Topic: Loophole in stopping Money Laundering through Wagering - page 7. (Read 1678 times)
There are methods to fight against money laundering and there are KYC, and AML rules on many gambling platforms for obvious reasons. If the gambler uses wagering methods to launder money, it is easily detectable by the system after withdrawing big amounts. So I doubt it is a good idea to use gambling sites for this purpose. There are other methods they use mostly NFT industry, AFAIK. Just my 2 cents.
As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
If someone joins a platform, makes a bet with the highest chance of winning and then creates a withdrawal, I am sure they would be questioned about the reason why they deposited in the first place.
There is also the variable that the site is rigged in a way. A 99℅ chance bet might be even more unlikely than what is advertised. That aside, if one bet loses, then all of a sudden the whole idea for the malicious user is no more, a huge loss is made instead.
Let anyone who disagrees try and learn the hard way. If you are just looking for privacy, use a privacy coin like Monero and/or use a mixer. There us no point locking yourself into a wagering restriction just for privacy, and I hope no one is doing that.
It should be noted to anyone as well that you can be questioned or ask for KYC no matter what kind of bets you make or when you withdraw. Many casinos lately are KYC'ing anyone they want, mostly with no justification.
I still believe that most money laundering activities still do happen via fiat-based transactions.
But we can't totally discard the idea that some of them are already happening in crypto casinos.
Some casinos are only requiring 1-5x wagering requirements before withdrawal, so yes, that would be easy to comply with.
Agreed. Money laundering is definitely happening in crypto gambling sites now and then despite all their restrictions based on what I observed. They are a lot smarter than we think basically.But we can't totally discard the idea that some of them are already happening in crypto casinos.
Some casinos are only requiring 1-5x wagering requirements before withdrawal, so yes, that would be easy to comply with.
It's almost impossible to stop them completely though they can be minimised through improvements to security protocols and rules regularly.
I'm not sure how how is this happening around. Through some means there is big chance available to make untaxed money reach different destinations. In my country one incident took place and the police caught the people involved on the same day. The money involved is stolen money. Two persons have involved, they've played one on one match. Here one person losses and the other wins.
I still believe that most money laundering activities still do happen via fiat-based transactions.
But we can't totally discard the idea that some of them are already happening in crypto casinos.
Some casinos are only requiring 1-5x wagering requirements before withdrawal, so yes, that would be easy to comply with.
Agreed. Money laundering is definitely happening in crypto gambling sites now and then despite all their restrictions based on what I observed. They are a lot smarter than we think basically.But we can't totally discard the idea that some of them are already happening in crypto casinos.
Some casinos are only requiring 1-5x wagering requirements before withdrawal, so yes, that would be easy to comply with.
It's almost impossible to stop them completely though they can be minimised through improvements to security protocols and rules regularly.
Well, I think it depends on the amount. Because if we're talking a huge figure here ($100k up) and let's say you deposited, able to fulfill the wagering requirement and then tried to withdraw. Certainly you'll be ask to comply the KYC procedure to verify your identity. There's a case wherein the casino asked the user (after not processing the withdrawal) to give additional documents of proof of funds to know where the money came from, part of their AML procedure. Though this is a rare case, still it depends on the situation and the money involved.
That happens to many people who use big money when disappointed because the casino asks them to do KYC. Some of them don't want to do KYC but that's the rules of the casino that must be fulfilled by its members, especially for those who use big money. So KYC is a way for the casino to know if there are members who want to launder their money at the casino so that the casino can prevent it before they can withdraw the money. And people who want to launder their money in the casino already know this, so maybe they are looking for other ways that won't require KYC.As discussed by some people who are here if money laundering will be smarter like when a casino asks for KYC they will use other people's data or buy other people's data to do KYC and when buying KYC they will not buy carelessly of course money launderers know if depositing or withdrawing large amounts of money will later pass KYC level 3 or 4 so as to buy the data of people who can later pass KYC.
So there are many ways they can do it because money launderers have a lot of money they can do anything including cheating the casino with fake data.
So there are many ways they can do it because money launderers have a lot of money they can do anything including cheating the casino with fake data.
It's unlikely that much money laundering actually takes place through online casinos, at least not the major ones, because the way they've been structured actually makes it a lot easier to trace than you might think. Pretty much every big site now will also be enforcing kyc type actions on a regular basis, so any fake accounts will be detected after a minimum threshold and mule accounts are going to be reported to the tax or government authorities if there is the slightest suspicion. There are many other sites sitting in grey areas that are likely to be doing this stuff instead of casino's.
They can get away with it if the money involved is small, however, if the money is significant enough, the site may really ask for KYC.
And that will possibly happen for gambling sites with license as they need to comply with their AML/KYC policy.
I still believe that most money laundering activities still do happen via fiat-based transactions.
But we can't totally discard the idea that some of them are already happening in crypto casinos.
Some casinos are only requiring 1-5x wagering requirements before withdrawal, so yes, that would be easy to comply with.
As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
It's unlikely that much money laundering actually takes place through online casinos, at least not the major ones, because the way they've been structured actually makes it a lot easier to trace than you might think. Pretty much every big site now will also be enforcing kyc type actions on a regular basis, so any fake accounts will be detected after a minimum threshold and mule accounts are going to be reported to the tax or government authorities if there is the slightest suspicion. There are many other sites sitting in grey areas that are likely to be doing this stuff instead of casino's.
Money launderer play smart since they can play normally in a casino using 50% winning chance rate and recover past of their loses through VIP reward rakeback and tournaments which they will surely win due to the volume of money they are pouring on their wager to launder money. Casino VIP rewards makes launderer can play a normal game without relying on a low risk games alone just to farm wager safely.
It's very to detect launderer these days even with KYC since they can simply hire a mule like what you said while they can play normally leaving no evidence for a casino to accuse them for committing such crime.
As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
It's unlikely that much money laundering actually takes place through online casinos, at least not the major ones, because the way they've been structured actually makes it a lot easier to trace than you might think. Pretty much every big site now will also be enforcing kyc type actions on a regular basis, so any fake accounts will be detected after a minimum threshold and mule accounts are going to be reported to the tax or government authorities if there is the slightest suspicion. There are many other sites sitting in grey areas that are likely to be doing this stuff instead of casino's.
Many casinos now force gamblers to do KYC. So when a gambler's complete details are with the casino, there is not much for that gambler to do. At any time the casino can freeze the funds if they believe the gambler is involved in money laundering.
And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
.... because I'd say it isn't since cryptocurrency isn't money. ...And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
It depends whom you ask, though.
I would say that in this instance cryptocurrency is actually money because it serves as medium to transmit value and without a third party. The fact a third party is not within the equation is the reason why the regulation on casinos and exchanges is getting tighter each day that comes and goes. With traditional FIAT casinos (specially those which only operate online) there is a higher risk the authorities would reach and freeze the money the criminals intend to clean up. There comes the preference of criminals for cash, noone can tell either a bill is "clean" or not just by looking at it.
Even if we see Bitcoin and altcoins, not as money, but casino chips; they are still assets and hence can be laundered.
Many casinos now force gamblers to do KYC. So when a gambler's complete details are with the casino, there is not much for that gambler to do. At any time the casino can freeze the funds if they believe the gambler is involved in money laundering.
And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
And why would a casino believe you are involved in money laundering if that is not really true? They would only suspect that you are involved in something illegal if you are doing activities that are suspicious and aren't normal, but if you know that you are clean and haven't been doing anything illegal or have any unusual activities, you shouldn't be worried at all because they can't confiscate your funds without any reason and you can always claim them back.And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
Also, one cannot find any casino that is both trusted and doesn't require KYC, even if it's not mandatory initially, a gambler will eventually be asked for it once they either make a big deposit or request a withdrawal that is higher than their average withdrawals which raises a red flag for the management.
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Money laundering is just one of the options casinos have to close your account and take your money. It's a loophole they can use against you, not the other way round.
We're talking about crypto casinos here so there's no money laundering taking place but rather coin mixing. Is coin mixing money laundering is another debate because I'd say it isn't since cryptocurrency isn't money. The process of laundering starts and ends with exchanges. If someone sends crypto to a casino it's just a step in the whole process.
So I think since this question has arisen I think there is a reality behind it. Because not everyone thinks in a good way like us, there are many dishonest people who use the weakness of the system to continue their work.
Many casinos now force gamblers to do KYC. So when a gambler's complete details are with the casino, there is not much for that gambler to do. At any time the casino can freeze the funds if they believe the gambler is involved in money laundering.
And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
Money laundering is just one of the options casinos have to close your account and take your money. It's a loophole they can use against you, not the other way round.
We're talking about crypto casinos here so there's no money laundering taking place but rather coin mixing. Is coin mixing money laundering is another debate because I'd say it isn't since cryptocurrency isn't money. The process of laundering starts and ends with exchanges. If someone sends crypto to a casino it's just a step in the whole process.
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Well, I think it depends on the amount. Because if we're talking a huge figure here ($100k up) and let's say you deposited, able to fulfill the wagering requirement and then tried to withdraw. Certainly you'll be ask to comply the KYC procedure to verify your identity. There's a case wherein the casino asked the user (after not processing the withdrawal) to give additional documents of proof of funds to know where the money came from, part of their AML procedure. Though this is a rare case, still it depends on the situation and the money involved.
That happens to many people who use big money when disappointed because the casino asks them to do KYC. Some of them don't want to do KYC but that's the rules of the casino that must be fulfilled by its members, especially for those who use big money. So KYC is a way for the casino to know if there are members who want to launder their money at the casino so that the casino can prevent it before they can withdraw the money. And people who want to launder their money in the casino already know this, so maybe they are looking for other ways that won't require KYC. Well, I think it depends on the amount. Because if we're talking a huge figure here ($100k up) and let's say you deposited, able to fulfill the wagering requirement and then tried to withdraw. Certainly you'll be ask to comply the KYC procedure to verify your identity. There's a case wherein the casino asked the user (after not processing the withdrawal) to give additional documents of proof of funds to know where the money came from, part of their AML procedure. Though this is a rare case, still it depends on the situation and the money involved.
Depends on the casino, not all casino will ask KYC based on the amount of the money. Mostly yes, but I still believe that there are still some reputable casinos that wont ask players to complete KYC based on the withdrawal amount unless there is a specific term that the casino has a withdrawal limit to ask KYC. By the way, I think it is getting further from the main topic as the main topic is about the chance to wager with high odds to complete wagering requirement.
But most users are not very honest so that the casino freezes more users' money trying to launder money through the casino, many cases that I often encounter on this forum also the casino will ask for an explanation of where the funds are used also ask the user to verify to validate that the user clean.
This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
How will casino know that the black money is being deposited on any casino ? No casino checks where the money is coming from. They only care how much they get the deposits from their gamblers. Similarly if the specific gambler ( who is also a money launderer), wins and wagers the minimum requirement and cash out on the different side, the casino never care as to which address the money is being transferred.
So i guess that casino have least interest in catching the money launderers. All they care about is how they can get more people to gamble and increase their bankroll.
As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.
Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
I consider this strategy a good way of reducing the rate of money laundering through online casinos and gambling sites, because many money launderers to divert stolen funds through this means but this new implementations by most of this sites that require them to wager their money and stake on certain games would scare them away.Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.
So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?
Sometime ago in my country the government decided to set limitations of a certain amount to have in a personal account, asides from business account, to help regulate money laundering and punish suspected bank account holders so many individuals who are guilty decide to use sports betting as a means of saving thereby making it difficult for the government to discover them, so if this wagering system was implemented by then it would scares then away due to the fear of losing everything when they gamble on games,because in the world of gambling no matter how little the odd is no games is 100% sure if not there wouldn't be any predictions on it. So I think this wagering system is another means to to avoid money laundering through sport betting.
But most users are not very honest so that the casino freezes more users' money trying to launder money through the casino, many cases that I often encounter on this forum also the casino will ask for an explanation of where the funds are used also ask the user to verify to validate that the user clean.
This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
How will casino know that the black money is being deposited on any casino ? No casino checks where the money is coming from. They only care how much they get the deposits from their gamblers. Similarly if the specific gambler ( who is also a money launderer), wins and wagers the minimum requirement and cash out on the different side, the casino never care as to which address the money is being transferred.
So i guess that casino have least interest in catching the money launderers. All they care about is how they can get more people to gamble and increase their bankroll.
Many casinos now force gamblers to do KYC. So when a gambler's complete details are with the casino, there is not much for that gambler to do. At any time the casino can freeze the funds if they believe the gambler is involved in money laundering.
And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
Once the casino asks for the source of funds and the user can't provide detailed info, that's when the casino is going to really suspect something and freeze the amount. And this is why one should not gamble in casinos where KYC is mandatory, as this increases the risk of a gambler even if he is not involved in activities such as money laundering.
But I'm not really sure about the wagering requirement that one user has to lose it all. That's a mess up, I would certainly avoid that one even if I deposit a small amount all the time.
Depositing and then playing a bit and then withdrawing the funds seem not a good way to launder, ain't that a very obvious dumb way and the casino will indeed suspect.
Now if a gambler deposits his funds in a bad casino with the intention of money laundering, and if that casino freezes his funds with any excuse, then it becomes a nightmare for that gambler. So I also think this can't be a good way, and if the gambler gambles with his funds for the purpose of mixing then there will still be a risk of losing the funds.
Maybe there are users doing it however it's more risky than doing it with fiat as it's traceable. When coins get into their wallets and are linked to a bank account, it's already identified. If authorities will really check the KYC of the casino, that user will be in trouble. From what I know, launderers mix their dirty money with clean money using a legitimate business with receipts making it cleaner and taxable for the government. They launder money but at the same time pay tax for it.
But most users are not very honest so that the casino freezes more users' money trying to launder money through the casino, many cases that I often encounter on this forum also the casino will ask for an explanation of where the funds are used also ask the user to verify to validate that the user clean.
This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
Not most, but only individuals who have committed criminal acts of fraud or embezzlement of funds so that they try to remove traces by laundering money on gambling sites.This also prevents the casino from being involved in money laundering cases and is considered to support criminal acts being subject to legal sanctions, but not many casinos want to return user money and only freeze the winnings, it is rarely found, if the user does not meet the requirements requested by the casino then the account will be suspended also the money will be confiscated by the casino.
However, cases like this will not occur in casinos that have official licenses and KYC requirements because KYC can put pressure on criminals who want to launder large amounts of money.
Money laundering can damage the reputation and operation of gambling sites because there will be legal authorities involved in involving gambling sites in crimes committed by irresponsible persons, therefore many gambling sites monitor their customers closely so that there is no involvement in money laundering.
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