Topic: Loophole in stopping Money Laundering through Wagering - page 2. (Read 1678 times)

The issue is, and Im just putting this out there, KYC may exist, but as you mentioned, it is not always enforced, correct? However, let us consider the casinos with wagering requirements. However, it does not necessarily assist with AML

Now, Im not saying you're incorrect or anything, but its not just KYC that we need to consider. I mean, perhaps, perhaps, there should be more, you know, regulations? Maybe more supervision, even if it's beginning to feel excessive? A mere thought, but food for contemplation

We can't say that cases of money laundering have totally been eradicated from casinos this is so because not all casinos have that KYC in place and as a matter of fact those that have KYC don't enforce it in most cases and this is why some few of her cases of money laundering can still be present on some casinos.

But ultimately,  most of the casinos that already have wagering requirements in place don't help the AML law in any way and if the customer loses any launder-led money or then goes to the casino,  so only KYC is what benefits law enforcement agency in this situation.

Well, cases of money laundering nowadays have completely vanished from cryptocurrency casinos after they've announced KYC and AML rules and also added wagering requirements so that a user can't just make a deposit, play a few games and then withdraw the funds right after that. Now with wagering requirements, a gambler needs to meet a wagering requirement of at least 1x of the deposit which isn't easy to achieve knowing you might lose a big chunk of it.

Back in the days when cryptocurrency casinos were newly launched and when there wasn't any KYC verification or very high wagering requirements, money launderers used to use that opportunity and that is the reason why KYC and AML rules were then imposed on all cryptocurrency casinos operating under a license.

It is true that professional money launderers are always smart enough to escape easily before they are caught. However, most of the casino platforms currently mandate KYC to verify customers where criminals do not deposit money to hide their identity. But there are still many platforms that can withdraw money without it, but KYC is mandatory for those who want to launder extra money. Because money laundering is currently causing problems on casino platforms and those criminals are less likely to use casino platforms because they will be caught. So now criminals are doing money laundering by using various mixing, they are withdrawing a lot of money from here very easily. Money laundering is not only done by the criminals who do it but also by spreading the extra money they use these mixings so that no one can suspect them and catch them.

Do you really think that in offline casino would be easier to launder money? I`m sure that they have all problem you talk about and several others more. But they don`t stop laundering. Why do you think that in online casino can be the another way? It is business, not clean, but anyway it is business. With serious money and serious men. And they don`t care about problems you talk.

That's obvious. Big gamblers always choose trusted casinos to play gambling. They don't want to get into any petty trouble, so they will make sure the casino is trustworthy. And they will also verify the trusted casino because they know that the casino can maintain their privacy. We also have to follow what they are doing if we don't want to run into fraud and other problems.

If that's the case, they can easily find people willing to help them verify their gambling accounts with fake/purchased documents. They have a lot of money, so money is not a problem. This is why casinos are always careful in verifying gamblers' accounts. Sometimes, it takes longer to check everything before they can provide verification marks on gamblers' accounts.

But corruptors or money launderers can easily verify their accounts so that it doesn't limit their movements in their illegal activities. We also can never predict what path will be taken by the perpetrators of illegal activities because they have more ways of carrying out their illegal activities. It seems like the casino is still trying hard to arrest the money launderers for carrying out their illegal activities in their casino, and I don't think the casino will ever tell the public about what they did to the money launderers.

Some of the most popular casinos that have large bankrolls have implemented a KYC verification system for all customers who make transactions with large amounts of money so that criminals or perpetrators of illegal acts such as corruptors or embezzlers who want to launder money in order to eliminate evidence have had difficulties and of course have succeeded more on tap.
But it's true what you said that some of them may buy someone's personal data to complete KYC verification and of course that way the perpetrators of these illegal actions can still carry out their actions.
Every casino must find another way that can make it more difficult for money launderers and that way each casino can avoid problems regarding money laundering.

Would really be just that normal that those platforms or companies that do make out some huge revenue or incoming or outgoing transactions would really be under on governments laws and regulations on which means that
whenever you do tend to make out some huge deposit and withdrawal then it would really be that normal that it would really be ringing up the bell and asking out for some verification which its not something new.
There might be still some platforms who do offer no kyc but most of the time they would really be requiring.This is why to those who do deposit up big then they would really be that forced on having that verification
and on the time that you would be able to comply out then you would be busted up if ever those funds are tend to launder out or trying out to clean. Trying to make it via wagering?
You are putting yourself on big trouble knowing that it would really be something risky and something that would might bust up all the money or funds you do have.

You are right mate,  most money launderers like corrupt politicians and drug Barron's won't consider casinos as a good and reliable way to mix their money,  and as a matter of fact,  they are open to better options that,  since with casinos,  they risk losing part or all the money in trying to meet some of the compliance such as wagering which has been mentioned severally in this thread.

So for that,  we have to start categorically with that wagering requirement as an AML requirement I favour the casino more because in most cases those gamblers that try to meet that requirements end up spending extra money through they losing in trying to meet the wagering requirement and by that,  the casino gain more.

So a leader will rather pay a small fee to have his coins mixed using a Bitcoin mixer instead of the high risk of gambling in a casino which has a lot of conditions that could hardly be met.

As far as I know, high rollers or big gamblers play exclusively on trusted casinos and they don't mind verifying their identity there as this can help in protecting their accounts and money. Those who will feel inconfortable are those who value their privacy regardless of how much they gamble.

Most of them do this. They pay someone else to pass kyc for them or they use fake/bought documents. But casinos owners are spending a lot of money to improve their security and anti-cheating systems to help them spot abusers.

It used to be easy to hide such operations with crypto in the past, it might be easy now as well but if you are using a platform such as a casino, you won't be able to easily hide such operations since they will ask you for KYC verification if you try to make a big deposit or withdrawal unless you are using a casino that isn't licensed which is the only case you might not be asked for verification but in such platforms, there is always the chance of your money getting stuck and them not allowing you withdraw it.

Even if the casino is paid for the operation, they wouldn't allow this if they have a license because the authorities will ask them and if they are found guilty of allowing such operations, the authorities will get their services closed which is not what they would want to happen to their businesses for sure.

Perhaps, the money launderers already know that casinos are now tightening their rules by asking their users to do KYC, including those who use big money to gamble. Casinos want to protect their business from the illegal activities carried out by these money launderers, so they feel compelled to implement KYC on big gamblers.

Well, perhaps it makes some big gamblers who have nothing to do with illegal activities feel uncomfortable, but they have to follow the rules of the casino. Meanwhile, money launderers feel their movements have become increasingly limited with KYC. And there is a possibility that they will ask someone else to do KYC so they can use the verified account freely.

I think that it is possible only in some fantasy world. In real business there are standard commissions for laundering, why the casino must be the exception? After such withdrawals someone in casino is usually paid for this operation. Without check and taxes. And with crypto it becomes easy to hide such operations.

It is a misconception that Bitcoin and cryptocurrency are a landscape where money laundering is widespread. In fact, I would dare to say most of laundering still occurs with FIAT instead of Bitcoin and other alternative coins.

Cash continues to be the number one option for criminals and physical casinos are more appealing to them, since they have less chances of getting busted and their money being seized.

Ironically, even though this ecosystem is about total control on one's money, it is more transparent than the old tradicional one.

I understand that going through the gambling process and then fulfilling the wagering requirements can be a headache in itself but then what are the other ways of whiting the black money without any stress? I guess the other ways are even more difficult because exchanges have a lot more strict KYC policies and they would not let you withdraw if they saw anything suspicious about your account.

The wagering requirements and Kyc procedures are different means that gambling platforms use to ensure safe betting against money laundering, the thing is that @noormcs5 there is no high percent successful strategy as such and it would come as a surprise for you to know that odds like that might even end up being more difficult to win than the ones you feel are risky, I've come across a game in sports betting where a team with a good success rate and has a lower of 1.05 lost against a team with a high and risky odd of about 5.08, though sometimes the lower odds stand a good chance of winning but the success rate from it is not very sure thats why experts says gambling is a game of luck and skills, no matter how skillfull you're sometimes you need luck to win a bet.
 Moreover this money lauderers know that the risk behind putting their money on gambling platforms and won't want to pass through the stress of these wagering requirements or kyc processes before withdrawal, they know chance of losing their stolen money is high and would seek other alternatives instead of going through those stressful processes

Maybe there are still criminals using casino as their scape route but since KYC has been done maybe they will not put any huge amount since maybe the will be flagged for suspicious activities. Also we can also consider that there are stolen identity on cyber space and maybe some other criminals use this to make their plans succeed that's the reason why we should not give our identities anywhere since most likely this will be use on this cases.

Mixers now are the common platform they use since they can assure their security and they can clean up their mess so they can't be track by anyone.

Corruption is already everywhere, but at the government level, it will be found even more because they relate to the regulations they make. And money launderers or those who carry out illegal activities will try to approach government officials and make attractive offers to them so they can help get their activities done. This has happened many times but it seems that there is no seriousness from government officials to eradicate it or because it has been happening for too long so it is difficult to find the root of the problem.

Government officials who are honest, firm, and willing to take action to clean up illegal activities in their agencies are needed. And this also requires more effort because they may be faced with their own friends who have been doing corruption for a long time. If they do not have the support of the people or their superiors, these government officials will not be able to work optimally because of pressure from corrupt officials so they cannot move freely in investigating these corruption cases.

First, Money laundering is a crime for several reasons, and I will mention just two which I remember at the moment.

1. Every country has a maximum amount of their currency that can leave the shores of that country into another country through one individual, so when the amount being transferred to another country by one individual is above that maximum set by the country's government, that is then considered as money laundering and its an offence that is punishable by law.

2. Secondly, through money laundering like i explained it above, which also goes through illegal channels, because moving such money like i explained above can not be done through legal means, so such money can be used by criminals and drug and human traffickers for various degrees of illegal purchase of firearms and funding of various criminal activities..

So yeah , those who are into laundering money are mostly those who are into crimes and all that.

I beg to differ on your point that scammers wouldn't use casinos for laundering purposes. Although mixers provide a seemingly efficient way to conceal illicit funds, they're not without their risks. With the rise of blockchain analysis, the veil of anonymity mixers offer could be thinning

Casinos, on the other hand, might provide a less obvious, albeit riskier, option for laundering. The threat of KYC might be mitigated by casinos with lax enforcement. The requirement to play through deposits could also be seen as the cost of doing business, rather than a deterrent. Imposing KYC in casinos could act as another layer of security to keep these digital spaces safe