Where Will It Go If The Money Comes From Illegal Source - page 2.

Casdinyard

hero member

Activity: 2184

Merit: 891

Leading Crypto Sports Betting and Casino Platform

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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

Quote from: ?? on ??

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

If the government keeps the money you stole from the rich people, does it count as money laundering? or does it count as crime evidence?

The same thing applies here. The fact of the matter is, at least for most fiat casinos, a lot of them wouldn't screen you or ask where your money has went, up to a certain threshold at least, in some casinos it's 10k bucks, but soon as you go over that amount, the casino is legally allowed to background check your ass, and ask you where you got the money, one wrong answer and you're looking at jail time.

As in the case for the money, most casinos who found their users guilty of money laundering are definitely able to confiscate their money against the perpetrator's will, but at the same time it's not like they are allowed to spend it either without court jurisdiction, since that came from crime they are obliged by the law to keep the money as is, with no tampering, as it will be used as part of investigation.

So there's your answer, they get to hostage your money but they don't get to spend it, at the very least.

Saint-loup

legendary

Activity: 2604

Merit: 2353

Quote from: Davidvictorson on May 10, 2024, 05:54:12 AM

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.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Quote from: adpinbr on May 11, 2024, 01:41:19 AM

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

Maybe that's right but maybe they also don't reports to the authority if they knows where the funds comes from. They will keeps that for themselves and use it for their own benefits. We don't know and not sure about that unless we asks that to the casino owner so they will gives the right answers. Besides that, even if they found the suspicious funds, they will not tells public and maybe will only tells to the authority about what they got. But if casino obey the rules, they will tells the authority about money laundry happens to their place, and that will makes the authority investigate the source of the funds and with the helps from casino, they can catch those who use casino for money laundry. Maybe if that case is finish, the authority will makes clarifications to public and explain what's they got.

moneystery

full member

Activity: 868

Merit: 202

the reason they confiscated the money was because of anti-money laundering regulations, so it's not them who will confiscate the money, but the regulator. because actually the casino doesn't care about where the user's money comes from, because what they need is for users to play on their platform, and that's all, they don't want to know where the money comes from. however, they need to know the source of the money because they are bound by regulations, so inevitably they will ask gamblers about it to comply with regulations, and when there is something wrong with it they will report it to the regulator.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Quote from: Davidvictorson on May 10, 2024, 05:54:12 AM

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.

This is what I thought of it as well but for sure not all providers would do the same thing; some will keep it and use it for personal purposes; let's be real. It would be hard for us to traack on the actual process. Eitherway, it would be a hard time if you're one to be suspected of such thing because funds will be held and that your access into gambling sites as well if one is connected with the other. I've never known instaance wherein such thing actually happened.

Quote from: adpinbr on May 11, 2024, 01:41:19 AM

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

This is what I am concerned of. The idea of them just owning the money which got restricted, is totally unfair. Make it a habit to read the Tos of platforms you are making transactions with. Also, the negative tendency of not being able to defend oneself's betting account and prove legitimacy of the funds.

Davidvictorson

hero member

Activity: 1190

Merit: 901

Livecasino.io

Quote from: SmartGold01 on May 10, 2024, 06:10:57 AM

This is a good input but along the line there is something I want to also asked this question to know as well..
Let say for instance, I am from Nigeria and I have account with one of the casino's probably my account was ban for completing kyc and they noticed that since I can't complete it and they money is suspected to as laundering knowing too well that its personal funds, how would their authority knows that the money is not from illegal source or legal source knowing too well I am from another country or jurisdictions. Will they have to contact our authorities?

I do not fully understand your question however if you are asking if the money suspected to be laundered through their casino and an investigation is done and it is discovered that it is indeed laundered money, in this case the authorities would seize the money. That is you have forfeited them. Secondly if there is need to have you arrested your IP address can easily be traced and if they need to bring you in through international corporations with local security forces for prosecution, they will.

Lida93

hero member

Activity: 938

Merit: 605

Leading Crypto Sports Betting & Casino Platform

Quote from: DabsPoorVersion on May 10, 2024, 06:15:20 PM

Quote from: Lida93 on May 10, 2024, 01:42:37 PM

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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

Quote from: ?? on ??

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

Isn't it the authority that initiates or makes the call for a suspected account to be investigated for illegality or money laundry?

If it's the authority then it's unarguably that the money during and after investigation will be in the custody of the authority which will now take ownership at the end if investigation shows it's a launderers' account. In as much as the law is concerned in all societies any property gotten through criminal means automatically becomes a property of the state when the offender is found guilty after investigations. So in this case it is going to be so with casinos, the money goes to the authority not the casino, except maybe, there's a certain per cent given out to the casino from the total money based on MOU between the authority and casino.

I think it's the casino that has a way of determining of possible money laundering. Then they will coordinate to the authorities for the investigation and any other process that needs to be taken. The authorities will also While the casino will request for more documents such as the source of the money, etc. which needed to confirm if the money is from illegal or not.

The casinos could have their way of determining on that but also I think from what you said both the casinos and the authority can issue the call for investigation. Am convinced that for a casino to be under the regulation of the authority then the authority could make an audit to it's accounts on the movements of money in and out, and certain accounts out of suspicion could be called out for immediately KYC and investigation if there are irregularities to the documents presented by the account owner's. But be it as it may, there is every tendency that all confiscated money by the casino must go to the authority.

adpinbr

sr. member

Activity: 1078

Merit: 254

Well I just fell like they don’t even give the legal authority the money, unless a report was is made on the account and a trace that the money is stolen so I’m not not sure they are going to give it out unless this is done, must casino that does this I just fell like they do it on their own and keep the money to them self, but how do they know if I may ask? It must be a report so they will definitely return the money if it is a report

alegotardo

legendary

Activity: 2352

Merit: 1121

☢️ alegotardo™️

Quote from: ryzaadit on May 10, 2024, 06:01:39 AM

Nope, after they lock and seize your fund. Mostly they will transfer the money to authorities.

Ok, from the previous answers I understood that the money is "handed over to the authorities", but I'm in doubt as to whether this really is the right thing to do.
I say this because the money earned from betting mostly does not belong to the player, but rather to the casino (the player won the bets against the casino).
In this case, why does the casino need to hand over your money to the authorities? It would be correct if only the initial balance that this player deposited was delivered, but not what he won with his bets.
In the "worst case scenario", this money should be returned to other players/casino customers, whether in the form of a free spin, bonuses or even a direct deposit into their accounts. Because when one player wins, others certainly lose and that's where the money comes from.

In any case, I think this is a difficult question to answer with accuracy or certainty.

Cryptomultiplier

full member

Activity: 980

Merit: 237

I do believe many legally operating casinos are regulated and as such users data gotten from their KYC verification is a necessary listing for the regulatory agency to have and scrutinize and if a casino is found wanting for helping Its customers or users launder cash, the penalty many at times can result in the closure or payment of huge fine and imprisonment.

Most of the funds some casinos operate with is often an investment from big cartel bosses and other major players that may have dabbled in shady deals before they come into such wealth, still, I doubt many gamblers who visit such casinos to gamble have pure sources of income even if they do fulfil the KYC requirements.

Illegal sources or not, if a player is caught using illegal funds, such person can either be handed over to the FEDS and or the funds can be seized by the casino pending a proof of ownership I believe, before it can be released.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

I don’t think that the casino will keep the money. The only reason why they block the account is because they are asked to do so, and that’s coming from the government (likely to monitor money laundering). So if it even happens, they should be handing the money to the authorities as you have heard.

PX-Z

hero member

Activity: 1554

Merit: 880

Notify wallet transaction @txnNotifierBot

From what i read on scam sccusations board at least those updated topics some casino don't return the funds confiscated. I don't know if they will keep it as there own or they will turn over it to the authority (whatever country it is).
Returning the funds is very rare case to happen. This is the same thing to whatever violitions the user did, well, some casino do return the funds but not those laundered money.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

Quote from: Miles2006 on May 10, 2024, 06:24:39 PM

KYC can be use to trace and identify any customer because personal details and information are included but, I have this thought if the customer didn’t submit KYC at first cause most casino hardly require for Personal information and when such user account get ban, how can the authorities identify the user and the illegal money used for gambling.

It's probably because they've got list of those addresses that are involved with bad activities. That's one way that I can think of and how they're going to trace those users that don't want to pass on kyc and they're involved with illegal activities or their funds not knowingly came from it. Not all that doesn't want to go kyc are related to illegal activities, of course we don't like it and we're protecting our privacy.
But for those gamblers that have decent funds on the casino and they're asked to do that, we'd feel obliged to comply because our funds will get stuck and we can't do anything about it. What we think of is we don't do anything wrong and we've got no connections over those funds that came from dirty things so, we comply and prove and pass on with that KYC just for the sake of the remaining funds that we have.
And eventually, we're totally okay now and then to pass on it because we feel guilty that we did even passed to a casino or any exchange and then the next time we'd be asked, that's not going to be questionable anymore and you'd just comply lightly without having any complains.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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?

If it's on their terms and conditions, then it's legal if the casino keep the money if it comes from an illegal source, however I don't think it's right if the casino does this deliberately, especially when gamblers hit nice prizes on the games provided by the platform. This rule should be only taken into consideration in very rare situations where the source of the gambler's funds is blatantly from illegal sources, such as the ones connected to criminal organizations and theft. Then I would say it's right that the casino returns the money to authorities.

But if that is not the case, I see no reason why casinos should be requesting every average gamblers to provide their income sources in order to play or cashout funds from the platforms. It just mean extra bureaucracy and inconvenience for the players who might feel annoyed and tempted to leave the platform for this reason, going to another websites where they can have a simpler and more enjoyable experience.

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

Quote from: AliMan on May 10, 2024, 06:16:19 PM

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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

Quote from: ?? on ??

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

Depending on the severity of the case when that money confirmed from money laundering then the authority of the law requires them to keep that money temporarily. The casino itself has no opinion but to hold that amount of money at their custody just for investigative purposes.
Money laundering is rampant, particular with drug cartels around the world, and I believed it's really uncomfortable which other illegal activities used gambling as their front image just to hide themselves.

That's why KYC is importsnt and it is really needed in order tk avoid this kind of scheme where money laundering and many other crimes related to money can be done, that's why I dont get it when a gambler is oppose to the compliance of KYC because we know what is the purpose of KYC it can be served as the security for both the platform and customer, and the platform has the right to lock the account and to lock its funds if the accusation is proven, that's why I'm not against KYC because its either we comply or not and if not then you cant use that platform, there are some platforms that dont require KYC but think again will you not let your funds be safe in case a casino will lock it for no reason? And also have some suspicion because KYC serves as security, and if a platform doesn't have that, then expect that the platform is suspicious.

Miles2006

sr. member

Activity: 182

Merit: 120

KYC can be use to trace and identify any customer because personal details and information are included but, I have this thought if the customer didn’t submit KYC at first cause most casino hardly require for Personal information and when such user account get ban, how can the authorities identify the user and the illegal money used for gambling. It’s very difficult without KYC or rather let’s assume the customer submitted every information the casino needed before accessing the site, let’s be realistic during all this process the casino can smell something fishy about the customer in question even before depositing money into the casino. If the casino should keep the money I will call that selfishness cause they don’t want an illegal money so what’s the point keeping the money when the user is already banned, I don’t know how casino run their choice within but, it’s obvious they can’t keep the money.

AliMan

hero member

Activity: 1974

Merit: 502

Vave.com - Crypto Casino

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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

Quote from: ?? on ??

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

Depending on the severity of the case when that money confirmed from money laundering then the authority of the law requires them to keep that money temporarily. The casino itself has no opinion but to hold that amount of money at their custody just for investigative purposes.
Money laundering is rampant, particular with drug cartels around the world, and I believed it's really uncomfortable which other illegal activities used gambling as their front image just to hide themselves.

DabsPoorVersion

sr. member

Activity: 1260

Merit: 315

www.Artemis.co

Quote from: Lida93 on May 10, 2024, 01:42:37 PM

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

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

Quote from: ?? on ??

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

Isn't it the authority that initiates or makes the call for a suspected account to be investigated for illegality or money laundry?

If it's the authority then it's unarguably that the money during and after investigation will be in the custody of the authority which will now take ownership at the end if investigation shows it's a launderers' account. In as much as the law is concerned in all societies any property gotten through criminal means automatically becomes a property of the state when the offender is found guilty after investigations. So in this case it is going to be so with casinos, the money goes to the authority not the casino, except maybe, there's a certain per cent given out to the casino from the total money based on MOU between the authority and casino.

I think it's the casino that has a way of determining of possible money laundering. Then they will coordinate to the authorities for the investigation and any other process that needs to be taken. The authorities will also While the casino will request for more documents such as the source of the money, etc. which needed to confirm if the money is from illegal or not.

Smartvirus

legendary

Activity: 1554

Merit: 1139

Quote from: coin-investor on May 10, 2024, 05:38:24 AM

Is it legal for casinos to keep the money?

This discussion is based on a question of our bro seoincorporation

Quote from: ?? on ??

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

If am to base my opinion on money laundering, we would understand that it follows a part and that means, it gets to return to the criminal for his or her use. The casino having to hold this money breaks the process but, where does the money go afterwards raises some concerns. This is an illegal money and a casino having to hold back this money doesn’t make it any illegal. The money ought to be returned to the authorities of the gamblers state of origin.

At times there might not be follow ups on the return of these money but, the policy alone serves as a deterrent to those that might want to be involved in the practice of money laundering. Another policy that plays to this policy is that, you get to use 100% of the deposit in most cases to bet and on an odd that amounts to 1.1 at least. Some criminals still attempt it but, it does serve its purpose to some extent.

Slow death

legendary

Activity: 3234

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

In my opinion, the casinos keep the money in most cases, this is because in most cases when people deposit a lot of money and there is no way to prove the source of the money, no government is persecuting that person, no government has given instructions to the casinos to retain funds from person with all the money for himself. We can't pretend that we haven't seen many such cases happening at some point. as cryptocurrencies are something very volatile, there are many people who bought a lot of cryptocurrencies 10 years ago for example

that today the value of the cryptocurrencies they bought 10 years ago are worth a lot, for example, a person who bought bitcoin for the price of $100 and bought 10 btc, today that person has more than $600,000. so that person deposits $50,000 in a casino and the casino asks him for proof of funds, how will that person explain and prove the proof of funds? The casino soon rushes to accuse this person of money laundering in order to keep that person's money, the saddest part is that most people believe the casino's arguments

Topic: Where Will It Go If The Money Comes From Illegal Source - page 2. (Read 640 times)