something that make them trying out to impose those kind of KYC on regarding into the time that you would really be dealing up with this business. Some could really be still be able to continue to make it a non-KYC thing on which we know that this market is really that highly frowning about with those kind of verifications on which cryptocurrency things shouldnt really be and this would really be just that a normal approach to have for someone who would really be dealing up with things
here on crypto space.

On the moment that they would be able to encounter on things which are really that needing up for some verification then our impressions would really be something that do changed up. On the moment
that you will really be having those negative impressions then you would be finding up another option on which it will really be just that a normal approach or reactions to have.
Would they stop on on requiring KYC? No. i would really rather see that it would really be that become a standard thing instead.

mbakruroh

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

Casino platforms still require KYC, this is related to local bank transactions. KYC is not a legal standing, but to be able to make withdrawals to local banks. All casino platforms can make deposits from different banks or those belonging to other people, but cannot make withdrawals to banks in names different from those registered on the account. Maybe this concept does not apply to all platforms, because there are casino platforms that can make deposits and withdrawals with crypto.

Money laundering can be done in many ways today. And it is difficult for the government to detect this. So KYC is not the only correct reason for money laundering.

rachael9385

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Quote from: nimogsm on June 17, 2024, 12:53:37 PM

Quote from: Kelward on June 17, 2024, 12:02:33 PM

I firmly believe that KYC has come to stay in the gambling industry, every reputable casino and bet companies will demand for it, so that people and governments will not point accusing fingers at them for aiding money laundering. Many gamblers will prefer anonymity in their gambling but because criminals are using gambling accounts to facilitate money laundering, every genuine gambler needs to understand that it has become necessary for them to submit KYC to help mentain the sanity of the gambling industry. Now criminals have fewer options to launder money, so despite the odds of submitting KYC, it serves a greater good.

and one more advantage is that it protects against account theft; it will be easier to restore it if the owner has evidence and documents. And you’re right, casinos and other gambling sites will not remove verification, since they don’t need unnecessary problems; there are enough unscrupulous players and it’s easier to launder money all through gambling sites is a fact.

However it's risky not to verify KYC and it's also risky to verify KYC on casino. Just like you said about password and theft, when you are the the owner of the account and you can easily retrieve it back because you have all the documents you used in verifying the gamble account. When you verify your KYC it might be exposed and many more things can happen if the casino you used your documents to verify KYC is not 100% safe.

nimogsm

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Quote from: Kelward on June 17, 2024, 12:02:33 PM

I firmly believe that KYC has come to stay in the gambling industry, every reputable casino and bet companies will demand for it, so that people and governments will not point accusing fingers at them for aiding money laundering. Many gamblers will prefer anonymity in their gambling but because criminals are using gambling accounts to facilitate money laundering, every genuine gambler needs to understand that it has become necessary for them to submit KYC to help mentain the sanity of the gambling industry. Now criminals have fewer options to launder money, so despite the odds of submitting KYC, it serves a greater good.

and one more advantage is that it protects against account theft; it will be easier to restore it if the owner has evidence and documents. And you’re right, casinos and other gambling sites will not remove verification, since they don’t need unnecessary problems; there are enough unscrupulous players and it’s easier to launder money all through gambling sites is a fact.

imamusma

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It is very difficult to expect the government to repeal the rules that have been set for casinos and exchanges, especially given the purpose of their implementation. The government hopes that many illegal acts such as money laundering can be prevented or at least reduced with KYC, but businesses man will probably try to build casinos without KYC to reach the many privacy-conscious customers. Even if it is possible to see the government giving relaxation to the rules, but they will not allow KYC on casinos and exchanges to be revoked.

Quote from: Antotena on June 17, 2024, 12:37:27 PM

But on a serious note, many casino doesn't really out anti money laundering before anyone, they just care about cheaters, only few ones that are popular, reputable and are widely known that stick to this traditions because they don't want any problems that will arise later and been fine for something they could have avoided in the beginning and it the money they might pay will be bigger than anything they are doing at the moment.

I agree with the above notion, at least casinos can be safer in terms of avoiding many illegal actions on their sites if they maintain KYC rules.

Fivestar4everMVP

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Quote from: Doan9269 on June 17, 2024, 12:24:38 PM

The earlier the better we realized that the casinos cannot stop demanding for KYC because its through this means that they got to know the true identity of their users and know how any other person may try to hack or take over another users account through impersonation, but when they were unable to pass the KYC procedures, it makes it difficult for them to take over the account and the system detect for any bridge or attempt in providing false information's.

Well, this I would say is just one of the not so important benefits of kyc, I call it not so important because ordinarily, players using or utilizing the security features of the casinos should be able to secure their account well enough from being hacked, so kyc verification in this regard doesn't really make much of a difference, not to talk of the fact that casinos even sometimes get hacked and users kyc documents will be stolen, which is also is one of the risks of handing this documents over to third parties.

But then, like you said, kyc will never come to a stop, but rather, will get improved as time goes on, the only way kyc will come to a stop is if the government declares that it should be stopped, and that online casinos and other companies like crypto exchanges, forex brokers and other online financial firms should stop requesting and collecting customer's private data, this is the only way kyc will be stopped or halted.
But then, we all should already know that the government will never do this, not in this present generation or next.

Antotena

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Quote from: GxSTxV on June 17, 2024, 11:39:54 AM

That's not possible for casinos to stop the KYC process in the future for various reasons, not just because the government is asking for the players documents, also the casino itself needs to know your identity most of the time to detect the cheaters and ban them forever, otherwise such people would easily open a new account using another device or VPN. Other reason might be due to bonus or promotion abusers, if the casino started a good promotion or bonus, many gamblers would also take advantage by opening new accounts to claim the bonus multiple times.

Answering to your question here, No casinos will only demend more documents from gamblers and not the opposite, however, you have the choice to gamble with decentralized casinos always without the need to submit your documents or even go through KYC process.

You forgot to mention money laundering. Casino are always afraid of been link with money Laundering despite having atleast a single wager before your deposit can be withdraw but you know, a person who want to wash his money to a new money wouldn't be afraid to lose small amount of moneyor even risk it all, like just eager your total balance bet Manchester City match( with 1 goal) over a minor team with odd of 1.01, it's worth and these are the kind of things they fear without kyc.

But on a serious note, many casino doesn't really out anti money laundering before anyone, they just care about cheaters, only few ones that are popular, reputable and are widely known that stick to this traditions because they don't want any problems that will arise later and been fine for something they could have avoided in the beginning and it the money they might pay will be bigger than anything they are doing at the moment.

topbitcoin

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Quote from: GxSTxV on June 17, 2024, 11:39:54 AM

That's not possible for casinos to stop the KYC process in the future for various reasons, not just because the government is asking for the players documents, also the casino itself needs to know your identity most of the time to detect the cheaters and ban them forever, otherwise such people would easily open a new account using another device or VPN. Other reason might be due to bonus or promotion abusers, if the casino started a good promotion or bonus, many gamblers would also take advantage by opening new accounts to claim the bonus multiple times.

Answering to your question here, No casinos will only demend more documents from gamblers and not the opposite, however, you have the choice to gamble with decentralized casinos always without the need to submit your documents or even go through KYC process.

But it is true that in the future, identity will be demanded from all customers with certain restrictions on KYC because the most powerful reason is the strict regulatory reasons for gambling operations, gambling licenses require verification and audits and are within the scope of the law that makes it feasible to operate as a gambling platform.

And yes, maybe one of the other goals as you said, reducing fraudsters in certain events, or money laundering, when it cannot be verified that he really earned money / entered money from gambling using money that is not in the realm of fraud or theft or the proceeds of crime so that it can be said that KYC is very important today and has become a normal standardization for gambling, I don't think it will be a problem if this continues, because even though it was previously about but today people are more casual and accept the regulation.

Doan9269

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The earlier the better we realized that the casinos cannot stop demanding for KYC because its through this means that they got to know the true identity of their users and know how any other person may try to hack or take over another users account through impersonation, but when they were unable to pass the KYC procedures, it makes it difficult for them to take over the account and the system detect for any bridge or attempt in providing false information's.

DanWalker

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Quote from: famososMuertos on June 17, 2024, 11:32:00 AM

Quote from: Jaycoinz on May 23, 2024, 12:30:28 PM

Well the government can condition any firm they want especially when it has to do with platforms that are used for putting and removing of money and that's why they actually conditioned the crypto casino to start requesting KYC from their customers just because of the fact that their is every possiblity that these casino can be used as a means of collecting and laundering money illegally. And with this at the forefront I don't think they would ever be a time that the need for KYC verification will ever stop also this is main reasons why the government are unto mixers because they have the ability to be used to launder money without people or anyone knowing.

KYC is not really a condition of governments, it is international, it has nothing to do directly with the "good intentions" of governments in what you mention, in fact there are countries where taxes are not charged on profits, etc. Casinos acquire them through international treaties that involve other countries.

Sometimes the countries that annoy a Casino the most are not those of your country of origin.

United Kingdom: Overview of Relevant KYC/CDD Laws and Regulation
https://financialcrimeacademy.org/united-kingdom/

KYC was not a problem whether it was government or international. The problem is that the KYC data is not kept secure. Whatever it is trustworthy organizations or less trustworthy organizations, until now, big organizations have been accused of KYC data leaks. Until a certain time, they keep the data secure but at some point, they sell it to a third party.

Besides, most of the time online investment platforms start KYC systems in case of harassment of its users. Everyone says KYC is important to prevent hackers, the thinking is that platforms which have launched KYC systems in place are never hacked in their life. Even KYC data gets hacked by hacker, so how to prevent hackers with KYC! lol..

Kelward

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I firmly believe that KYC has come to stay in the gambling industry, every reputable casino and bet companies will demand for it, so that people and governments will not point accusing fingers at them for aiding money laundering. Many gamblers will prefer anonymity in their gambling but because criminals are using gambling accounts to facilitate money laundering, every genuine gambler needs to understand that it has become necessary for them to submit KYC to help mentain the sanity of the gambling industry. Now criminals have fewer options to launder money, so despite the odds of submitting KYC, it serves a greater good.

Fivestar4everMVP

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Quote from: famososMuertos on June 17, 2024, 11:32:00 AM

Quote from: Jaycoinz on May 23, 2024, 12:30:28 PM

Well the government can condition any firm they want especially when it has to do with platforms that are used for putting and removing of money and that's why they actually conditioned the crypto casino to start requesting KYC from their customers just because of the fact that their is every possiblity that these casino can be used as a means of collecting and laundering money illegally. And with this at the forefront I don't think they would ever be a time that the need for KYC verification will ever stop also this is main reasons why the government are unto mixers because they have the ability to be used to launder money without people or anyone knowing.

KYC is not really a condition of governments, it is international, it has nothing to do directly with the "good intentions" of governments in what you mention, in fact there are countries where taxes are not charged on profits, etc. Casinos acquire them through international treaties that involve other countries.

Sometimes the countries that annoy a Casino the most are not those of your country of origin.

United Kingdom: Overview of Relevant KYC/CDD Laws and Regulation
https://financialcrimeacademy.org/united-kingdom/

Well, not to doubt or debate your input., but kyc like most of us know, is a function of the regulatory arm of the government, which also means that it's a thing that was introduced by the government and passed to the regulatory body who is overseeing to its implementation in various systems, both online and offline.

And I agree that kyc process and or origin might differ for different countries, but then, one thing is very certain, and that is the fact that it is all programmed towards achieving the same goal.

And I have a question really, and it's that, if kyc was not something that was birthed by the government, how then did it get into the constitution to become a law which the regulatory body must see to its implemented?
And what legal rights does casinos have to request customer's private document for kyc verification if the government haven't given them that power through their issued license to operate, and other documents we might not know of?

GxSTxV

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That's not possible for casinos to stop the KYC process in the future for various reasons, not just because the government is asking for the players documents, also the casino itself needs to know your identity most of the time to detect the cheaters and ban them forever, otherwise such people would easily open a new account using another device or VPN. Other reason might be due to bonus or promotion abusers, if the casino started a good promotion or bonus, many gamblers would also take advantage by opening new accounts to claim the bonus multiple times.

Answering to your question here, No casinos will only demend more documents from gamblers and not the opposite, however, you have the choice to gamble with decentralized casinos always without the need to submit your documents or even go through KYC process.

famososMuertos

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Quote from: Jaycoinz on May 23, 2024, 12:30:28 PM

Well the government can condition any firm they want especially when it has to do with platforms that are used for putting and removing of money and that's why they actually conditioned the crypto casino to start requesting KYC from their customers just because of the fact that their is every possiblity that these casino can be used as a means of collecting and laundering money illegally. And with this at the forefront I don't think they would ever be a time that the need for KYC verification will ever stop also this is main reasons why the government are unto mixers because they have the ability to be used to launder money without people or anyone knowing.

KYC is not really a condition of governments, it is international, it has nothing to do directly with the "good intentions" of governments in what you mention, in fact there are countries where taxes are not charged on profits, etc. Casinos acquire them through international treaties that involve other countries.

Sometimes the countries that annoy a Casino the most are not those of your country of origin.

United Kingdom: Overview of Relevant KYC/CDD Laws and Regulation
https://financialcrimeacademy.org/united-kingdom/

Blitzboy

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Quote from: Hispo on June 17, 2024, 05:59:39 AM

Quote from: TheUltraElite on June 17, 2024, 04:42:47 AM

Quote from: salad daging on May 25, 2024, 04:19:04 PM

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It is unfair to see from the gamblers point of view but from the casino's point of view it is very much needed. This can be argued in different manners, but end of the day the gamblers will not stop gambling so they "need" the casinos to run and the casinos "need" the players money to keep itself running while keeping it safe from money laundering.
...
🍑

Casinos need gamblers and gamblers cannot do anything (besides betting) if there are not casinos around. Even though at first we could see this relationship as symbiotic and well balanced, there is a third entity which is involved: regulators and the government. They do not necessarily "need" gamblers or casinos to function or comply with their basic duties, though, the tax from both the casinos and lucky gamblers certainly help to run a country.
KYC and AML were not always a thing, and the relationship worked, but it was also true organized crime had their way with money laundering, they had more liquidity. I see the KYC as a kind of referee within the gambling ecosystem, filtering out "gamblers" with bad intentions and letting alone those who just want to enjoy a service.
Though, it is completely different thing when a shady casino (which may or not lack of liquidity) abuses the referee and turns it against a legitimate gambler who just want to withdraw his money to his personal wallet.

Gambling is big business, folks. It generates cash and jobs, benefiting everyone. You have casinos for amusement and excitement. Gamblers power the enterprise. Beautiful. Of sure, we need rules. We cant let criminals use casinos as piggy banks. So KYC and AML are needed. These measures maintain system integrity and fair play.

However, some of these operators, they're not playing fair themselves. They're exploiting these rules to get every penny from gamblers. Thats wrong. It hurts business, gamblers, and everyone. We must ensure correct use of these regulations. We need greater control, clearer standards, and transparency. We must ensure the system works for everyone, not only casinos. Thats the only way this industry can thrive.

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Is totally depend on that casino and I think it's possible to stop asking KYC verification if the casino want. But in this case the licence for casino cannot be claimed because for avoiding the money laundering so in this regard of policy if you are feel safe on a casino who don't have licence and they don't required the KYC then it possible but most of the case those who don't asking kyc verification are scammer.

Topic: Do you think casinos can stop demanding KYC? - page 5. (Read 1758 times)