Money laundering in crypto casino - page 9.

Wiwo

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casinos will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

The gambling industry is fully regulatory compliance since the majority of them are centralized and have kyc implementation in the casino, so there is nothing like a threat and what happens to mixer will not happen to gamble, even though there is a presence of money laundering in the gambling market but also that is not different from what is also obtainable with traditional banks too and every other financial institution, criminals have a way of getting through, but if caught then it becomes another case entirely.

So casinos will suspend the accounts of gamblers if they notice any form of money laundering activities, this is why, sometimes you hear cases of gamblers' accounts being locked with funds in it and an investigation is being carried out, so for that, the government will only have problem with decentralized casinos and that is why you see most of them closing down the businesses due to such cases at that.

Accardo

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Quote from: Nwada001 on December 03, 2023, 01:17:33 PM

Quote from: AbuBhakar on December 03, 2023, 01:03:50 PM

X1 wagering requirements is very easy to bypass using games with low house edge. Also money launderers wash dirty money which means they have nothing to lose with this kind of money so they don’t consider much the risk involved from gambling games unlike us that using regular money from our hard earned salary.

They can simply bet high on low house edge games then recover their losses from the rakeback of their loyalty rewards. I’m sure a money launderer account will be a whale user with max tier VIP level.

I understand where you are heading to, but let us also not forget: There is no 100% sure game in gambling. Even if we bet on games with 1 odd, which reduces our chance of losing and increases our chance of winning, we still can't be 100% guaranteed that the game will come out positive, which is the reason why anyone thinking of to launder money will first of all think of other options, before they can think of using the casino.

Another form of financial activity, which requires users to deposit and withdraw, makes it much more easier to mix coins than casinos offer. Exchanges of coins, if not for the fact that they offer KYC, are the major means I know many use to launder and clean their money. So for the casinos, it can still be use for such, but the chances are highly minimal in my own opinion.

Casinos can't be used to launder money without being traced, since the funds would go directly to a wallet address. That's for crypto users. Then the receiver still has to mix the crypto to be anonymous. Main reason the government is working hard on following up those mixers, it's the end process. Due to the fact most gamblers still require Kyc to deposit funds in any casino, just like in exchanges, casinos isn't a safe place for money launderers. Even, not all casino restrict withdrawals for gamblers, some casinos allow users to deposit and withdraw without gambling or winning a bet. Money launderers prefer mixers due to lack of KYC. Once those details are collected or even when fake documents are submitted, they'll be trails or traces. Where the law enforcement agencies find it difficult to trace a criminal is when they've left no loopholes of any kind. I think Op is just curious about this due to the recent ban of mixers. Because this forum get tagged whenever a mixer is closed by the government. It's bringing a bad name on the forum. Promoting casinos isn't wrong, we see ads on stadiums, TVs, radios and bill boards regarding casinos and gambling. Remember, the government use the money to finance the health of addicted citizens and the nation.

swogerino

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Gambling sites have no requirements to find where the source of money come from because as soon as they do that then boom -99% of customers directly out of their business and casinos want money to flow in not out.Therefore it is the duty of government agencies to track mixers and people using them and not the casino duty,if the government agencies is suspicious about one transaction they can ask the casino to further investigate that very transaction in order to get more information if they suspect money laundering is being done there.It is the government agencies duty and nothing would happen to the casinos otherwise we would see so many of them out of business already.

Nwada001

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Quote from: AbuBhakar on December 03, 2023, 01:03:50 PM

X1 wagering requirements is very easy to bypass using games with low house edge. Also money launderers wash dirty money which means they have nothing to lose with this kind of money so they don’t consider much the risk involved from gambling games unlike us that using regular money from our hard earned salary.

They can simply bet high on low house edge games then recover their losses from the rakeback of their loyalty rewards. I’m sure a money launderer account will be a whale user with max tier VIP level.

I understand where you are heading to, but let us also not forget: There is no 100% sure game in gambling. Even if we bet on games with 1 odd, which reduces our chance of losing and increases our chance of winning, we still can't be 100% guaranteed that the game will come out positive, which is the reason why anyone thinking of to launder money will first of all think of other options, before they can think of using the casino.

Another form of financial activity, which requires users to deposit and withdraw, makes it much more easier to mix coins than casinos offer. Exchanges of coins, if not for the fact that they offer KYC, are the major means I know many use to launder and clean their money. So for the casinos, it can still be use for such, but the chances are highly minimal in my own opinion.

AbuBhakar

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Quote from: Orpichukwu on December 03, 2023, 12:41:42 PM

One of the main reasons why casinos have a wager requirement for deposits is to minimize the way the casino can be used to launder money as possible. It's through that they cant 100% stop scammers from using their system, but their policy is kind of protecting the casino from becoming overused that way.

So if by any chance any casinouser make use of the casino to launder money or mix their money and withdraw other forms of money from the casino, the risk they take is very high, as most casinos when they notice such random cash movement can sanction the owners account and KYC (if not requested from the first place) will be requested, and other forms of identification, which can make it easier for the scammer to be apprehended.

X1 wagering requirements is very easy to bypass using games with low house edge. Also money launderers wash dirty money which means they have nothing to lose with this kind of money so they don’t consider much the risk involved from gambling games unlike us that using regular money from our hard earned salary.

They can simply bet high on low house edge games then recover their losses from the rakeback of their loyalty rewards. I’m sure a money launderer account will be a whale user with max tier VIP level.

Orpichukwu

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One of the main reasons why casinos have a wager requirement for deposits is to minimize the way the casino can be used to launder money as possible. It's through that they cant 100% stop scammers from using their system, but their policy is kind of protecting the casino from becoming overused that way.

So if by any chance any casinouser make use of the casino to launder money or mix their money and withdraw other forms of money from the casino, the risk they take is very high, as most casinos when they notice such random cash movement can sanction the owners account and KYC (if not requested from the first place) will be requested, and other forms of identification, which can make it easier for the scammer to be apprehended.

Und if by any chance the casino is unable to do the job right and any govement body detects such form of money movement, the casino can be held, as they are licensed business, so they know, how they can be queried, and they can work hand in hand to sort things out, unless on casinos that are not licensed and not meeting AML requirements, that can think of the danger to come.

Cantsay

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No they won’t.

Unlike mixers, casinos constantly monitor activities of their customers and if they notice some unusual behavior they usually block such account and when it has to do with depositing and withdrawing funds to a different address without placing any bets they don’t allow that, and that is part of the measures.

We have seen users come to the forum to open scam accusation thread against casinos but after much investigation it would be as a result of the casino suspecting that their service was being used for money laundering and because of that they had to lock the account until proven otherwise. It’s going to be extremely difficult for the government to tag a casino as a tool for money laundering, unless that specific casino was created for that specific but masked it self as a casino to reduce suspicions but if you’re referring to a normal casino then my answer still remains “no”.

AbuBhakar

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Quote from: Oshosondy on December 03, 2023, 12:30:08 PM

There is no threat to gambling sites because they are obeying the laws. They have the anti-money laundering policy.

But money laundering of a thing, if organizations that favors money laundering should all be closed down, no bank supposed to be existing again because they are used to launder money. Launderers just get a legit business, then use the business to launder money into bank.

Dirty money used in gambling are also mostly like this. Just as unclean money are in banks.

Yes I understand that but Binance suffer same fate by unintentionally allowing money transfers from terrorist group even though they later on catch them. I’m thinking if the casino don’t catch the laundering activity(since launderer is now very creative to make it looks like they are legit player) while the authorities trace the source of money of launderer and end up to the casino.

I’m not sure what will be the consequences by unintentionally allowing laundering on your service,

Oshosondy

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...gambling responsibly. Do not be addicted.

There is no threat to gambling sites because they are obeying the laws. They have the anti-money laundering policy.

If gambling sites should be affected, organizations that favors money laundering should all be closed down. No bank supposed to be existing again because they are used to launder money. Launderers just get a legit business, then use the business to launder money into bank.

Dirty money used in gambling are also mostly like this. Just as unclean money are in banks.

AbuBhakar

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We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Topic: Money laundering in crypto casino - page 9. (Read 987 times)