Topic: Money laundering in crypto casino - page 5. (Read 1893 times)

If regulators are effective at doing their job, issues like this wouldn’t happen. Casinos would be required to register the addresses they’re using, and regulators could verify transactions to ensure none are coming from suspected money launderers without being reported by the casino.

That kind of offense is extremely serious, and no casino would risk it. Regulators have the power to shut down a casino with a single command, so operators wouldn’t dare mess up or ignore compliance requirements.

In places where gambling is legal, there are usually policies by the government to guide the casinos in that regards but the challenge has always been with some casinos trying to be smart about it because at some point they do benefit from the money launders and that has been why the casinos sometimes takes the blame when such happens because they may be aware but literally did almost not or tried to cover it up without handling it accordingly as prescribed by the government policies which was supposed to guide them in that regards.

Well to be honest I think it is very difficult now for them to launder money through crypto, and whoever does it must be very novice, governments and drug traffickers launder money in another way, to tell the truth in a very shameless way, I know this because I live in an extremely corrupt country and next to a country where this same thing is handled with the government and where there is drug production like rice, so casinos are not a good deed, I wouldn't say anything if 10 years ago they were, because KYC didn't exist, the only way to do it is if the casino owner consents to it, otherwise I don't think so, very difficult.

Very simple, casinos just need to coordinate with the AMLC, and I'm sure we are familiar with KYC, that's the Casinos systems in place to help prevent money laundering, and the KYC process is a big part of that. So if you’re a gambler who likes to bet big, the system will flag your activity, and you’ll be required to comply with KYC. However, if you’re just an average gambler betting $100 or less, KYC isn’t usually necessary as no one would try to launder such a small amount.

It’s the government agency that established the AMLC, so regulated casinos are required to comply with the mandates set by their regulators. Actually, it’s a systematic process, so it’s not too complicated for the casinos.

In fact, casinos don’t need to dig too deep themselves. As long as they comply with the AMLC’s requirements, they just report suspicious activities. If the council flags a specific address or account, the casino can simply freeze the account, and AMLC will handle the investigation from there.

You are right, agree that the biggest responsibility lies with the government, but casinos/businesses also have a responsibility to prevent money laundering and that should be mandatory. If we put the entire responsibility on the government, what guarantees do we have that those businesses are not directly involved in money laundering and are not part of it? So by requiring casinos/businesses to take responsibility for keeping their businesses clean ,  this will contribute significantly to preventing money laundering .

The fight against terrorism and crime is not only the responsibility of the  government but also of the entire country because it threatens the security of the country .

Casinos that are competent in combating this will certainly be monitored by them, especially when there is really a lot of money coming into their casinos of course they will continue to monitor the movement of the money, and yes now there is KYC if anyone is money laundering it will be easily detected.

Although behind it we don't know if the account owner is the real owner of the money laundering action because KYC can be bought from stupid people or can be manipulated in several ways such as the use of AI for now and other people can give a very similar face.

This is joined efforts between government and the casino itself. Since nothing will happen on those fraud cases if the casino doesn't want to get involve in the investigation. Also that's why we have this KYC and wagered requirement set by the casino sine this is their way to combat those money laundering issues happening in their casino.

For sure also that they won't have any issues with those casinos following their rules. They only sue those casino who insist to be regulated that's why there certain restriction happen since sometimes those casino didn't meet on what government required them to do.

Casinos that comply with regulations certainly have systems and provisions to combat people who use casinos for money laundering purposes. Although there may be loopholes, when there is suspicious activity, especially on new accounts, they will take the necessary action.
Casinos still have to make their policies to anticipate such criminals. Centralized casinos may be better at this. They are more careful not to get involved in crimes that could disrupt their business.

That is true, casinos show be aware of that they can be used by money launderers as one shop to wash their dirty money. And this is the very reason why government or regulators are very strict as far as crypto base casinos and exchanges because they can be taken advantage of.

And for casinos, before they can get their license, for sure they have been briefed about this kind malicious intent by criminals and that they should be really educate and make aware of it. With that, it will take effort from them and the regulators to catch this criminals who's using the anonymity of crypto as vehicle to clean up their tainted money.

I’ve been reading more about this issue, and it’s definitely concerning. Crypto casinos, like any other platform, need to be mindful of money laundering risks. I once used a crypto-based casino and was surprised by how much they emphasized AML compliance.

In my opinion, financial institutions such as banks are not easy to prove their involvement in money laundering activities unless one of the shareholders who are partners on the board of directors seeks to launder some of their activities through them. In confirmation of this, these financial institutions are subject to strict supervision by state authorities, which cannot allow this type of violations due to the sensitivity of the field.

Casinos have a more free scope of activity, and as you mentioned, the authorities do not monitor their activities except under suspicion, which may go undetected for a long time.

True that it’s government responsibility to trace laundering but casino has the responsibility to make their business clean with laundering a much as possible or else they might be punished too. This is same scenario with mixer that being use to launder money. It’s not that mixer like laundering but they are being use as a tool for the crime knowingly/unknowingly that’s why they are being seize. Having a tainted money makes you part of the crime and subject for investigation.

This is the reason why casino have KYC to handle over to the government the user details that is suspected for money laundering. Technically casino is still have an obligation to make their casino clean as much as they can from crimes.

This I agree with although, this doesn’t stop the cryptocasinos from being mindful of the activities or means by which their customers make use of the casino. Money laundering is a serious crime anywhere and being tangled in this doesn’t seem like the best spot to be for any casino. It just doesn’t tell well of their position against crime.
Casinos have done there but in place policies that requires you to withdraw only winnings and most times, you get to gamble with at least a good percent if not all of your deposit to be withdrawal eligible.
Most times we blame and ridicule casinos for this but, it’s a means to a solution such as the case with money laundering.

Tracing money laundering is the responsibility of government agencies, not the casino's responsibility.
The highest policy lies with the government, casino companies only operate according to the rules that have been set.
It doesn't seem fair if the government's failure to trace money laundering cases has an impact on casino companies that have followed the rules. They must be objective to overcome this.
Because without us realizing there are quite a lot of workers who work for casino companies to earn a living for their families.

what I know is that as long as the casino is licensed and requires every user to do KYC if they want to deposit large amounts, it will not be a big problem for the casino and I am really very sure that in fact popular casinos have already refused regarding money laundering funds and from the many complaints that have been received It happened that I think some of the people who complained had used money laundering funds and the casino tried to make them fill out complete KYC and it was detected that the funds used were not from their own income so the rules are clear that the casino has the right to confiscate funds from illegal actions and on the one hand the casino may also pay taxes to a country, whether that's true or not, but what is certain is that a licensed person will definitely pay taxes to the country and if they provide income from these taxes, everything is fine.

what I said above is just the knowledge that I know so far, maybe the casino will be confiscated because it allows money laundering in the casino, but imagine the biggest casino with a good reputation, of course they will consider this because they think it is better to maintain the reputation of their business than to allow money laundering entering the casino causes the casino business to close.
I'm just trying to think positively, if all the casinos were breaking the rules because of money laundering, the casinos would have been closed a long time ago, but the fact is that to this day, they are still running well, even every time a new casino business appears and that means it won't worry me.

It is really a difficult situation that makes the casinos helpless. Blockchain transactions are opened to the public and if money from an illegal source made it to a casino, the authorities can easily see it and this might be a problem to the casino. Even when the casino is not aware of where the money is coming from and what happened there, the authorities may not care and would want to act decisively. I don't know what will be the end result of this because it requires a legal practitioner to interpret but I do know that the casino will not find it funny in the end. If  the authorities do further investigation and discovered that the casino do not perform KYC, they might get infuriated because they hate being in the dark. Like I said before, it is a helpless situation for the casinos.

Yes sure, everything on illegal activity will be watched by the government around the world. Not only the casino but also the exchange that is used for money laundry will be seized by the government. Now the question is how can they detect it?, For me, it's just a business competition between the casinos. Nothing is perfect in the world. The casino may accept the illegal money without them realizing it, so that it is known by business partners then report it to the authorities. This applies to everything, mixers are good businesses, and gambling is also a good business that can print money quickly and a lot, that is the fact, so they will knock each other out on the business.

As stated almost every cryptocurrency accepted gambling platforms have begun to request KYC. In this situation it is really risky to see people using gambling platforms as the source for money laundering. We can't deny money laundering won't happen through the gambling platforms, but the percentage seems to be very low compared to what had taken place through mixers.

No service provider support money laundering, but the features of the mixers were used by people in such reason and the service providers were not in a situation to stop it. Now our forum have planned of the restriction to promote mixers starting from 2024, but it won't affect those platforms in any means.

The mixer may easy allow for the money laundering because of no kyc was required one by the mixer.But the gambling itself ask the gambler to complete the level 2 of KYC to withdraw of funds from the gambling account.This made the gambler to be play the game in the good gambling site,the gambling site also in the safer side because of the kyc part in gambling site.The transaction of the gambling site was easily monitor in the gambling site,So money laundering was merely not possible one.The mixer is all doesn’t allow the money laundering,but some of them are doing the trick to allow the money laundering to be transferred into their site.