Topic: Loophole in stopping Money Laundering through Wagering - page 5. (Read 1678 times)

That's why there is a wagering requirement for deposit (1x-2x) in most casinos. This term is implemented to avoid such money laundering attempt. As what the main idea of this topic which is related to the chance for money launderers to do their laundry in casino by using high odds strategy while playing, this strategy will not help the launderer to avoid the risk of losing all the deposited money. Once again I have to say that betting with high odds is not a loophole in stopping money laundering because there is a big risk.

A gambler may still be able to find some loophole but casinos are no dumb when it's all about with these matters. They'll be having those triggering alerts if an account/user is doing something off the coast and that's why there's always those complaints that we're seeing posted here about their delay of withdrawals. The blame goes to the casino where they're gambling but in the first place, they are aware that money laundering is prohibited in most of them because they're being regulated by the country where they're operating.

To be honest, most people who need to "do the laundry" do accept that it carries some cost and that they will not recover 100% of their initial funds. It is simpler and more profitable to go and do some "chipmixing" and that usually will make the funds nearly impossible to track in crypto, which is usually more than enough for most purposes. For large quantities, other schemes are devised with property and real state.

That point is interesting, because obviously in craps games you can put a multiplier of that type, and you know, on one occasion when I was playing a lot I made a very big bet and I lost it, obviously I used the martingale and I lost it again, and I repeated the martingale and I won it, but the profits are very minimal, but the risk is still high, I don't know what internal configuration this game has and it can be configured so that one decreases the chances of winning more, but from experience I did it myself, but in the case If I had put the entire balance, I would have lost it, so there was no point in doing it again, but that is the consequence.

Whenever the martingale is used, it is one of the problems that arises for us as players, I say a problem because it is a way of losing money quickly, so when we see it from that point of view it is the biggest problem, because without a balance you cannot play unless it is in demo mode, although it is not just the same, when we have all these premises, if we have our money there to use strategies that are not so reckless, our money may last a little longer and we have more opportunities to win. continue playing or play another game, these things are normal, sometimes we can play daods, then we get tired and we can think of a roulette wheel, so those options are what we should see.

Money in a casino will always be a way for us to have fun, even though the safest thing is to lose playing, we must take care of it, it is not known when there is a good touch of luck we have to withdraw, we must not stop thinking about these things.

They are criminals and they know how to work around KYC norms and I am pretty sure they might have already discovered a loophole. Money laundering is a global issue and it becomes especially threatening when the money laundered is used for terrorist activities. With cryptocurrency which is privacy focused it is not easy to track the money and through the mixer, you can also make Bitcoin untraceable. If the government was so successful in tracing they would not have stopped both fiat and crypto money laundering by now.

    -    I agree with what you said, and I feel that even now there are still many bad people doing that, we just don't really know who they are. And that is what always hinders any government of the country from stopping and finding the people behind it.

I then remembered that I read something here in the forum that a new movie that Tom Cruise will make, Mission Impossible, where his Villain here used cryptocurrency, not Bitcoin, the transaction worth 100M$ was used in the movie. Something that is also good to watch for sure.

In fact, you have to be not a very smart person to generally come up with such ways of legalizing your income, in order to somehow “win” money in a casino in a cunning way and thus turn it into money legally received by such a person. 
I can hardly imagine that after sending some serious large amount to a deposit and playing a little in a casino, perhaps even losing a little, such a person will begin to transfer the deposit to his account and this will be enough for his money to be legalized.  All such financial transactions are simply tracked and verified.  And in any case, the question remains from where the original transactions were sent to deposit at the casino. 
This data in the case of cryptocurrencies can obviously still be identified as the original money obtained by criminal means.  So it’s generally not clear why such stupid money laundering schemes are needed. 
I am sure that these methods are almost never used by anyone.  And I hope all the major well-known casinos prohibit such operations on their sites.  For them, it is obvious that it is much better to be law-abiding than to engage in dubious transactions.

I think only stupid people want to launder money through gambling sites, I'm not sure either that every deposit that is deposited at the casino in large amounts will be easily withdrawn again, of course there will be many risks of losing that money. that's why I sometimes wonder why they do it in such a ridiculous way by bypassing gambling sites. even though it is clear that it is easily detected by the system

Not thinking about such people about the huge risk they face even though there are many other ways compared to bypassing the gambling platform is the same as giving money to the gambling platform and depositing it for them. moreover the very complicated requirements of the gambling platform when withdrawing money must meet the requirements which are at high risk of losing everything.

I wouldn't say it's a loophole though, for gambling sites, this could just be a way to know that gamblers are really putting their money to play that's it. They might not think of it as coming to some criminal activities or it is tainted.

If you satisfy the gambling sites, then you are free to do whatever you want. But as far as I know, you really need to wager that big money and lost it to them before you can withdraw. Which means you need to deposit more.

Yes, I remember that. But the thing is, it's not just government teams and law enforcement that have a good security system. The hackers or people who want to break the rules also have a good security system. If so, it would depend on the people running the system and the morale of each person. And if we talk about morals, how many people used to follow the system but because of offers of corruption or big rewards, they immediately joined the other side. Maybe this cyber war will continue and the country's security hacker team will track down all the people doing illegal things to reduce the amount of illegal activities in their country but to wipe them out completely, that is impossible. One can be eradicated, but if more appear, how to eradicate them?

What I have seen is that the players do not have those possibilities, you speak of 50-50, I think it could be 60-40, due to the house advantage and it is very difficult for us to do something about it, the washing thing of money you can put a lot of money in a casino account, but the only way that could not be blamed for money laundering is for the player to bet that money in its entirety because if he makes small bets and then decides to withdraw everything It is very suspicious, I would see it that way, and in a casino where they have security for everything, they will surely detect it , that is something that cannot be denied.

Maybe I'm wrong, but it turns out that under such conditions it will FIRST be necessary to win one, even any (very small) victory.
So that the bet need to play a winning one. And it's not easy anymore. After all, in almost any game your chances will be 50-50 percent. This means that at this stage half of the players will not be able to withdraw, and will have to play on. Then they will have to double the bet and play again. And here again half of the players will be able to withdraw money. But half will be forced to play again.  It really turns out that many people will be able to withdraw money easily, even if not immediately, but most likely by the fourth rate. So the condition is really easy to fulfill.

Apparently, casinos are trying to attract users in this way, sacrificing the initial revenue from users.

For now those criminals can escape on the crimes they commit especially when they didn't disclose their identities and use some existing methods to hide the track of their crimes. This is why Kyc together with other requirements imposed on casino also with the other financial platforms so that they will not be used on money laundering scheme and if they got used they can easily track the identity of the criminals. Money laundering still happen in crypto space since those criminals still see that that crypto still a good instrument for them to easily get rich.

Have you forgotten that the security system in government and law enforcement also has a team that is truly skilled in hacking, so no matter how sophisticated the technology used by the criminals, it doesn't take long for them to be identified or tracked.
So far, almost every country has a hacker team to help with all activities related to software, making it difficult for them to get away with crimes committed in the crypto and gambling industries.

Indeed, the government can trace the sources of funds and money laundering activities. However, it may still be difficult for them to do so because money launderers also have advanced technology to hide how they carry out money laundering. We also have to think that these money launderers can use advanced technology well because, with that much money, they can even buy the technologies they need. And if the government catches any money launderers, they may not know any other way so the government can track them down and catch them.

Casinos arent really that blind on checking out whenever they have noticed some unusual or suspicious kind of activity on a certain individual or user on which it would be normal that they would really be strict when it comes to this because this would really be costing them big on the time that they would really be able to have those legal issues if ever they wont really be able to resolved it out.Its true that it would be impossible that they cant really be able to spot an abuser or something that really just using the platform to wash off their coins but come to mind that if a certain huge depositor would really be making up some wagering then i highly doubt that
they would be stopped midway considering that house do always win at the end and having the chance that would be busting up that huge balance in trying out to reach out that wager threshold for them to make withdrawal and this is something that they might be observing but on the time that they have seen that was their main motive then this is the time that they would really be requiring those further kyc thing.

If all casinos start enforcing KYC on there customers then many if them will lose customers because many of the people that are gambling frequently on casinos might not even be up to the age that are expected to gamble why others might decided to leave gambling because they are not ready to exposed there identities to online casinos. KYC is a tools the government can use to fight casinos which will make them to lose the kind of traffics they've been having on a daily basis. There are lost of underaged gamblers that are making use of different non KYC casinos because there is no restrictions to there gambling activities.

That is why I said it depends whom you ask whether Bitcoin is money or not.
To many Bitcoin is an asset trying to be money, to others is money which has become an asset. Before FIAT and banknote was invented gold and silver were money (golden and silver coins).

Also, when we talk about assets as houses, real state or even goods like cars and similar ones which do not have so much liquidity as Bitcoin does, I am pretty sure that criminals have used real state to launder money, the illicit asset itself is not the property but the property can be used as a tool to store value which was already laundered.

Again, it depends whom you ask. We could further dive into this topic but I am afraid we would be derailing a lil bit too much this thread.

I think it's easy to spot an abuser... especially over a long period of time. Simply by checking all the relevant factors, deposits/withdrawals, and on-site bets. And casinos probably have some "special techniques" for catching people in their trying to cheat the system.

This can be a "loophole", but people who engage in this stuff risk their accounts and the money they have on the site. Probably the same people come here to complain when they get busted.

Now you mention it, I have read around the internet from people who did not think in a very favorable way about the NFTs, that the whole ecosystem of non fungible tokens was surging because it was being used to launder assets. To me it did not make much sense back then, because I assumed it was all about speculation and just people getting to excited on this new use of the blockchain of Ethereum and other altcoins.

However, I know understand how it would work. Climinals get altcoins for cash and then they buy NFTs which have absurd prices, they speculate a bit with them, perhaps even getting some profit out of it. Once they are done, they move back the value to altcoins and back to money, in the eyes of an outsider, the money came from NFT speculation and not from illicit activities.