Topic: Where Will It Go If The Money Comes From Illegal Source (Read 640 times)
Casinos won't interfair in your personal matter like source of income, legal or illegal until you won the big amount or you put the big amount in games. When you have a lot of money, casinos afraid of paying you if you are going to stake big amount or already won big amount. And i think, that's why they apply this trick, so that they don't need to pay you instant and Start asking your documents and makes the situation difficult. Its okey if you can prove your fund as legal but if illegal then they'll freeze your account and give you a fix time to prove and claim the ownership. Until that, they keep that fund to them temporary. But If you fail then they'll Report this to the authorities and transfer all fund. Otherwise their license will be cancelled and they'll be banned. That's why its better to go for Decentralized one which are becoming popular nowadays.
Normally such money should go to the government but I've never heard of such happening before when a casino returns money back to the government and j think that should be the right thing to do, but I don't think there are acting based on or working with government agents but rather anyone who defaults the law they trace I and lawfully retain the money but they don't submit it to the government.
Since we have both good and bad casino, we should not be surprised that many of the funds that are seized from gamblers as a result of so many reasons are been achieved by the casino and many of these funds do not go to the government. The funds are not being accountable to the government and that is what has been happening for a long time now. I know some casino that have seized gamblers funds that are more a million dollars and the government are not aware or given the funds. We just have to keep using reputable casinos that would always help us to retrieve our funds anytime we have issues. but if its possible that it could be traced up by the governing bodies or authorities then there's no doubt that they would really be surrendering those funds rather than on making their
business to be at risks on which it would really be just that a normal approach that you would really be needing up to consider because gambling business is really that something good for long
term and it wont really be that worth if they would be keeping those illegal funds because they do know the risks once they do get caught then its over for their business or would
be that penalized.
This is a gray area where there are no exact answers and there will be different answers from country to country (jurisdiction to jurisdiction) and from casino to casino.
With fiat everything is quite transparent - in non-cash form it is inseparable from the financial system and if you deposited dirty money into a casino, they cannot appropriate it or launder it. Cryptocurrency is another matter - it is not part of the fiat system and exists on its own, so the casino may try to appropriate these funds under the pretext of “holding” them for law enforcement agencies. But in fairness, it is worth recognizing that in the case of dirty fiat, the casino may send it back or not accept it at all, but with cryptocurrency there is no such option + it is far from a fact that the sender retains access to the sending address, so the returning transaction may simply destroy (block forever) the funds .
With fiat everything is quite transparent - in non-cash form it is inseparable from the financial system and if you deposited dirty money into a casino, they cannot appropriate it or launder it. Cryptocurrency is another matter - it is not part of the fiat system and exists on its own, so the casino may try to appropriate these funds under the pretext of “holding” them for law enforcement agencies. But in fairness, it is worth recognizing that in the case of dirty fiat, the casino may send it back or not accept it at all, but with cryptocurrency there is no such option + it is far from a fact that the sender retains access to the sending address, so the returning transaction may simply destroy (block forever) the funds .
Normally such money should go to the government but I've never heard of such happening before when a casino returns money back to the government and j think that should be the right thing to do, but I don't think there are acting based on or working with government agents but rather anyone who defaults the law they trace I and lawfully retain the money but they don't submit it to the government.
Which government? I'll give you a typical situation that happens all the time.
The casino owner is from counytry A.
The casino is registered in country B and it gets its license from there.
The player is from country C.
The person whose money was stolen is from country D.
Often the person who lost the money lost it on an exchange or platform registered in country E and that's where the theft occured.
Who should get the money?
Normally such money should go to the government but I've never heard of such happening before when a casino returns money back to the government and j think that should be the right thing to do, but I don't think there are acting based on or working with government agents but rather anyone who defaults the law they trace I and lawfully retain the money but they don't submit it to the government.
Since we have both good and bad casino, we should not be surprised that many of the funds that are seized from gamblers as a result of so many reasons are been achieved by the casino and many of these funds do not go to the government. The funds are not being accountable to the government and that is what has been happening for a long time now. I know some casino that have seized gamblers funds that are more a million dollars and the government are not aware or given the funds. We just have to keep using reputable casinos that would always help us to retrieve our funds anytime we have issues. 
Normally such money should go to the government but I've never heard of such happening before when a casino returns money back to the government and j think that should be the right thing to do, but I don't think there are acting based on or working with government agents but rather anyone who defaults the law they trace I and lawfully retain the money but they don't submit it to the government.
Since we have both good and bad casino, we should not be surprised that many of the funds that are seized from gamblers as a result of so many reasons are been achieved by the casino and many of these funds do not go to the government. The funds are not being accountable to the government and that is what has been happening for a long time now. I know some casino that have seized gamblers funds that are more a million dollars and the government are not aware or given the funds. We just have to keep using reputable casinos that would always help us to retrieve our funds anytime we have issues.
Normally such money should go to the government but I've never heard of such happening before when a casino returns money back to the government and j think that should be the right thing to do, but I don't think there are acting based on or working with government agents but rather anyone who defaults the law they trace I and lawfully retain the money but they don't submit it to the government.
I think the government will definitely take the money away from the casino because the casino is regulated by law which is the reason for the rule in the first place, ordinary casino will not give a dem about where the money is coming from, so for sure because of licensing demands that is why there is such rule in the first place, so when the account is blocked because of illegal source of funds, the account and money get reported to the government to take it up from there.
Obviously, the money is going back to the casino it is legal for them to keep it. I know it might sound selfish but the instruction on the privacy and policy or should i say terms and conditions were for users to avoid any trace of illegal activity happening in the platform. And if users failed to comply with them then they will lose their funds while the account will be closed.
Although these days i rarely see a situation where casinos block an account because since the adoption of KYC. It is being easy to access user's database to search any form of criminal record before approving the user.
Although these days i rarely see a situation where casinos block an account because since the adoption of KYC. It is being easy to access user's database to search any form of criminal record before approving the user.
Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.
Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.
Casino's are bound by the policies of the government on illegal funds. If a casino demands KYC and they find an amount of money to be illegal they will promptly return it back to the government because they know that holding that amount of money or trying to use it to do business can put them into problems in the future that may threaten their business completely. Online casinos are now excluded because the laws that are binding to physical casinos are also binding to casinos that run online. Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.
It is natural that online gambling companies will require KYC to prevent any kind of money laundering and they will take this step to confirm the legitimacy of the funds in your wallet. But i think it's fine not to search for personal information in very small cases..
However, there are some cases where a person may feel like betting anonymously. and this can be risky and illegal depending on the jurisdiction you live in, or the gambling site you visit. Betting anonymously or undercover may violate the law and have potentially serious legal consequences. Even though KYC verification might prove troublesome to a few, it stands as a crucial measure in upholding the honesty and security of online gaming forums, shielding players from the snares of money laundering malpracticesIn playing at a casino, it is always quite essential that one ensures the casino has clear and fair policies on verification and depositing of funds. Many reputable online casinos have Know Your Customer (KYC) procedures that are intended to curb money laundering and other illegal activities but these should be implemented in a way that does not hurt honest players.
As a player, you must also be ready to comply with such verification requirements by submitting the required documents which may include proof of identity plus proof of address and sometimes even proof of source of funds. Being aware of this policy from the casino beforehand can prevent any unpleasant surprises for you.
Another important consideration would be to go through reviews and feedback from other players before selecting a casino. Positive reviews are a hallmark of reputable casinos that talk about smooth verification and withdrawal processes. If you ever encounter any issues, opting for a casino with proactive customer support can go a long way in assisting you.
In my country there are many apps that are fake, and that become scams, because basically what they can do is that they distribute the money between users and those users then deposit it to a USDT or any crypto account and from there they legalize it , and at that time is when the apps that are scams stop working for people, then that is the way to launder money for some apps that are scams or the so-called robots that are very fashionable, so this is how they They manage to legalize money that may be dirty or illegal, one of the platforms I am talking about is how those that are in some countries and are called TopFilm Global, BTR, Solesbot, are platforms that will be totally scam.
Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.
Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.
It don't have to be land based casino to comply with the regulation, if digital business can evade from regulation, SBF won't going to jail since FTX is just an online exchange. Sites that support or are illegal niches sometime get questioned by the web hosting, if you can't meet all of their request, they can shutdown your sites.Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.
Well, there's a possibility they can use that money to add their bankroll because all the transactions are off-chain, just like SBF use his customers' money for investment.
In my own opinion, I will keep the money because to have money now is very hard, so anyway the money comes from, I will keep and use it to give to the less privilege or to those I know that needs helps and our government or none of the authorities are helping, I will give to them, I will just make sure I spend the money wisely but not to myself alone, I will make sure others also benefit from it too, I can't take the money to the authorities because they will also take half or might even share it among themselves meanwhile they don't know how the money was gotten from, maybe illegally or legally, they don't care and you want me to give to them, I can't.
If is not asking what you will do to the seize money but rather he is asking for an open discussion about what will casino do from the money that seize due to illegal sources in which have different answer depending on how the casino management deal with this kind of money.
Normally, it should be reported to Anti money laundering authority so that this money will not cause them a trouble once the authority tracked the money of the illegal source. But I’m not sure if online casino practice this since they don’t have any physical casino while they operate internationally.
Maybe some of this illegal money will go back to their bankroll then just send to authorities when asked for it.
Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.
Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
In my own opinion, I will keep the money because to have money now is very hard, so anyway the money comes from, I will keep and use it to give to the less privilege or to those I know that needs helps and our government or none of the authorities are helping, I will give to them, I will just make sure I spend the money wisely but not to myself alone, I will make sure others also benefit from it too, I can't take the money to the authorities because they will also take half or might even share it among themselves meanwhile they don't know how the money was gotten from, maybe illegally or legally, they don't care and you want me to give to them, I can't.
It is natural that online gambling companies will require KYC to prevent any kind of money laundering and they will take this step to confirm the legitimacy of the funds in your wallet. But i think it's fine not to search for personal information in very small cases..
However, there are some cases where a person may feel like betting anonymously. and this can be risky and illegal depending on the jurisdiction you live in, or the gambling site you visit. Betting anonymously or undercover may violate the law and have potentially serious legal consequences. Even though KYC verification might prove troublesome to a few, it stands as a crucial measure in upholding the honesty and security of online gaming forums, shielding players from the snares of money laundering malpractices
The money will go to authority account because if they keep such illegal money in their account, and the gambler that use the money went to court to sue the casino, it will make the casino owner to lose big money for the case in court.
The money will not be use by the casino owner, and even though they want to use such illegal money, they will think the consequences that will involve when the authority find out that they kept such money without informing them to take action.
But why must gamblers use illegal money to gamble, when they know that is fully stated in their terms and conditions in the casino, and if any gambler fall victim to such act it will be report to the authority to take legal action.
The money will not be use by the casino owner, and even though they want to use such illegal money, they will think the consequences that will involve when the authority find out that they kept such money without informing them to take action.
But why must gamblers use illegal money to gamble, when they know that is fully stated in their terms and conditions in the casino, and if any gambler fall victim to such act it will be report to the authority to take legal action.
Everything is really that stated on their terms and conditions but there might be instances that not everything being disclosed such as this kind of
situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.
But assuming they kept that amount for themselves, how can you know this was the case? Obviously that would be incorrect and even illegal, but you will have no way to know this is what they did, after all in all the TOS I have read I do not remember ever seeing this even mentioned once, so it is likely many casino owners may see in those confiscated coins as yet another way to get money from their customers, and even if they eventually gave that money to the authorities, those coins may be used for other purposes during that time and allow them to earn extra cash this way. situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.
Everything is really that stated on their terms and conditions but there might be instances that not everything being disclosed such as this kind of
situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.
situation about keeping those confiscated or waived illegal money and since this is really that based up with those regulations that had been set
then it would be likely that they would be needing up to report those incident about getting an illegal amount, unless if they would be deciding on keeping it for themselves then
it could possibly happen too. It is really just that hard to believe that they will be doing it considering that there would be complaints about such as this scenario.
If ever they do get caught on keeping those illegal funds then we do know on whats next.
They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.
You are talking about fiat money and duly licensed casinos or you're talking about cryptos and offshore casinos? If you are talking about cryptos, have you eventually some examples of such cases to share with us? Because this is the first time I've heard of that to be honest. People shouldn't be naive, casinos report such cases only if they are really serious and there are solid proofs about laundering or criminal activities from the suspected accounts. They keep the funds of the accounts for them otherwise.As of now, we haven't heard any story of that sort here. At least coming from the forum gamblers. I believe such situation rarely happens because most casinos don't trigger the investigation unless, there is a complaint and the authorities start digging the account of the suspected person. That's when they will be obliged to submit the info of their player. Otherwise, they won't initiate giving it to authorities.
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